Stimulus Check

[oneupper]

Just got my "Stimulus" money from the gov.

Not quite ready to go spend it and stimulate the economy...but wow that was quick.

Anybody else?

[RedFanAlways1966]

The payments are being sent numerically based on the last two digits of Social Security numbers. My last two digits start with an 8, so I guess many will spend theirs before my check is in the mail.

[rotnoid]

Got it last week. Throwing it toward the house we're buying. That should cover my part of boosting the economy for now. :)

[Caveat Emperor]

I've got a MacBook Pro to go buy (my Dell died the week before finals 2 years ago) -- between my refund check and my stimulus check, that should cover the entire cost.

[Ltlabner]

I think we're scheduled to get ours here pretty soon.

It will go right back into savings to replace the money we paid in taxes on April 15th.

[cumberlandreds]

Mine is not scheduled to get to me until mid June. I owed a little to the Feds this year so I'm getting a hard copy check. I think I will be one of the last one's to get it.

[BoxingRed]

Strangely, ours was direct deposited 2 days ago. I say strangely because I can't remember ever giving them my account # for a direct deposit. We usually owe Fed and get a similar amount in refund from State.
Did they take the account # off of my check? Just seems weird.

[sonny]

Got mine but we budgeted it for a little more than we got. I don't want to seem ungrateful, but man, guess I'll have to tool around in my '89 Volvo station wagon a little longer.

It's going toward a family vacation (the 1st we've ever had) so I will enjoy every second of it.

[Reds4Life]

I got mine over a week ago, I still haven't spent it. Probably won't.

[Cyclone792]

Haven't yet received mine, but I expect it to be direct deposited in a week.

Mine will likely head straight into the bank. I recently bought a new computer and the stimulus check will "cover" the cost of most of it, but I'd have been buying the computer anyway regardless of Uncle Sam tossing any extra scratch my way. Pretty much everything else I've spent money on (or will spend money on) this time of year I'd be doing anyway regardless of this extra scratch.

[paintmered]

I received mine yesterday. I don't have anything special for it, other than it will go into my checking account. I had about $600 in auto repairs done to my SUV last month, so I guess it will cover that expense.

[Redlegs23]

Strangely, ours was direct deposited 2 days ago. I say strangely because I can't remember ever giving them my account # for a direct deposit. We usually owe Fed and get a similar amount in refund from State.
Did they take the account # off of my check? Just seems weird.

You must have had a federal refund sometime in the past that you have had direct deposited. Or if you owed on your fed. return you still could have filled out your direct deposit info for the rebate check. They should be direct depositing those that requested a direct deposit refund. You may want to check your previous few years returns and see if you had your acct. # at the bottom of page 2 of the 1040.

[15fan]

Mine should just about cover the cost of the postage increase on Monday.

[justincredible]

Got mine the other day. It went directly into the wedding fund.

[pahster]

I thought I was going to get mine deposited directly today, but haven't yet.

[Joseph]

Bought new tires for the wifes truck with ours.

[Rojo]

Its going to my favorite toy -- a growing savings account.

[Highlifeman21]

Mine's paying for 2 round trip ticket to Vegas baby, Vegas.

[Spring~Fields]

Mine hit the bank today, unfortunately I will have to spend it on a therapy session due to Patterson leading off. :scared: :p:

[BuckeyeRed27]

I got mine and don't get me wrong I love free money. However wouldn't this stimulus package worked better if you would have given the money to people that have a lot of it. If you made too much you got phased out, but those are the people with the most discretionary income that are more likely to blow $600 on something instead of just putting it back into savings or paying bills like many people are going to do. I still think this will help but I think it would have helped more if you helped the rich guy out some.

[Chip R]

I got mine and don't get me wrong I love free money. However wouldn't this stimulus package worked better if you would have given the money to people that have a lot of it. If you made too much you got phased out, but those are the people with the most discretionary income that are more likely to blow $600 on something instead of just putting it back into savings or paying bills like many people are going to do. I still think this will help but I think it would have helped more if you helped the rich guy out some.


Aw, most people are going to spend it on something anyway.

[macro]

My last two digits are "57", so I didn't expect it until June, but it was deposited last week. Our was spent (and then some) before it got here. We bought a new front-load washer and matching dryer with pedestals in March. Never thought I'd get excited about a washer and dryer, but these things are awesome.

