The U.S. economy is growing weaker. Is the government doing anything about it? Thanks to the Economic Stimulus Act, it is.
Taxpayers are getting a bonus this year. All right! Unlike the holiday bonus your job provides annually, this is a one-time occurrence intended to boost the economy, and surprisingly, few conditions apply.
President Bush approved the Economic Stimulus Act on Feb. 13. According to whitehouse.gov, the act aims to bolster business investment and consumer spending. It’s simple: If you pay taxes and file them, then you will get a check.
Numerous reports state that the IRS will mail reminders this week to ensure that all eligible persons are aware of the bill and file their income taxes to qualify. So, the government is giving its citizens an incentive to shop or invest – which will I choose?
How everyone uses the money depends on his or her financial situation. My suggestions for students’ most suitable spending include getting the car’s broken AC working, paying off (part of) a student loan, investing in summer classes, traveling somewhere new or just putting it away to build interest.
As an unmarried individual, I may receive up to $600 this May. My married sister will get $1,200, and my other sister will get even more, because she has four young sons who do not work.
What can I do with $600 this summer? I was planning to go on a cruise somewhere, or just put my money into my 401k. Perhaps the University will have increased enrollment in summer classes, since students may have extra money lying around.
I am still a bit skeptical of this plan. I cannot reason enough that our money-hungry, ever-taxing nation is going to gift us so generously and plainly. Someone wake me up.
I hold no complaints about the approval of the Economic Stimulus Act, and I feel that it is a superb proposal at the very least. I have considered more than just the economic benefits it may have on our society.
About $1,200 per married couple may not seem like too great a package to you, but to some it could mean many things. It could pay two months’ rent or a mortgage bill for someone near eviction. It could pay off a small outstanding debt.
That $1,200 could feed and give shelter to a family for a month. A month is enough time to find a job and possibly get your life back on track. Not only will we boost our economic activity with the money our government is so pleasantly providing, but some citizens will reap considerable individual benefits from it.
Bush may not be as concerned with what the Economic Stimulus Act can do for individuals as what it can do for the economy, but that is expected.
The act was designed specifically to boost spending and investments in the economy, but it will have unforeseen praiseworthy outcomes as well. Provided that I am getting free money from my government that continually takes, takes and takes – I cannot object.
Sarah Torrens is a sophomore majoring in mass communications.