I think you would have gotten more accurate poll results if one of the options was "spend said money on Ron Paul '08 campaign."

RON PAUL '08!!!

@BrockBrockman:

Well, if you want to waste your money, that's up to you ...

@BrockBrockman: Ron Paul is a douchenozzle.

@BrockBrockman: What's the rate of return on that?

Do the same rules apply here as on Wonkette where Ron Paul spammers get kicked the hell out?

Can we make the rules that way? Please?

Well you know the truth is paying down Debt does likely have a direct effect on spending, since with less debt people tend to be stupid and spend more.

Yeah, but I'd bet that people will subconsciously spend more, knowing that they have an extra $600 bucks coming. Most people who use the money to pay off debt will just buy more stuff and accrue more debt.

@Falconfire: Yup, what you said.

Why should I buy more Chinese crap with my rebate? It's going right into the bank for a rainy day.

Just call this the "iPod rebate" since I'm guessing many people will run out and buy some gadget with it.

I can't fathom buying something and just standing idly by while the interest clock keeps running on my student loan debt...this rebate is going straight towards the principal. It's the financial help the government SHOULD have given me in the first place, but decided to farm out to a corporation instead.

"Consumerist readers mainly plan on using their money in precisely the opposite way that the politicians want them to."

Gee, imagine that. The strategy that has never worked before won't work again. I'm shocked! Shocked, I tell you!

Would it be terribly wrong of me to cash the rebate check and exchange the money for Euros for my (not very) upcoming Europe trip?

I think they tried this back in the 20s.

Anyways, if they gave me enough money to pay off my debt, PLUS MORE, I might use it to "reinvigorate" the economy. Of course the government would be broke.

@Ssscorpion: Even the talking heads on 24hour news are saying that people who spend it on goods, will probably do so at walmart and other non-local corporations. And then they act all shocked, because, you know, that won't help the *American* economy. Guess what, it hasn't been helping us for some time now, I'm glad they finally got that message.

@matt: [www.marketwatch.com]

@BrockBrockman: I love Paultards. @radleyas: Indeed.

Actually I think I will donate it all to Ron Paul!

@scalv: Here here to us donating to the only candidate that gives a flying fuck about true economics and reducing our nations true debt not making up imaginary numbers that act like it's not there.

Totally looking forward to paying off debt with that dough!

Maybe we wouldn't be in this mess if people didn't have debt that needed to be paid off in the first place.

@B: You're right, what was I thinking when I got a loan to buy a vehicle so I could manage to get to work!?

@B: That is a bit far reaching, credit used widely is an important part of the world. Without it many would never have been able to attend college, or bought a car, or a house, or that flat screen tv. It is a double edged sword and can easily take away as much as it can benefit you and more so if used wrongly.

Of course with a government that has setup with 20-30,000 dollars worth of debt per person and is barely covering the interest payments on it, can you really expect fiscal responsibility from the rest of the country?

Good... it wasn't just me - the result bars look just as stupid on your computer too :D

I understand how putting the money in a savings account won't be stimulatory, but doesn't paying off debt free up more budget for things like food, clothing, and ipods? Won't that still have the desired effect?

What rebate? It's already went from $800 to $600 and now the Democrats in the Senate want to give the money to even more people. The new figure now stands at $500. They might as well take mine and go throw it in the Potomac. I'm likely to receive just as much money.

Since voting, I've decided to put half in the bank and give half to a pro-choice non-profit (probably NARAL, if they promise not to call me all the time). They can give me money I don't need, but they can't tell me what to do with it!

MAUVAISE: Its OK its your money

Why isnt putting the money in a bank (by putting it in savings or paying off debt)helping the economy. Someone will spend it.

Paying of personal debt means somebody else will be getting money back as well. Paying off my debt won't allow me to buy ipods, but it will allow my creditor's children to. Putting it in banks helps just as much, who are looking (so I've heard) for money to help bounce back from that sub-prime meltdown. Who cares if people want to save their money. As far as I'm concerned, the less money that the government controls the better.

@darkened & @shan6: Why do you need to buy a flatscreen TV? I don't even have a regular TV. I also go through the somewhat hellish process of biking/taking the bus to work in a very, very automotive-oriented city, in a very, very cold country.

I also don't have any debt.

Seriously, I'm not saying "everyone who has debt is a moron" or anything, but debt should really be reserved for things like emergencies or things that are really necessary; and not necessary as in "no mom I will seriously die if I don't get an iPod" - but as in "no I will seriously die if I don't take out a loan to pay for these meds."

You know why you need to take out a loan to buy something? Because you can't afford it. The key words are "can't afford it." Those words are a sort of capitalist code for "you can't have it."

