Obama and Bush Talk About Second Economic Stimulus Check

Obama Has Called for a Second Economic Stimulus Check

The check´s in the mail...

You knew this one already, I know.  Obama said throughout his campaign that he wants to give you a second economic stimulus check.  Even prior to the first 2008 economic stimulus checks being cut, Obama was offering up his own plan that would have put $250 worth of tax cuts immediately in our pockets.

Then, Bush and the Democratic legislature completed the first economic stimulus, providing checks to millions of Americans.  Later in the campaign Obama brought up the possibility of a second economic stimulus [speech transcript].  Obama said,

“I’ve called for another round of fiscal stimulus, an immediate $50 billion to help those who’ve been hit hardest by this economic downturn…”

Well, this hasn’t happened yet (obviously).  If not now, then when?

Bipartisan Economic Stimulus Checks for Everyone: Bush is On Board!

ABC News reports that Bush is in agreement with Obama’s desire to provide a second economic stimulus check and told him so:

“Reports leaking out of the meeting [the first between Bush and Obama, post election] suggested that Bush indicated he would support Obama’s hopes for another round of stimulus checks for U.S. taxpayers if Congress would also approve a long-stalled, free-trade pact with Colombia.”

This means, I think, that the second economic stimulus check *could* come sooner (before the end of the year), rather than later (in 2009).  I say that without knowing anything about the Colombian pact.  Anyone?

It should be noted that Bush mentioned he would consider a second back in late October [AP].  But now he’s told Obama he’s on board, and he’s offered a trade for it, the Colombian issue.

How Much will the Second Economic Stimulus Be?

There’s no way of knowing exactly how much the second stimulus will be until the check is in your hand, but here are the proposed amounts: “$500 for individuals and $1,000 for families.”

Do you think this second stimulus is a good idea for our economy?  Obviously it would help out each of our bank accounts in the short-term, but will it have long-term negative effects?  When do we say enough is enough with this “spend to survive” attitude?

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Last Edited: February 18, 2012 @ 2:26 pm
About Philip Taylor

Philip Taylor, aka "PT", is a husband and father of two. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.

139 comments
Peter
Peter

If they are gonna waste more money on wishful thinking...might as well make me debt free while they are at it. As a matter of fact, make all Americans debt free. I mean, The bailout didn't work nor did the stimulus package. So what are we doing again?

FreeWill
FreeWill

Maybe you should look for a job instead of complain on an internet forum about your debt.

FreeWill
FreeWill

or stop spending outside of your means.

gokusayin
gokusayin

No hard feeling there mate. I just want people to understand that all in not fine and dandy as we all would like the world to be. I have those wishful thinkings also. Though, we have a long way to go. Now, I totally understand what you said about the contributions to different charity and what not. I too feel that the money should only go to those that actually needs it, instead of where it doesn't. I get reallt fustrated when our hard earn dollars and cent goes to something that has no meaning at all. At the time economy outbreak that we have now, it should be invested, mind you, wisely; programs that help the woman and children first; food and shelter. Secondly, to the men and women out there that need jobs to take care of there families, which are our next generation that taking care and that will fight for our needs when we get old. Third, create resources that will not only support a certain race, age, sex or disabilities, but to create one for all that I have just mentioned. We are Americans and we have come a long way and we will continue to go that way for freedom and well being. We are looked at by foriegners and the 'Land of the mountain of gold' and if they see that we are not that kind of people, that we have not done our duties that our fore fathers and mothers have died and fought so hard to give. We are all just laughing and pissing on thier graves. No disrespect, just truth. So what can we do, help, help and help each other to stand back up and on our feet and get through this and our faces will be glowed with pride that says,"yeah, we did it as a nation. This is America!"

kdrew97, please not offense was taken and I wish that there were more like you that are open minded. You are entitled to your opinion and speak the truth of what you shall preach. I am just glad that someone actually will speak it. I thank you also for your insights.

kdrew97
kdrew97

I'm sorry. When someone writes, "....father with 4 kids and no job", I take that for face value. As for criticizing you for being an ex con, I didn't know you were an ex con. I didn't cast stones at you, I simply replied to what you had written: "that you had 4 kids and no job." I'm just tired of so many people thinking that because others have worked hard to achieve what they have, that they are entitled to it. Wouldn't it frustrate you to give, without your consent and to someone you don't know, a portion of what you have earned? I am all for charities. The difference is I am giving willingly to a cause where I know the funds will be handled appropriately and not being forced to contribute to someone or something I don't believe in. That's apart of being an American by having the freedom to choose where to put my money. The scary part of where I believe this country is heading is that freedom will be taken away and I won't have a say in who or what my money goes to. My hard earned money will be 'redistributed' to others who feel they deserve a handout.

