Are citizens getting another stimulus check in 2010?
I've only heard a RUMOR(and from one person I might add.) that citizens will be receiving a stimulus check for 2010 like we did in I think 2008. Can anyone confirm?
- 1 decade agoFavorite Answer
Not every American citizen received a stimulus check in 2009. Instead, 95% of working Americans received a TAX CUT for their salaries if they made less than $250,000 a year, effective April 1, 2009. The only Recovery and Reinvestment Act of 2009 "stimulus" check was for $250, and this money was sent to senior citizens and disabled veterans in order to encourage spending as a way of getting the economy to grow from the ground up (demand-side economics to reverse the shrinkage caused by the disasterous supply-side/"trickle-down" of the GOP).
There was zero inflation (upon which increases in Social Security or VA Disability payments are based) because Fed Chairman Bernanke has kept national interest rates at near zero to prevent any inflation while the extra dollars are beginning to circulate, so neither seniors or disabled veterans received a cost-of-living increase for 2010. President Obama asked Congress to consider a one-time-only distribution of another $250 check to these two groups from the remaining half (around $390 billion) of the original $787 billion appropriated, set for later this year, but so far no final decision has been made. Our deficit is down 8% under the Obama administration (Reuters, Washington Post, April 2010) after paybacks from 14 of the 400 bailed out banks that netted a return of $181 BILLION by December (bankers didn't like having their salaries and bonuses limited as the Democrats had set into place...lol). Also, GM has paid back another $8.1 BILLION a full five years earlier than planned---also dollars to be deducted from our nation's deficit. If this trend continues and our economy continues to expand from measures already in place thanks to President Obama and the Democrats, use of the second half of the Recovery dollars (the $390 BILLION) may not even be necessary, at least not in full, so these monies will also be returned to Treasury. However, if job growth remains sluggish, then the remaining Recovery Act dollars may be put to use (i.e,. with a $250 payment to seniors and disabled veterans) to further stimulate sustained growth.
When Bush/Cheney issued their "stimulus" in 2008 to attempt to curtail the financial fiasco, this was NOT paid for and merely added to the other unfunded mandates (Medicare Part D, tax cuts for the wealthy, reduced-to-0-tax on derivatives which bankrupted some states but let Wall Street and banks make HUGE OBSCENE gains, and the "No Child Left Behind" mess). President Obama has insisted on a "Pay-Go" rule for bills passed that Democrats in the House and Senate all supported without ONE Republican vote), which means any appropriated dollars (i.e., for a Bush/Cheney-type "stimulus") must be fully paid for by OFFSETS elsewhere in the budget), so my guess is that unless the second half of the 2009 Recovery Act dollars already appropriated is used, NO stimulus check is forthcoming other than the targeted one cited above.Source(s): CNN, Bloomberg News, MSNBC, C-SPAN2 (Senate sessions), C-SPAN1 (President Obama's speeches and also House Sessions)
- Anonymous1 decade ago
Say what? Get another stimulus check? Holler! Why would someone get another stimulus check these days?!
- Crown RoyalLv 71 decade ago
No. No more stimulus checks. The economy is turning around.
- ?Lv 41 decade ago
No. With Obama you are going to get the gift of higher taxes when he lets the Bush Tax cuts expire. Much higher taxes.
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- Joe BloughLv 61 decade ago
Nope, they'll be paying back the other one, plus more.
- Anonymous1 decade ago
No it is not true.