Impact of recession-fighting stimulus checks finished.

[StageLeft]

j/k

This should come as no surprise to people with proper synaptic connectionslink

Wal-Mart Stores Inc. on Thursday reported a 3% increase in July sales at U.S. stores open at least one year, less than analysts expected, and indicated that gains from the government's stimulus program may have run their course.

Castro-Wright said the impact from the stimulus checks had dried up by July

I think it was clear from the get go that the onslaught of all the bad news couldn't ahve been countered by giving money back to pepole at the expense of a more significant deficit, especially when the amount given back was barely more than 1% of the GDP.

I know that in my case much of my check if not all of it (we took a road-trip) will have gone into my gas tank by the end of the year, but even without the oil bubble I don't see how it could have worked as well as the 'tards on capital hill pretended it would.

 

[BurnItDwn]

I think the stimulus check helped to offset some of the cost of higher fuel and food costs. It probably helped a decent number of paycheck to paycheck single moms...

 

[CycloWizard]

You're right - the stimulus checks couldn't counter the entire brunt of what was happening. That doesn't mean they haven't worked to prevent a more serious economic downturn, which is what every economist I've seen has said on the subject.

 

[child of wonder]

I'm glad less of the stimulus checks went to Wal-Mart (China) than expected.

The Chinese love our stimulus programs since so much of it goes to them!

 

[StageLeft]

Originally posted by: CycloWizard
You're right - the stimulus checks couldn't counter the entire brunt of what was happening. That doesn't mean they haven't worked to prevent a more serious economic downturn, which is what every economist I've seen has said on the subject.

It is conjecture and/or robbing peter to pay paul (in this case peter being the future with continued inflationary pressures, which have only gotten worse). We have no idea how much it's helped. Without fail, economic projections, from consumer confidence to unemployment figures are habitually mis-predicted, so I'd take with a grain of salt any economist who spoke with much certainty about how much this has helped.

 

[Genx87]

It would take more nobility for them to reduce the budget by 150 billion.

 

[Doc Savage Fan]

Originally posted by: Genx87
It would take more nobility for them to reduce the budget by 150 billion.

Somehow I don't believe the Dems really want to reduce the budget...they look like they just want to spend the money elsewhere.

All this outrage regarding the national debt is BS. Dems have had control of Congress for 1.6 years and nothing meaningful has been done to reduce spending much less repealing the part of the Bush tax cut for the top 1% that they so bitched about for so long. I'm so tired of their righteous rhetoric...time for them to get off their asses and do something meaningful instead of the incessant bitching and moaning.

 

[CycloWizard]

Originally posted by: Skoorb
It is conjecture and/or robbing peter to pay paul (in this case peter being the future with continued inflationary pressures, which have only gotten worse). We have no idea how much it's helped. Without fail, economic projections, from consumer confidence to unemployment figures are habitually mis-predicted, so I'd take with a grain of salt any economist who spoke with much certainty about how much this has helped.

No one is stating quantitatively how much it helped. However, saying that it didn't help is just stupid and ignorant. I hate deficits as much as anyone, but I also know that people spending money is what keeps the economy going.

 

[nageov3t]

I'm sure my credit card company appreciated it.

 

[Xavier434]

Originally posted by: Skoorb

Originally posted by: CycloWizard
You're right - the stimulus checks couldn't counter the entire brunt of what was happening. That doesn't mean they haven't worked to prevent a more serious economic downturn, which is what every economist I've seen has said on the subject.

It is conjecture and/or robbing peter to pay paul (in this case peter being the future with continued inflationary pressures, which have only gotten worse). We have no idea how much it's helped. Without fail, economic projections, from consumer confidence to unemployment figures are habitually mis-predicted, so I'd take with a grain of salt any economist who spoke with much certainty about how much this has helped.

If we have no idea how much it has helped then we have no idea how much it has failed.

 

[Robor]

Originally posted by: loki8481
I'm sure my credit card company appreciated it.

Ours did too. Of course, because we paid down the balance a little the Visa Gods got angry and made squirrels eat holes in all 3 attic vents. Surprisingly the repair bill will be about the amount we paid on the visa. Coincidence? I think not.

 

[StageLeft]

However, saying that it didn't help is just stupid and ignorant.

Nobody said that, so you're getting off topic.

If we have no idea how much it has helped then we have no idea how much it has failed.

Hold on, fellas, this isn't 2003 voting for Iraq, let's put our reasoning hats back on, can we? We KNOW it increased the deficit by a set amount. We don't know how much it did or didn't help.

If I say that I'm going to stop punching myself in the head twice/day because nobody can prove it's keeping me from getting cancer, a reasonable counter argument is not that I equally cannot prove it's not keeping me from getting cancer.

 

[m1ldslide1]

Originally posted by: loki8481
I'm sure my credit card company appreciated it.

Same here. I don't really see myself as helping to spur growth, since the money had technically already been spent. I wonder what the percentages are of people using the cash to pay a credit card debt vs. actively consuming something. It stands to reason that in a time of recession, people would on average have higher debt and would therefore be more interested in paying that down rather than purchasing electronics or furniture.

