President George Bush is confident that tax rebates going out Monday will ease some of the pain of American consumers as they are hit with higher gasoline and food prices.
The President said in comments made at the South Lawn of the White House, "Starting Monday, the effects of the stimulus will begin to reach millions of households across our country," AP reports.
He added,"The money is going to help Americans offset the high prices we’re seeing at the gas pump, the grocery store, and also give our economy a boost to help us pull out of this economic slowdown."
The Democrats disagree that its going to take more than a $600 check to make consumers spend in the wake of an economic slowdown.
At best they say, the stimulus checks will make OPEC fatter as gas prices this summer are expected to rise to a whopping $4 a gallon.
Sen. Charles Schumer, D-N.Y., chairman of the Joint Economic Committee of Congress was quoted as saying in an AP report, "It’s galling to think that taxpayers’ stimulus checks will be lining the pockets of OPEC. The sad truth is that the average American family will spend almost their entire stimulus check on higher gas prices this year."
House Speaker Nancy Pelosi also said that another stimulus package is under discussion.
With 130 million homes receiving the stimulus, at $1200 per couple and $300 per dependent, just how much do you think the economy is gona turnaround. To use a different analogy, how many weeks worth of groceries can you stuff in your pantry for a measly $1500…which is a closer to a month’s rent at best? A quandry for you to digest!
Or perhaps this is just another gimmick for a lame duck president who’s throwing in some bate to bring voters to his party during an election year.
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