[Spring~Fields]

However wouldn't this stimulus package worked better if you would have given the money to people that have a lot of it. If you made too much you got phased out, but those are the people with the most discretionary income that are more likely to blow $600 on something instead of just putting it back into savings or paying bills like many people are going to do. I still think this will help but I think it would have helped more if you helped the rich guy out some.


No the opposite would hold true according to the marginal propensity to consume, those that have less income or less discretionary income will spend theirs versus save or invest, thus the theory to stimulate the economy by their spending or consuming.

[KronoRed]

Got it, leaving it be, might use it to pay off debt.

[Spring~Fields]

Never thought I'd get excited about a washer and dryer, but these things are awesome.

Alas I am not alone. :lol:

These new appliances look like fancy new sports cars, all of kinds of bells and whistles do thingy's etc, only thing missing is the vaaaa roooom. :)

[Raisor]

Here's a handy IRS tool to find out when you're getting your's.

https://sa1.www4.irs.gov/irfof/IRServlet?app=IRACTC

[CrackerJack]

Going into savings to make up for the obscene amount I had to pay the state government for being an evil single person with no children, making over $54k a year.

[bucksfan]

got it today ; will use it to pay for our annual summer vacation rental in South Haven that is due next month.

[OSUredsFAN]

Here's a handy IRS tool to find out when you're getting your's.

https://sa1.www4.irs.gov/irfof/IRServlet?app=IRACTC

I'm getting a "We are sorry. Specific information about your Stimulus payment is not available"

Anyone else get this. I'm worried

[jmcclain19]

I got mine yesterday. My wife and I bought furniture, an Xbox 360 and trees for our house. Doing our part to stimulate the economy.

[RBA]

I'm getting a "We are sorry. Specific information about your Stimulus payment is not available"

Anyone else get this. I'm worried

I got the same thing. According to the chart, I should of got it yesterday.

[Tommyjohn25]

I got the same thing. According to the chart, I should of got it yesterday.

I got it as well. I'm not too worried though since I did get the mailer saying I was indeed receiving one.

[savafan]

When I clicked on the site Raisor posted and entered my info it told me this:

"You should receive a notice showing the amount of your payment. Please hold on to it because you will need it when you prepare your 2008 tax return."


Are they counting this as earned income that I'll have to claim next year?

[Raisor]

When I clicked on the site Raisor posted and entered my info it told me this:

"You should receive a notice showing the amount of your payment. Please hold on to it because you will need it when you prepare your 2008 tax return."


Are they counting this as earned income that I'll have to claim next year?

yes

[savafan]

Can I just give it back then? I did nothing to earn this, except live in a weak economy. I don't really need this money, and I don't want to have to pay extra taxes on it next year. So basically, I'm getting my tax return for next year early, and won't get anything in 2009. That's nice.

[oneupper]

Can I just give it back then? I did nothing to earn this, except live in a weak economy. I don't really need this money, and I don't want to have to pay extra taxes on it next year. So basically, I'm getting my tax return for next year early, and won't get anything in 2009. That's nice.

My understanding is that the stimulus is NOT taxable income.

http://www.factcheck.org/askfactcheck/is_the_economic_stimulus_payment_taxable.html

....here's a random link that says so.


And here's the IRS FAQ

http://www.irs.gov/newsroom/article/0,,id=182003,00.html

It is a CREDIT based on your 2008 return. NOT an anticipated refund. What that means is that if you didn't qualify in 2007, you may still qualify for the credit NEXT Year.

[IslandRed]

Directly from oneupper's IRS link:


Q. Is my stimulus payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

Q. If my stimulus payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

And even if was taxable, we'd still come out ahead; someone in the 25% bracket would owe $150 more in taxes next year from the $600 check he got, but that's still $450 to the good. But luckily, it's not taxable.

[savafan]

Okay, I feel like an idiot because I don't understand that really at all, but if IslandRed says it's all good then I won't worry.

[IslandRed]

Okay, I feel like an idiot because I don't understand that really at all, but if IslandRed says it's all good then I won't worry.

Well, of that passage I quoted, the first six words were all anyone really needed to read. :cool:

[Matt700wlw]

Got mine the other day

[goreds2]

Got mine the other day


Still have not gotten mine.

[TeamSelig]

Got mine the other day.... received $600 but was anticipating $1200? idk... didn't really understand it much.

[OldRightHander]

About a week of diesel fuel with mine. It was gone by the time I got to Vegas.

