Government Rebate Checks

MONDAY 1-28-08….There’s a lot of talk and anticipation regarding rebate checks the government plans to hand out to everybody. People making plans about just how they’ll spend it…or not. It’s like the fantasy plans people make when discussing how they’d spend lottery money, if they were to win the lottery. Buy a new house, new car, travel the world, tell the boss to go to hell.

But, winning the lottery is a fantasy. Getting a government rebate check is close to being a certainty. Call it “anticipated revenue.” That’s what cities and states call it when trying to come up with a budget. If it can’t be balanced, they fill in the missing amount by guessing what the anticipated revenue will be. Viola! A balanced budget.

If the anticipated revenue doesn’t materialize, they’ve got a big problem. In California’s case, it’s a fourteen and a half billion dollar problem. At this point in time, the anticipated rebate checks from the government shouldn’t be considered anticipated revenue. It shouldn’t even be considered revenue until you actually see it….in your hand.

The deal will be passed by the House, and if the Senate should pass the House version, it’ll get into your hands…quickly. But certain members of the Senate want to “tinker” with it. Senate Majority Leader Harry Reid, along with senators Ted Kennedy and Charles Schumer want changes made. If they succeed, there’ll be no quick rebate checks because the bill will have to go through a conference committee. And THAT will take time. Lots of it.

Democrat Senator Max Baucus says his committee will recommend changes. Charles Schumer said other proposals will include new public works spending and a summer youth jobs program. The point here is, don’t consider the rebate checks anticipated revenue. Don’t spend it, until you get it.

Now, if you have a comment, please leave one below in the comment form.


2 Responses

  1. “The point here is, don’t consider the rebate checks anticipated revenue. Don’t spend it, until you get it.”

    Excellent point Bruce…you are truly one who serves the people…but then, I wouldn’t expect anything else from a military guy.

    Your sense of this situation is right on. So many of us have not discovered the magic of saving and instead spend before we get…all that’s needed is a whim, and this “promise” from the government surely provides incentive for such flights of fancy.

  2. I am a 100% Service connected veteran. I have not worked for the past 4 years. Should I expect a check for $600.00. I also take care of my 16 year old nephew am I entitled to any more money, and if so will I be sent any form to fill out? I am not looking for anymore or less just asking. One other question is if I do qualify will there be any form to fill out to get the money any sooner? I don’t need any handouts, but to have a few extra dollars to put in my neices 401k would be great. Thank you

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