gokusayin
gokusayin

I am not speaking of now; I am speaking about the past. The past of how we all went through hard times, yet, as soon we are better, we forget about how hard it was. The we critize people about this and that. Now about me....I do have a job, but me, as not a full American, but has been here since I was 1; have seen many and hard felt things. Though, I rose from that and I still haven't forgotten about the past, yet I go back and help people that are still there to learn and read English so that they too can achieve. Help them obtained jobs so they won't depend on welfare. I was a thug that stole, cheat, sold things and been to Prison. Getting out was no walk in the park either. We all act as we have never done anything bad in our life. Casting stones at me for being an ex con. I couldn't even work at MCDonald's. Sad. Here I am..a Radiographer. Never even knew what that meant. So, before you go critzing people, think! That's all I am asking. Don't just go casting stones at people.

kdrew97
kdrew97 like.author.displayName 1 Like

gokusayin - If you can't feed your baby and keep the electricity on TURN THE DAMN INTERNET SERVICE OFF! Internet is not a right, it's a privilege to be enjoyed AFTER your child is fed and the electric bill is paid. Why do you people think you're entitled to things you don't work for? Why do you think you deserve a handout? Get a job and provide for your family.

gokusayin
gokusayin

I agree with James. Just because you spelled one word wrong does not mean that the person that spelled it wrong is dumb. Maybe, street slang. The person that is critizing that is probably mad that something happened that day; wife cheated on him, lost his car keys at the mistress or something like that nature, decides to take it out on someone else. Keep it at home. That just goes to show how ignorant you are, douche bag!

Now, the people that said the second stimulus check will not work, probably still has a job, rich or just is a hater. Hey, that's how you just roll. Now, for the people that needs it....This will help tremendously due to the economy being Bush wacked. Do anyone remember how iy felt to know your lights getting shut off feels like? Your infant crying cause it's cold and there's no milk. Cany really get help from your family cause they too are in the same shoe. Or, because you are poor and they want nothing to do with you. Shameful. Or your landlord telling you to move cause you 2 months behind in rent? Kids crying, cause there is no food? Come on!!!!!!!! This is America. What spending millions to trillions in a war that should of been done a long time ago is worth it? Hmmmm...how many died? Tell me?!!!!!!! I know....let us give the bank the bailout, while or people lose houses, jobs and wait... to make that better, let us raise the price of goods up. It will make the economy that much better.

Hey...who am i to say. I'm just a dumb father with 4 kids with no job. Thank you.

James
James

Not being able to spell and being a fool are far from the same thing! I myself am not a strong speller, Yet I do very well in math/science. I can program a computer and wright programs for computers. I have been to collage and can pick from working from home or getting a normal job, I am only 25 and have more then a 100G in the bank to play with.. Yet I can not spell all that well. So what I find funny is when people like you seem to pick a persons worth and/or think of people as not smart due to the fact the got one word wrong..

And better yet, You have nothing to say about what the real question is or what the post is about, So you have not put forth any answer, Just looking to put others down?

kdrew97
kdrew97

I agree with StLSteve!

StLSteve
StLSteve

The irony of someone who cannot spell the word "the" calling someone else a fool is funny.

Gregory
Gregory

a 2nd stimulus check is a great idea...im a family man and can use it to help fix tha car pay some bills get medical or dental procedures done etc...who ever thinks its a bad idea is a "fool"...tha government and its crooked politicians are constantly robbing us blind of our hard earned tax dollars...bailing out special interest groups etc...we need help and honestly what is being given to us are tha "crumbs" of what was once a big piece of apple pie ala mode...wake up America "We tha people"...remember?

