Tax Rebate: Week 9 Wrap-Up
Holy Schmoley, consumers spent their tax rebates after all! While it really should not be a surprise, the tax rebate checks provided a huge boost to after-tax income and helped drive spending sharply higher in May. After-tax income surged 5.7 percent and spending increased 0.8 percent. The personal saving rate surged to 5.0 percent.
That wasn't me talking. That was Economic Commentary from the Wachovia Economic Group. Even the Holy Schmoley part, I swear.
I have seen quite a few reports that the rebates gave a nice boost to retailers. It's a shame it won't last.
But let's not dwell on the down note because I know how much you want this, need this, live for this...
(drumroll)
The Treas sent out 9.674 million economic stimulus payments to American households totaling $7.522 billion this week. The grand total so far? 94.849 million total economic stimulus payments totaling $78.304 billion.
(whew) Was that as good for you as it was for me?
(AP Photo)
Comments
holy schmoley!
Posted by: robie | June 28, 2008 8:14 AM