Will Rebate Checks Stimulate the Economy?

May 6, 2008
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Economic stimulus checks are hitting bank accounts across the country, with the government hoping the tax rebates will stimulate the economy (and retailers hoping the money will be spent in their stores). But Americans have mixed opinions about their ability to do so, according to a recent nationwide Harris Poll by Rochester, N.Y.-based Harris Interactive.

Although 45 percent of surveyed U.S. adults said they believe the checks will stimulate the economy, another 48 percent said they do not believe that spending their tax rebates will make a difference.

Moreover, Harris Interactive said that almost two in five respondents (38 percent) indicated they would use some of the rebate checks to reduce their non-mortgage debt and pay off bills or credit cards. Another 35 percent said they plan to add some of the rebate their cash savings.

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