This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.
While ambling around the Bureau of Labor Statistics site (a fantastic trove of information), I stumbled upon a Consumer Expenditure Survey that details how Americans spent their 2008 Economic Stimulus Payments, which were actually IRS tax rebates.
Here's how 130 million income tax filers spent their $600 (for individuals) or $1,200 (married filing jointly):
|2008 Economic Stimulus Package (tax rebate) used mostly for|
|Paying off debt||49%|
|Reason not reported||3%|
These results beg the question: what exactly did this money stimulate and was it worth the cost? Let's think long and hard before we start doling out "Stimulus II"...
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