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March 26, 2008
Posted: 04:58 PM ET
FROM CNN’s Jack Cafferty: When it comes to our ailing economy, you may remember how the Democrats and Republicans in Washington finally managed to work together quickly on something. They came up with that 170 billion economic stimulus package. The idea: to put money in the hands of ordinary Americans in the hopes they’ll spend it to boost the economy. Well, things may not work out as expected. A CNN/Opinion Research Corporation Poll finds that only 21% of those surveyed plan to spend their rebate check… of $600 for individuals who earn less than $75,000 and $1,200 for married taxpayers who earn less than $150,000 together. 32% say they’ll save the money. 41% say they’ll use it to pay off bills, and 3% say they’ll donate it to charity. In the past, taxpayers have spent half to two-thirds of their rebate checks, but today’s unsure economic times may mean people are less likely to part with that money. However, the chief economist at Moodys.com says it’s important to distinguish between what people say they’ll do and what they actually do. He thinks taxpayers will end up spending two-thirds of their rebate checks. Meanwhile, in yet another sign of tough economic conditions, it’s reported that almost 1 in 10 people in Ohio now receives food stamps. That’s the highest number in the state’s history, with caseloads almost doubling since 2001. The factors to blame are those now familiar to many Americans: low wages, unemployment, and the rising cost of necessities like groceries and gasoline. Here’s my question to you: What do you plan to do with your rebate check? Interested to know which ones made it on air?
Charles from Lansing, Michigan writes: Brian from Idaho writes: Marcus writes: Richard in Washington writes: Sue writes: Larry from Georgetown, Texas writes: Paul from Nashville, Indiana writes: Rex from Portland, Oregon writes: Filed under: Economy
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