John
John

That's the problem. The government want us to spend, but we've got a recession so nobody feels confident enough to actually do it. Those who are in debt will just pay off debt and those who aren't will put the money somewhere safe.

carol
carol

I agree that the stimulus should be more than the planned. What we need to do is write the white house on this. If they hadn't given this to Wall Street for their ceo's and put at least 100,000. in the tax payers hands then this would have helped to a point where homes would be saved and autos would be bought then this would stimulated the economy where we would be bailing our selves out. They are giving 7500.00 to those who bought a house in 2008 as an interest free loan payable back in 7 years. This can be paid back when you file your taxes each year, not bad and they are even considering raising it to 15,000. So this would be nice to get for us as well. This would catch up and pay alot of debt off where we would have invested in the economy ourselves. As for the oil industries I agree with you. They have made so much and continue to do so. So you guys write congress, I have and let them know how you feel.

Justin
Justin

The stimulus check will only work if it is in an economic package that requires the financial industry to loosen the purse-strings, open the credit market some, and reimburse tax payers for their billion-dollar bonuses and multi-million dollar Christmas parties, as current bills propose. Giving us a check for a few hundred bucks may shut some of us up (not me) but it won't solve the problems surrounding why I need the check in the first place.
The idea of going after the oil industry seems fitting to me as they are STILL posting record profits (that's right, PROFITS, not gross revenue) as recently as the 3rd quarter last year. Obviously something is amiss in that sector if they post profits as they have while the rest of the economy plummets to a fiery, fuel-soaked death.

mickey
mickey

I think that a stimulus payment could benefit if they gave a substancial amount. Giving a thousand here and there isnt helping anyone get out of debt. I agree with the 10,000 dollar idea.. That would help people get ahead and by us some time to find employment and get back on our feet again.. But i dont see that happening its almost like they want us all to starve so we have no choice but to follow them in whatever they want to do like a brainless heard of sheep.

heaven
heaven

My first disagrerement with your question is they are not just your taxes millions of people counting on a 2nd package have paid in just as much taxes as you have so dont you feel they deserve the help they feel they need. Secondly you ask what Amercia has come to well I think it is where it is sopoused to be at the world needs help so someone should try to help rather it be the goverment or not I believe that Amercica needs to stand together lend a helping hand in times like these and if you dont then I'm sorry there will come a day if not already that you ahve to turn to te goverment for some sort of help

kdrew97
kdrew97

Seriously? Then leave.

kdrew97
kdrew97

Why do people continue to think that the government should bail them out of their credit cards or high mortgage payments?! Why should my taxes contribute to someone's lack of fiscal responsibility? What has happened to America?

For Gary Kimball
For Gary Kimball

i have an idea... move to florida like the rest of the old ppl. i hear its nice there this time of year

Christine
Christine

I think that yall deserve a second stimulus check because your husband worked last year and it wasn't his fault he was laid off. Don't give up on hope of him finding another job. Just brush this off and get the I can do attitude and start off fresh.

Christine
Christine

I hope that only the working people get the stimulus check because we are the ones that deserve checks. There has been days I went to work with an ear infection that would hurt but I went to work anyway.

whitney
whitney

i think we should get a second check . it is hard, when your spouse is layed off due to lack of work an no one else is hiring ,to make ends meet .the extra money would help out sooo much

Kathy
Kathy

I really think that there should be a second check. Right now the Economy sucks. When you live on a fixed income it is really hard to pay for everything. Especially food,gas,mortgage,etc. I think the government should bail the people out instead of what they are doing. The second check could be like $10,000 per family. Maybe that would help us get creditors off of our backs.

carol
carol

This bail out crapp has gone over the edge by putting it into the wrong hands. I still agree that the people should be have some of this since we will be the ones who will pay the taxes on it. The Wall Street CEO's have gone nutts with this. I agree that 1000's isn't much but just for a short time. Needless to say I will accept it if it comes my way. I have NEVER seen Americans struggle like we are having to do now. Just you guys keep praying that Obama is doing what is right and I do think he is. I am like you I am impatient and want things to hurry up. But with what Bush did it WILL take a while to get back to order. I was so glad to see him get on that airplane and leave the White House on inauguation day I don't know what to do. Thank God and Greyhound he is gone. Or our airplane he is gone.