</lame rant>

@shan6: Good debt vs bad debt. I don't see anything wrong with getting a loan to buy a car, but buying consumer electronics with credit card debt, well, that's not so good.

Can you add .001% to the Poll and Add the word PUDDING?

Thanks, I feel like I have been represented now.

Actually, I think this is exactly what the politicians are hoping folks will do - they're just not saying it openly. Whether the money goes to pay credit cards or into a savings account, that represents more assets on the balance sheet of American banks, many of which are currently strapped for cash. It's an indirect bailout of the US banking system.

I think we are going to spend our money stimulating foreign economies by taking a long-overdue vacation to the Caribbean.

actually the poll was limited you shoudl have put up an option to invest in business or other enterprise

Since mine is going to be in the $300 bracket I'll probably take $200 an place it some of my debt and then the last $100 and put it in the bank for a rainy day or buy myself something useful and needed.

I'd love to take it and buy and ipod touch but I wasted a lot of money in 2007 on crap I didn't need and I need to change my ways and be more careful. Maybe once I get some debt paid off I can go get a treat with cash (not credit).

Its only fair that we focus on our personal finances. The federal gov't is only doing whats best for their personal finances.

I'll probably use mine to pay my 2007 IRS bill.

@kingKonqueror: OK, have fun taking the bus to work debt-free then. Some of us also like to own a house and car, and don't have any problems with making their payments on time or any of that.

@Ausoleil: We're already stimulating foreign economies by driving and shopping at Wal-Mart.

That "pay off debt" number is good, nice to see a lot of people have decent sense.

Tho, it's a shame that "found" money like this can't be spent on treating oneself. See? Debt is bad.

@shadow735: Knowing proper spelling and grammar is key to investing. Why not invest your rebate in the "Magic School Bus, Phonics Edition"?

@kingKonqueror:

Thanks for that. I hadn't heard self righteous bull cookies all day. You filled that void.

Let me first say that I am not by any means giving an opinion here as to whether this stimulus program will work or not. But here's my take on whether saving / paying off debt / spending helps...

It all helps. There is no sector unaffected by the current economic climate. If everyone put 150 Billion dollars worth of money into the bank, Banks that are currently looking for foreign investors to maintain their liquidity levels will be swimming in cash, and can forgo the foreign investments.

Many articles recently have shown that the current sub-prime credit crunch is going to quickly spread to the credit card industry, so if everyone pays off their (most likely credit card) debt with the checks, it'll hold back another "meltdown" (and to be quite honest, I don't think I can survive yet another "meltdown...)

Any spending is good spending; Wal-Mart buys their crap in China but they book the profits here in the U.S., it doesn't matter.

About the only thing that we've got to worry about is people using their newfound cash to light their stogies. That would be bad.

Because I'm self-employed and know that they are not considering this payment a "gift", 35% of this rebate will go into my tax account immediately to pay the taxes they are going to charge you come year end...

I'm going to buy a new TV to replace an ailing old one and circumvent the digital tuner issue.

Bush's plan works.

The new TV will likely be made in Japan, and my old one will likely be recycled to China.

That is good for our economy, isn't it? I mean, we're supposed to spend it, aren't we?

Any way of predicting how much of this incentive will profit other nations?

@ekthesy: "I can't fathom buying something and just standing idly by while the interest clock keeps running on my student loan debt...this rebate is going straight towards the principal."

Bingo. That's EXACTLY where ours is going. We're like INCHES away from paying off the adjustable-rate one, and then we just have the federal fixed-rate ones sitting at 2.25% and 2.5% until kingdom come, and at that rate, I kinda don't mind.

Although I'm ever so tempted to use it to buy chairs that aren't falling apart and tipping sideways. But once the adjustable-rate student loan is paid off, probably I can buy those anyway with real money. :)

I wish "buy Euros" would have been an option.

@Ssscorpion: Also, didn't it cost like $19M to print and mail the checks the last time they did this?

Hey Matt1978 why don't you try saying something positive or is it your job ridicule and belittle people? Maybe that's your talent. Its not like I am typing a resume. Sometimes my fingers get dyslexic when I type. Why don't you turn your focus on something besides proving to everyone that you're a dick. Thanks..

Apparently the fact that I want to spend mine on the car I've been saving up over a year for means I'm a bad person - funny how that works.

I don't get a rebate (Single, Self Employed, Income +$75k, Not a Homeowner)... I take some satisfaction from the fact that at least the readers and poll voters here will use the money that I paid in taxes to reduce their debt. Hopefully a little debt reduction today will forestall the need for a larger (bullshit) re-distribution of my hard earned tax dollars later. What a stupid proposal. Anyone surprised that it comes during an election year?