Well, the stimulus package legislation has passed Congress. President Bush is expected to sign it this week. According to one poll I read about, 74% of respondents indicated that they would either put their rebate into savings or use it to pay off debt. This would be the wisest way to use this windfall, although if enough people did so it would really obviate the point of the government borrowing this money to hand out to the citizenry.
Somehow I don't think that will be the way it goes down, however.
I owe the following precept to Lorelei Stepp, a former collegue of mine. Lorelei's Law of Expected Income: The longer the time period between notifying someone of a coming windfall and the actual arrival of the money, the more ways that person will find to spend the money.
It's February now, and the check won't be in the mail until May or June. You can discover a whole bunch of uses for $1200 in three months.
Spenders, start your imaginations!
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