gary kimball
gary kimball

People with money seem to forget about tose with out it. I and my wife are both 60 and disabled and unable to work, this is not because we do not want to, but we are unable to work. And there are people that have the NERVE to say we don't need another check, I live in Maine in northern Maineand fuel oil takes about 50% of our income just to stay from frezzing to death, we have many days and nights where it gets well below zero.You people that don't want the checks send them to people living on nothing, and wondering how they can survive, payin lighs,oil, gas, food, cloths.I defie anyone that wants them not to give out another check to come live in my shoes for 1 month, you soon will be at the top of the list asking for the check. There are people that live in northern states that will die this winter from frezzing or starving, How can you cal your self human knowing that you are helping kill them

Cindy
Cindy

Yes a second check would help and yes it should be more then the last. But for you people who believe that only working people should receive it should really think and yes I am a working person. Everyone who is not working is not lazy or sorry, alot of people have been laid off due the economy and can not find new jobs due to people not hiring also due to the economy, I know in the small town I live in there is no job openings unless you want to make minimum wage or drive 1-2 hours each way to work. And minimum wage - daycare- gas- bills= nothing if you are single and have even 1 kid. So needless to say everyone but the rich who don't need money should get a check.

carol
carol

Did any of you guys listen to 60 minutes last Sunday night? I was right when they told that Morgan and Stanley who are with the wall street and did make billions off the oil companies. THey also got some of the 700 billions bail out. Also that idiot Madoff who got some of the billions of the bail out, look what he did. Took off and tried to run with it. If we don't start speaking out to our representatives we won't ever see day light. And to whoever said that the oil companies shouldn't be taxed. Well they should and to the max.

Andy
Andy

Unfortunately no second rebate check in 2009, rather it is relatively small tax breaks (designed to win republican support).

Dousche
Dousche

I think that everyone just needs to shut up and let this all happen... it will pass just like the last time... you have to give it time, if your not tough enough to pull through then u don't deserve to live in this country.

heaven
heaven

Im bit confused thier is a lot of talking going on about the 2nd stimulus check so I was hoping someone could clear this bit of info I recived up for me I was told today that the 2nd stimulus wasnt for us as indiviuala and famlies that it was for bussiness does anyome know if this true?

rose
rose

I agree to those that feel they dont need these funds needs to send back there checks uncashed and as for homeowners your not the only one in this world that suffers

SANDRA
SANDRA

I WOULD JUST LIKE TO SAY THAT I AGREE WITH GETTING A SEC CHECK BUT IT NEEDS TOBE IN AN AMOUNT THAT WOULD REALLY HELP TO GET OUT OF DEBT. ROBING PETER TO PAY PAUL IS THESAME AS GIVING A SMALL AMOUNT TO ENCOURAGE PEOPLE TO GO OUT AND GET IN MORE DEBT. DON'T SUPPLY THE MEANS TO GET SOMETHING AND THEN LATER TRY AND FIGURE OUT HOW TO KEEP IT. THERE ARE A LOT OF PEOPLE WHO ARE TRYING TO STAY AFLOAT AND NOT JUST BEING LAZY SITTING AT HOME WAITING FOR A CHECK. MAKE IT AN AMOUNT THATS GONNA COUNT!

jj
jj

We will end up paying all that money back and more in inflation on food, gas, clothing..bad trade for us and for future generations to come..If we weren't so into protectionism for a globalization, we wouldn't be in this mess..time for some protectionism at home!
They are just giving you with one hand and taking with another..

PT
PT

@gbailey - It sounds to me like you're in need of a history lesson on what it means to be an American.

I certainly wouldn't be proud of an America that has everyone living off of the Government.

That's kinda why we left England all those year's ago. ;)

gbailey
gbailey

It would be so great for our government to give us at least $ 10,000 dolars per person that would help more than a a $500.00 to 1000,oo dollars I know it would help me. The first check paid only one bill and still did'nt pay off. There are so many people that are laid off or are waiting tobe laid off what kind of life is that waiting to loose your job go into debt eigther commit suicide or get hooked on drugs all because the government thats suppose to serve the people serves only its self. Sometimes im ashamed tobe an american.

dscarlett
dscarlett

If you are one of the many people who feel negative about the checks that have been issued and the checks that probably will be issued in January do me a faveor, return them UNCASHED!!!!!!!

myisha taylor
myisha taylor

I think we do deserve another stimulas check.
and it should be enought for families to live a good time off of the second stimulas check and we really need the check .

