President Bush on Friday proposed his plan to boost our struggling economy, announcing a stimulus package based on putting money back in the pockets of Americans.
To be effective, Bush said the bipartisan package, which calls for $145 billion worth of tax relief, will restore money quickly to the pockets of consumers, so they can infuse the economy with new dollars as the housing market slump and other factors put it at risk.
"Passing a new growth package is our most pressing economic priority," Bush said. "We can provide a shot in the arm to keep a fundamentally strong economy healthy ... I’m optimistic about our economic future."
Officials are also planning to introduce one-time tax rebates. Read More
FOX News Wants To Know — Do you think the president's plan to give tax rebates will help stimulate the economy? E-mail us at email@example.com and keep checking back to see if your comment was posted!
Here's what some FOX Fans are saying:
“Great idea. Let’s hurry up and pass this bill to prevent a recession.” Keith
“The plan is a bad idea. Why not just back up the subprime loans with a federal guarantee, which would lower the interest rates and allow people to spend their own money that would normally be given to these outrageous interest rates.” Joe (Mansfield, MA)
“NO! This country needs some sound economists to steer us away from serious financial hardship. Bush’s plan of a tax rebate is a short term sugar high that will be quickly followed by more debt on the consumer and national level. This country needs serious leadership and direction in financial planning to avert much more serious financial problems in the future. With all of our cognitive knowledge on markets and economics, and looking at what the past and especially the Great Depression taught this country, we cannot spend our way out of all problems. As a country we must regain our financial strength otherwise we risk serious future financial danger. A recession should not be avoided at all costs and through unsound fiscal policy. Isn’t there anyone in Washington that cares and understands this premise?” Ryan
“This is a joke. The country is broke. They don’t have the money to do this. The top income people who pay the most in taxes and from where this money will come from don’t even get it. We are becoming socialists real fast.” Dan
“A tax rebate plan is as great idea if it's large enough and inclusive enough. It goes directly into the economy to the people who will use it probably immediately. So far every time we have a tax cut the economy grows, people prosper and life is better.” Carolyn (Selma, AL)
“That is a great idea! Borrow more money, so that our children and grandchild can pay for it, with interest. If it wasn't for an election year, we would simply go thru the economic cycle, and let the economy work itself out. I hate pandering!” Les (Orange, CA)
“Another Band-Aid! Congress continues to spend and spend with tons of pork. That is the real issue along with deeply entrenched bureaucrats in Congress who serve from cradle to grave and have zero accountability. It doesn’t stop! More rhetoric but never any substantive change. If it were up to me I would take Congress off of their private pension system and put them on Social Security like the rest of Americans…maybe then they will have a reason to make changes.” Deborah
“Yes, I think it would help. People have been hit really hard by rising gas prices. Others have had to spend money they hadn't counted on for different weather-related problems. In our area Christmas sales were down because people were spending money right before Christmas on various needs such as generators, motel rooms etc in order to keep warm during the time many were without power. But the gas prices are what I think affects what people spend the most. It's something we can't do without in today's world and when the prices rise it results in less money to spend elsewhere. The tax cuts would help because most Americans would agree we are taxed every time we turn around, so in spite of what congress seems to think, any tax relief is a good thing.” Mel (Webb City, MO)
“Yes, Bush’s tax rebate plan will stimulate the economy, but it is too little too late. The Bush tax cuts should have already been made permanent. That should be next!” Rob (McKinney, TX)
“I can not see how this will help, only short-term. Where are they going to get the money for this, borrow more money? Not good with our large debt already.” Duane (Mt. Horeb, WI)
“No way! The average to even above average consumer is carrying too much debt. The only thing the tax rebates will do is fill the bank and credit lenders coffers, because that's where the money will end up. Then the lenders anxiously lend it out again continuing the vicious cycle. It's really just a round about way for bank bail outs.” Jim
“I think this is a bad idea. The only realistic way to stimulate spending is to CUT TAXES. This plan of the president's amounts to putting a Band-Aid on a gaping wound.” Donna
“I'm all for the government giving me back some of my own money. I'd like my $800 back with interest. And for some of you, who don't want the government to give your money back, then either give it back to the government or send it to me. I'm sure I could find a good use for it. The tax cut if they happen will be good for our country. “ Larry
“Tax rebates will not fix the recession, but only delay it. Any person that has half a brain will save this rebate for the threatening rainy day (recession). Please lower taxes, stop spending more money than we have, and get pork barrel spending under control.” — Craig, a concerned citizen
“Throwing money at people in the hopes that they will spend it to create a stable economy is false. We must stop spending money unwisely at the federal level. We must push our spending, except in specific and targeted areas, to the state, county, and local level. In this way we have the best chance to use our dollars wisely because constituents will see the effect those dollars more clearly; then when we send them to the federal government. We ought to use this point of stress in the economy to scrap the tax code and replace it with a booklet and a one page form that all of us pay 10% of our income on a yearly basis no more withholding no more litigation about this or that expense no more worry if I'm making a mistake and will one day end up financially ruined because my accountant or my lawyer was too aggressive with interpreting law.” — Gregg S.
