South Plains Residents React To National Stimulus Package
Be on the lookout for money in your pockets care of the United States Government.
It's part of an economic stimulus package passed by Congress and headed to the president's desk this week. It's the hope of lawmakers in Washington that Americans will go out and spend the money - but are you going to?
The stock market closed Friday with the DOW losing 65 points. The Nasdaq gaining 12 -- and the S&P 500 down 6. It's the down numbers that give Washington hope that an economic stimulus package, expected to be signed by the president this week, will make people spend.
"I would spend it on shopping," one Lubbockite said.
And by people doing that, the government hopes those down numbers will go up and stimulate the economy.
Here is what you can expect for your rebate. If you're single and make up to $75,000 a year, you'll receive $600. Couples making up to $150,000 will receive a check for $1,200, plus $300 for every child. Low income Americans will receive $300.
However, many on the South Plains aren't planning to follow the government's plan for stimulus.
"I'm going to pay off either student loans or some credit cards," Calvin Roy said.
"Put it in our savings account," Larry Adams said.
"I know it's not the popular answer the government wants but I'm going to use it to pay off some credit cards and be closer to debt free," said Chris Britton.
Britton is married with one child. Under the plan his family would get $1,500 and Chris says the plan may help the economy but not his family.
"It would be a down payment on a jet ski or a four wheeler or something like that which would help, but it would hurt me long term because it would get me further into debt," he added.
The rebate check will be based on your 2007 tax return. So whether you plan on paying off debt like the Brittons, saving the money or spending it, if you are eligible for a check, you should receive it by summer.