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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHere's a good article about how GWB* handled "stimulus" payouts to Americans.
[link:https://www.thebalance.com/stimulus-checks-3305750|
In 2009, the Economic Stimulus Act sent out $14.2 billion in stimulus checks.12 The one-time payment went to recipients of Social Security, Supplemental Security Income, and veterans benefits.
The checks were part of the American Recovery and Reinvestment Act. Congress passed the ARRA to end the 2008 financial crisis. The governments goal was that recipients would immediately spend the checks. That would be a quick, direct way to jumpstart economic growth.
In March 2020, Congress considered stimulus checks as part of an aid package to help those impacted by the coronavirus pandemic.
When Did Stimulus Checks Go Out?
In May 2009, the federal government sent a one-time Economic Recovery Payment (ERP) of $250. These checks went to more than 52 million beneficiaries of certain federal programs. These included Social Security, Supplemental Security Income (SSI), Railroad Retirement Board (RRB) and the Department of Veterans Affairs (VA).3
Did Everyone Receive Stimulus Checks?
ARRA was unusual in that only those beneficiaries received checks. Most taxpayers received tax rebates called the Making Work Pay program. Instead of a check, the rebates showed up as a reduction in their tax withholding amount. The Obama administration argued that they would receive benefits quicker than waiting for a rebate after they filed their taxes.
In 2009, the average taxpayer received a tax cut of $400 per individual or $800 per family.1 The tax cuts appeared in each paycheck starting in June 2009. Each employee had about 6% less withheld from their checks.
SNIP
Stimulus Checks in 2008
The year before ARRA, the George W. Bush administration sent out stimulus checks to battle the 2008 recession. It spent $120 billion in fiscal years 2008 and 2009.1 It rebated taxes on the first $6,000 of income for individuals or the first $12,000 of income for couples. Stimulus checks were mailed out as follows:
Individual taxpayers received up to $600.4
Married couples were eligible for up to $1,200.
Households with children received $300 per dependent child.
Rebates were reduced for higher incomes at $75,000 for individuals and $150,000 for couples.
Twenty million retirees on Social Security and disabled veterans also received checks for $300 if they earned at least $3,000 in benefits in 2007.4 Couples received $600.
The Bush Economic Stimulus Package didn't have the impact it should have. A 2008 survey found that only 20% of those who received checks spent them. Another 32% put the money into savings. The rest used the checks to pay off debt.
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Here's a good article about how GWB* handled "stimulus" payouts to Americans. (Original Post)
Grasswire2
Mar 2020
OP
DBoon
(22,363 posts)1. We signed over our check to Planned Parenthood
should we receive another from the T**** administration, we plan a similar contribution
larwdem
(758 posts)2. Bush lied
Bush's so called stimulus was an advance on your refund if you got one.
If not you owed that money back at tax time.
Grasswire2
(13,569 posts)3. I'm posting it regarding the mechanics.
Of course it was a gesture, only.