“Get Real! $800 or $1600 is a Band-Aid! Maybe I will go buy myself a foreign-made product. Bring back the jobs and then watch our economy grow. I am sick and tired of hearing everyday that my neighbors and family are losing their jobs and watch the CEO of the company get millions, even when profits are down.” — JH
“I guess you have to do something rather than nothing. I will look forward to the extra cash. I will spend it to help our economy.” — Donice
“Yes putting money in the hands of the people could surely help but there is more to this. Based on the populist 'tax the rich and do not extend the Bush tax cuts' election rhetoric, I'll probably put my money in the bank. That could cause a real negative long term view for investors and businesses. We need to just extend the tax cuts, lower the corporate tax rates and take real measure to support Social Security and Medicaid.” — Pierre
“When the Federal Reserve's charter is revoked and Congress takes back the Monetary Polices of America's economy America will continue to have a roller coaster ride with inflation and recession. The Federal Reserve is owned by private banks not the Federal Government.” — Charles
“ABSOLUTELY!! Tax breaks always produce economic growth and more revenue for the government.” — Galen
“It all depends. Will $800 revive the economy or help a bit pay personal bills?” — David
“The rebate plan will do nothing to stimulate the economy. The government should be making banking regulatory agencies crack down on banks and lenders that write bad loans. Lowering the prime lending rate only bails out the banks and does nothing for the individuals who will loose their credit. As usual the financial institutions are minimizing their losses at the expense of the people.” — DJ (Washington, D.C.
“Yes, it will work as long as the White House plan stays the same and Congress doesn't mess with it.” — Michael
“I think tax breaks will greatly strengthen the economy. It has worked in the past and it will work again if tried. Also making the earlier Bush tax cuts permanent will further spur on the economy.” — Michael
“I'm not sure what the answer is to correct the problem. I just feel that people on welfare and illegal immigrants shouldn't get the break give the break to the ones that actually work for a living and are just getting by. We will spend the money to get caught up. It seems that the people that don't want to work just keep getting more and the ones that get up everyday and go to work keep getting slapped in the face.” — Melinda
“I think it is voodoo economics. He wants to give tax money to individuals who make less than $85k and couples who make less than $103k! Why does he feel that those that make more than that should have to pay for those who don't? All tax cuts should be a percentage of taxes paid.” — David
“I don't think it is going to help very much. Sure it would be nice to have some extra money, because right now, it is hard to just live paycheck to paycheck. But it would be better if you were a bank; they are the only ones that are really getting bailed out. As far as spending the money, no thanks, it's going to pay off a few more bills. Our goal is to be debt free in the next five years when my husband retires because we sure won't be able to live off of his retirement. His company made sure of that when they filed bankruptcy and stuck it to the workers with their retirement.” — Phyllis (Ohio)
“Throwing money at issues has never solved them. Case in point, the war on poverty; after so many years and trillions of dollars, poverty still exists. The actions being employed encourage private individuals to look to government for solutions to problems rather than take responsibility for our own lives. Freedom to fail is a foundational thinking that leads to enormous success as long as the government stays out of the way.” — David
“I agree with President Bush's plan for a tax rebate and tax break for businesses. The Tax rebate would assist the working class that is hard hit with increased energy and food prices. Tax breaks for businesses would assist businesses to maintain or even grow which would assist with keeping people employed or expanding employment.” — Hilary
“Tax refunds will stimulate the economy. I make less that $100K a year and getting $800 back soon would help a lot. We need this kind of rebate in March or sooner. We also need an immediate across the board 5% reduction in all government agencies' budgets for 2008 and again in 2009. Give us back our money. As for the poor who don't pay taxes, give them half of the amount that an individual would get under President Bush's plan. Get going Congress and pass this package, immediately. Forget about election year politics.” — John (Star, ID)
“Yes, I do think that the tax rebate would stimulate the economy. However, I don't think we would need to do that if we had not allowed all the illegal aliens to take money from our economy and send it back to Mexico, instead of spending it here, in the first place.” — Sandy (Rogers, AK)