think about it
think about it

instead of bailing out all these companys they should give the american working people $100,000.00 because its the american people who will bring back this economy but just give it to the people that are working

so tired
so tired

i think we the people deserve another stimulas check. but i think it should be more than $1000.00.
with the wall street bail out and the big 3.
well i don't know about you all but i need bailed out too. you know with what our gov. is spending on bail out, EACH working tax paying HOUSEHOLD COULD RECIEVE AT THE LEAST $16,000.00

Donna Merritt
Donna Merritt

People is always making a problem when it comes to minorities getting money. Everybody is trying and make it better out here, but these are very difficult times, and any kind of money being giving I accept, because either way it is gone to benefit your pocket. Stop crying nation especially you selfish rich folks, leave us alone or help someone.

sherri
sherri

Obama's opinion of the first stimulus check was that it was too small of an amount and that it should have been significantly more. According to this article, the check will be even less than before. Not that I'd turn down the extra money, but I don't think $500 is going to help stimulate the economy. If you're wise, you'll pay down a credit card and/or put the money in the bank, because it's going to be a long haul to get our economy back to where it use to be.

carol
carol

You know if you guys are wondering where the money would come from, when we get out of this war we will be saving millions a day like 10 million a day and with that much it will add up in no time and pay off this bail out. Just look what has happened at wall street that guy that recieved this money has embellzed so much that it is unreal..That is why we should have gotten the money and not them. At least we would be spending it on what is needed. We need the money not ceo's of cooperations. They don't know hoow hard it is to be poor. THey already had millions before they got this bail out. Going to the GMC & Ford, Harley Davidson, & Crysler donated to the 911 world trade center. Millions of dollars plus vehicles and motorcycles. They need the bail out. Honda and Toyota donated not one dime.

carol
carol

Have you guys listen. The guy from the Wall street got busted. When we stop the Iraq war with the 10 million's a day we spend over there we will be paying our on bail out. Then the 700 billion bailout should be given to us to spend we would't take long for use to get us out ourselves. The ceo's have done enough damage. We need to get this into our own pockets instead of going into theirs.

Randy
Randy

Thats what I have been saying, I mean how far does $300 or $600 really go? I am sure thats about the price some of these politicians pay for a pair of shoes!

Speaking Out Loud
Speaking Out Loud

This is just a thought. With there being so many people already on public assistance, that the government is paying billions of bollars to support, along with the recent people added to that list from job loss.

What if, the government could create a short-term plan with retailers that already use the EBT system. Allowing foodstamp recipients to purchase goods other then food. Thus, utilizing the billions of dollars that is already in circulation. I think this would be something that could stimulate the economy.
Eliminating the need to pump out more money, which would only be adding to the deficit.

carol
carol

I do agree with all of you. I guess we are going to have to be patient now and wait till Obama gets into office and try to support him all we can. I do hope each and everyone of you out there have a blessed Christmas and a Happy New Year and just think about when he gets into office we should be getting the stimulus check. Just add it to your income tax credit pay and this will make it even better. Also all you don't know but interest rates are down to about 4.75 and may be lower by now. So if you guys can try to get out there and get you an FHA loan so you will and can get a good deal on a house as well as interest rates.

Robin
Robin

I think they should do another stimulus check, and I think congress should take a pay cut to assist with that. They are the most overpaid, underworked people that I've EVER seen!

HEAVEN
HEAVEN

I AGREE WITH YOU WE ALL NEED/WANT THIS CHECK BUT AT THE RATE WERE GOING ITS POINTLESS. HERE IS ANOTHER OPINION I HAVE ABOUT BOOSTING OUR ECONMY AND IF WE DID IT WE PROBALY WOULDNT GET THIS LOW AGAIN. WHEN YOU WALK INTO WALMART OR ANY STORE FOR THAT MATTER HOW MANY AMERCIAN MADE ITEMS CAN YOU FIND HARDLY ANY I SAY WE NEED TO STOP COUNTING ON OTHER COUNTRIES TO PRODUCE OUR PRODUCTS AND WE NEED TO HAVE ALMOST ALL AMERCIAN MADE ITEMS ON OUR SHELVES I KNOW THAT MAY CAUSE A LOT OF HOSTILITY BETWEEN US AND FORGIEN COUNTRIES BUT IF WE EVEN HAD 50% OF AMERCIAN MADE PRODUCTS IT WOULD HELP US OUT ALL THAT MONEY WOULD STAY IN AMERCIA AND WE WOULDNT HAVE TO WORRY AS MUCH.