[Jpup]

already spent mine I guess, but I haven't got it yet. I have so much money going out since I bought this house that I am going crazy. Everyone told me what a great investment buying a home is, but I am questioning that right now. I had a lot more fun before I had a mortgage payment.:(

[KittyDuran]

Got mine over the weekend... I'm waiting till after I go to the doctor tomorrow to spend mine. Been having neck and shoulder pains for the past 2 weeks. Ugh! :thumbdown

[Heath]

Stowed it away in the savings for now.

I have one credit card I'd like to pay off. But the interest rate is so dang low, I don't worry about it.

We've got some little household repairs to deal with this summer.

[Boss-Hog]

Mine came via direct deposit this morning (which matched the date from the link Raisor provided :))

[Cyclone792]

Mine came via direct deposit this morning (which matched the date from the link Raisor provided :))

Same here. Direct deposit is my friend!

[Rojo]

I have one credit card I'd like to pay off. But the interest rate is so dang low, I don't worry about it.

Pay it off anyways.

[15fan]

Pay it off anyways.

Amen.

Even if it's a 0% introductory rate that you've snagged to finance some sort of project interest free.

Whenever you have the chance, retire the debt.

[goreds2]

Still have not received my money yet. Good, I will not spend it!

[Tommyjohn25]

I'm supposed to get mine today. We'll see...

[goreds2]

Here's a handy IRS tool to find out when you're getting your's.

https://sa1.www4.irs.gov/irfof/IRServlet?app=IRACTC

I just discovered I am going to get a paper check instead of getting direct deposit because I had Turbo Tax deduct their fee from my refund. :thumbdown

Here is what the website said:

We are sorry. Specific information about your Stimulus Payment is not available.
Possible reasons include:

* Filing and/or preparation fees were deducted from your refund or you received a rapid refund from your preparer. You will be receiving a check instead of a direct deposit. Please see the Paper Check Payment Schedule below.

PAPER CHECK

Last two SSN digits: Payments will be mailed no later than:
00 through 09 May 16
10 through 18 May 23
19 through 25 May 30
26 through 38 June 6
39 through 51 June 13
52 through 63 June 20
64 through 75 June 27
76 through 87 July 4
88 through 99 July 11

[Highlifeman21]

I just discovered I am going to get a paper check instead of getting direct deposit because I had Turbo Tax deduct their fee from my refund. :thumbdown

Here is what the website said:

We are sorry. Specific information about your Stimulus Payment is not available.
Possible reasons include:

* Filing and/or preparation fees were deducted from your refund or you received a rapid refund from your preparer. You will be receiving a check instead of a direct deposit. Please see the Paper Check Payment Schedule below.

PAPER CHECK

Last two SSN digits: Payments will be mailed no later than:
00 through 09 May 16
10 through 18 May 23
19 through 25 May 30
26 through 38 June 6
39 through 51 June 13
52 through 63 June 20
64 through 75 June 27
76 through 87 July 4
88 through 99 July 11

Add this to one of the many reasons as to why Turbo Tax is a POS.

[Tommyjohn25]

Crap. I did the same thing....Guess I have to wait till July 4th too. :(

[Handofdeath]

And I did not find out about this until the day before I was expecting the direct deposit. NOBODY mentioned anything about this. Not Turbo Tax, not the IRS, not anybody.

[Spring~Fields]

In your defense
I never saw it mentioned on Turbo Tax or the .gov site either and I read them both until I was tired of reading.

I paid them up front, I liked the rate of exchange. ;)

[dabvu2498]

God bless the IRS.


newsday.com/services/newspaper/printedition/thursday/longisland/ny-listim155686297may15,0,159403.story

Newsday.com
IRS: Some stimulus checks sent to wrong accounts
BY CAROL POLSKY

carol.polsky@newsday.com

May 15, 2008

Through the wonders of modern technology, some of those federal economic stimulus checks are being deposited directly into recipients' bank accounts.

But some are not - and are instead winding up in the bank accounts of complete strangers.

"We do know of instances of problems; we've heard of situations where stimulus checks have gone to the wrong people's bank accounts," conceded Kevin McKeon, the Internal Revenue Service spokesman for the New York region. "We're getting a lot of calls to the toll-free number."

One local taxpayer, who asked not to be identified, reported that he had discovered an unexpected deposit of $1,800 in his bank account. He said a review of his bank records revealed that it was a deposit from the IRS bearing another taxpayer's Social Security number. He said he contacted the IRS and was told by an agent that the deposit was one of 15,000 misrouted checks sent out incorrectly as a result of a computer programming glitch.

McKeon said he could not confirm that figure or that a computer problem was responsible.