 

[PingSpike]

In other news, the federal government has changed the technical definition of a recession to 500 quarters of negative growth coupled with not less then 75% unemployment. This was heralded as the beginning of a new golden era for the US economy.

 

[StageLeft]

Originally posted by: PingSpike
In other news, the federal government has changed the technical definition of a recession to 500 quarters of negative growth coupled with not less then 75% unemployment. This was heralded as the beginning of a new golden era for the US economy.

They have already figured out how to beat recessions, they need only devalue the dollar and the GDP can keep going up in the face of real losses of output.

 

[ayabe]

My stimulus check went to big oil, I spend $325/month on gas.

But I don't have any debt aside from my mortgage so I didn't help any banks, sorry guys.

 

[Xavier434]

Originally posted by: Skoorb

However, saying that it didn't help is just stupid and ignorant.

Nobody said that, so you're getting off topic.

If we have no idea how much it has helped then we have no idea how much it has failed.

Hold on, fellas, this isn't 2003 voting for Iraq, let's put our reasoning hats back on, can we? We KNOW it increased the deficit by a set amount. We don't know how much it did or didn't help.

If I say that I'm going to stop punching myself in the head twice/day because nobody can prove it's keeping me from getting cancer, a reasonable counter argument is not that I equally cannot prove it's not keeping me from getting cancer.

Knowing and theorizing based on previous experience are two different things. My point was that the pendulum swings both ways here. You are most certainly correct that it was an expense, but that expense was intended to stir things up a little bit so that hopefully we can look back 5 years from now and recognize that it did contribute towards a recovery and we ended up spending some money to make some money or at least we spent some money so that we didn't lose as much money later. It may not be the key to the recovery or anything like that, but contributing is good enough if it works and justifies the cost. Such things are yet to remain seen. There really isn't much of a point debating whether or not it will work right now. It's too early.

 

[MonkeyK]

IMO

Feelgood $timulu$ ============> China

 

[BoberFett]

Originally posted by: Skoorb

Originally posted by: CycloWizard
You're right - the stimulus checks couldn't counter the entire brunt of what was happening. That doesn't mean they haven't worked to prevent a more serious economic downturn, which is what every economist I've seen has said on the subject.

It is conjecture and/or robbing peter to pay paul (in this case peter being the future with continued inflationary pressures, which have only gotten worse). We have no idea how much it's helped. Without fail, economic projections, from consumer confidence to unemployment figures are habitually mis-predicted, so I'd take with a grain of salt any economist who spoke with much certainty about how much this has helped.

So we're robbing Robo-Peter? Who cares about him, he's just a robot from the future.

 

[CycloWizard]

Originally posted by: Xavier434
Knowing and theorizing based on previous experience are two different things. My point was that the pendulum swings both ways here. You are most certainly correct that it was an expense, but that expense was intended to stir things up a little bit so that hopefully we can look back 5 years from now and recognize that it did contribute towards a recovery and we ended up spending some money to make some money or at least we spent some money so that we didn't lose as much money later. It may not be the key to the recovery or anything like that, but contributing is good enough if it works and justifies the cost. Such things are yet to remain seen. There really isn't much of a point debating whether or not it will work right now. It's too early.

Exactly. Apparently that whole cost-benefit analysis has been punted out the window in the name of defaming anyone belonging to a political party, thereby causing the downfall of a once-great nation.

 

[dawp]

I think all the stimulus checks did was to delay the inevitable, and maybe make it worse in the long run.

 

[StageLeft]

Originally posted by: CycloWizard

Originally posted by: Xavier434
Knowing and theorizing based on previous experience are two different things. My point was that the pendulum swings both ways here. You are most certainly correct that it was an expense, but that expense was intended to stir things up a little bit so that hopefully we can look back 5 years from now and recognize that it did contribute towards a recovery and we ended up spending some money to make some money or at least we spent some money so that we didn't lose as much money later. It may not be the key to the recovery or anything like that, but contributing is good enough if it works and justifies the cost. Such things are yet to remain seen. There really isn't much of a point debating whether or not it will work right now. It's too early.

Exactly. Apparently that whole cost-benefit analysis has been punted out the window in the name of defaming anyone belonging to a political party, thereby causing the downfall of a once-great nation.

Did you spend your check on jump to conclusion mats?

 

[SoundTheSurrender]

A stimulus check isn't even a apartment payment. What did the US gov expect?

 

[Cuda1447]

I don't know if it helped or hurt the economy, but in enjoyed spending it.

With that said, I think a better boost to the economy would be to find ways of lowering fuel/food costs. I spend $500 a month in gas. If the government could find a way to lower gas prices by 20% I would save more in 6 months than what the stimulus check gave me. Not to mention lower food costs and overall living costs. Let's throw money at the problem though, rather than actually fixing the causes of all these problems



On a side note, did you know that if you have student loans out you only get a portion of the normal stimulus check. Yep, my fiancee works 30 hours a week, pays taxes just like everyone else and has a few thousand in student loans while she finishes her BA. The government decided she isn't deserving of the full stimulus check, but I'm sure some illegal's got the full thing. Fucking bullshit, IMO.

 

[vhx]

I never received my stimulus check. ;(