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Bush: Rebate Checks Will Make
Economy ‘Stronger Than Ever Before’
Think
Progress
Friday, March 28, 2008
Yesterday, President Bush visited a small business in Virginia
and discussed his plans for reviving the economy. To make the
economy “stronger than ever before,” Bush argued,
we must wait for people to spend their rebate checks:
There’s a rough patch right now in our economy, but I’m
confident in the long term we’ll come out stronger than
ever before. One of the most decisive actions a government can
take is to give people their money back so they can spend it,
and that’s exactly what we’ve done. In the second
week of May, a lot of folks are going to be getting a sizable
check. And I’m looking forward to that day, and I know
they are as well.
Watch it:
(Article continues below)
Bush may want to start coming up with other options to stimulate
the economy. While taxpayers have traditionally spent half to
two-thirds of their rebate checks, this current economic situation
is unique. “We’ve never done this in a period when
American households are so deeply indebted,” said Economic
Policy Institute senior economist Jared Bernstein. “While
[saving the rebate] is a valiant thing to do, what you want them
to do is spend it.”
Poll numbers bear out this prediction. A recent CreditCards.com
poll finds that almost half the American public plans to either
save their rebate checks or use them to pay off debt:
Results from a CNN/Opinion Research Corp. poll were even more
dramatic, with 53 percent of the public planning to “use
their rebates to pay off bills” or “put the money
in savings.”
This check, however, may be all the American public receives
from the Bush administration, which has been willing to bail out
irresponsible financial institutions but do nothing for struggling
homeowners.
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