The stimulus checks are for up to $600 for a qualifying single taxpayer, $1,200 for a couple filing jointly, and $300 additional per child. Distribution began in late April, starting with taxpayers who had requested electronic deposits, and are continuing in weekly waves based on the ending digits in Social Security numbers. Paper checks will be sent out in the same way up until July 11.

"Overall, the vast majority of stimulus payments are going out timely and accurately to taxpayers," the IRS said in a statement issued in response to questions from Newsday. "To date more than 29 million stimulus payments totaling more than $27 billion have been issued.

"As taxpayers contact us with questions regarding the amount or the timing of their own stimulus payment, the IRS is providing answers and resolving taxpayer-specific issues."

McKeon directed those awaiting stimulus or 2007 tax refund checks to irs.gov/indi viduals/article/0, id=96596,00.html, or the toll-free service Refund Hotline at 800-829-1954.

Those receiving misdirected IRS deposits must report the mistake to their bank, McKeon said. Similarly, paper checks sent to incorrect recipients must be mailed back to the IRS, he said, and any money spent before the recipient is aware of the mistake must be repaid.

Several local accountants say that while they haven't yet come across any clients reporting misdirected stimulus checks, they have on occasion had clients who received mailed refund checks intended for other taxpayers - and who were told to return them. They also cited other bookkeeping mishaps, including clients with long-overdue refunds.

Bart Fooden, a Woodbury certified public accountant, said a client who filed a late 2006 return last year is still waiting for his electronic refund six months later. The IRS is trying to trace it, he said, adding: "According to them, they issued the refund in January."

[goreds2]

I received my check on June 2 then the next day, I received a letter stating I would receive it soon. :eek:

[Spring~Fields]

I received my check on June 2 then the next day, I received a letter stating I would receive it soon. :eek:

I got a problem...............myself, I want more, more, more, more. :) I wonder if they would be understanding?

[RBA]

Spent it on gasoline.

[Team Clark]

I have to wait until at least July 11th. By that time all the plans I had for the money will be long forgotten and I will probably just pay a few bills.

[GAC]

Paid my property taxes..... which the local government, in the last year, doubled on everybody around here. When you refuse to pass their various bond issues and levies that's how they do things around here.

The people overwhelmingly voted down a watershed project this past year. But the city leaders found a way around that, and people are really upset. It's not so much about the money; but the fact that the democratic process, the voice of the people at the ballot box, can be so easily and flagrantly ignored by our illustrious leaders who say they know better.

http://www.dispatch.com/live/content/local_news/stories/2008/04/06/UPCREEK.ART_ART_04-06-08_B7_749RJLK.html?sid=101

[Caveat Emperor]

The people overwhelmingly voted down a watershed project this past year. But the city leaders found a way around that, and people are really upset. It's not so much about the money; but the fact that the democratic process, the voice of the people at the ballot box, can be so easily and flagrantly ignored by our illustrious leaders who say they know better.

Of course, the cynic in me feels compelled to point out that the "city leaders" were elected by means of a democractic process and charged with doing the business of the city/county. If you (as a community) don't like the decisions they make, you have no one to blame but yourselves for electing them.

[RBA]

If you (as a community) don't like the decisions they make, you have no one to blame but yourselves for electing them.

Like the USA community?

[toledodan]

I have to wait until at least July 11th. By that time all the plans I had for the money will be long forgotten and I will probably just pay a few bills.




you and me both. i just hope mine makes it to me because of my move.:confused:

[aerontg]

I have zero faith that I will even get mine. I'm due to get around $1200 (they took my tax payment out of it), but something....SOMETHING will happen along the way. When I go to their website it says the check was to be issued by May 30th (yeah, right), and if I've not seen my check by June 26th to give them a call. Until then they can't do anything about it. Is that a BUNCH OF BALONEY or what? :rolleyes:

[GAC]

Of course, the cynic in me feels compelled to point out that the "city leaders" were elected by means of a democractic process and charged with doing the business of the city/county.

True. But in this particular case the issue was put onto the ballot for the people to vote on, and it was soundly thrashed. The city leaders are using... and many say misinterpreting to suit their needs.... a procedural move to try and void the people's vote.

They've been sending bills out to the people (households) to cover the project, and a vast majority of the public are making a stand and saying they have no intention of paying it.


If you (as a community) don't like the decisions they make, you have no one to blame but yourselves for electing them.

Again true. It will be interesting this next November. We kicked a bunch of them out about 4 years ago when we had a major (and devastating) ice storm sweep through the region. It devastated several counties in this part of the state. We're talking no power for 4-5 days, no basic services, absolutely nothing. And of course the worse to get hit are the poor and elderly. Churches were setting up generators and cots to house people.

And where were our city leaders when they were needed to coordinate and take charge in this situation?

They all vacated the region, for warmer weather, for several days. They didn't last long in their elected positions. They were even afraid to be seen in public for awhile! :lol:

[Spring~Fields]

Paid my property taxes..... which the local government, in the last year, doubled on everybody around here. When you refuse to pass their various bond issues and levies that's how they do things around here.


Maybe they should just put up more cameras at the intersections for public safety. ;)

Well if you had not built that GAC palatial estate in the neighborhood and drove the property values through the roof that might not have happened. C’mon Greg we all know that you are made of money, and even have old milk cans filled with the green stuff buried in your back yard. :p:

Greg you could always move back to Springfield, where the state already wants them to close a brand new middle school, maybe a year old, after the taxpayers built it.

[GAC]

Maybe they should just put up more cameras at the intersections for public safety. ;)


Greg you could always move back to Springfield, where the state already wants them to close a brand new middle school, maybe a year old, after the taxpayers built it.


Springfield Sucks! :p:

That city, it's leaders, and especially the female School Superintendent (didn't she just resign?) really have a screwed up local government and school system. My brother has three kids in elementary, middle, and high school. There's no busing, so they are running and picking up kids all over the place.

The leaders there think the people have bottomless pockets, and just tax, tax, tax. What's in the center of Springfield anymore? Not small businesses. Just banks and PLENTY of parking! :lol:

My wife got one of their Safelight traffic light fines back in Dec. I paid their silly blood money. I got a threatening letter from a law firm about three weeks ago that stated if I didn't pay the fine then legal action would be taken against me. It was not a nice letter.

I got hot.

My brother knows the director of the program. I called him.They screwed up on their end, basically dropped the ball. I told him that if it isn't immediately corrected then I will be talking to a lawyer because I don't want to be pulled over, if and when we may come to Springfield in the future, and for whatever reason, and have them arrest me or impound my car because of their screw up.

But I avoid Springfield at all costs anymore. It's an equivalent travel time, so we've been going to Dublin for the last several years to do our shopping and eating out.

[Spring~Fields]

What's in the center of Springfield anymore? Not small businesses. Just banks and PLENTY of parking! :lol:


Weeds :)
And plenty of parking. :p:

We go to Beavercreek/Fairborn.


My wife got one of their Safelight traffic light fines back in Dec. I paid their silly blood money. I got a threatening letter from a law firm about three weeks ago that stated if I didn't pay the fine then legal action would be taken against me. It was not a nice letter.

Yeah, they will send the posse after you for a nickel.

[GAC]

Yeah, they will send the posse after you for a nickel.

Yet be totally wasteful in many other areas.

When they built those new schools they had to have all brand new stuff to go with them. There was no common sense involved where they could possibly save the local taxpayer some money by utilizing/re-using items in which there wasn't a darn thing wrong with them. Nope - all brand new stuff! They auctioned off everything from the old schools - from computers, office supplies, misc furniture, student desks, you name it and they were giving it away.

My brother said you could buy a desk, file cabinet, shelving, and various office furniture for a few bucks each. And a practically new computer for as low as $25. Even brand new, never been opened, miscellaneous office supplies like paper, pens, pencil, etc., etc. - stuff you would normally get at Staples - giving it all away for practically nothing. He said it was insane!

Odd Lots couldn't beat the deals the masses were finding at the school clearing house sweepstakes. ;)

[Spring~Fields]

Yet be totally wasteful in many other areas.

When they built those new schools they had to have all brand new stuff to go with them. There was no common sense involved where they could possibly save the local taxpayer some money by utilizing/re-using items in which there wasn't a darn thing wrong with them. Nope - all brand new stuff! They auctioned off everything from the old schools - from computers, office supplies, misc furniture, student desks, you name it and they were giving it away.

My brother said you could buy a desk, file cabinet, shelving, and various office furniture for a few bucks each. And a practically new computer for as low as $25. Even brand new, never been opened, miscellaneous office supplies like paper, pens, pencil, etc., etc. - stuff you would normally get at Staples - giving it all away for practically nothing. He said it was insane!

Odd Lots couldn't beat the deals the masses were finding at the school clearing house sweepstakes. ;)

Odd Lots doesn't get to use other peoples money!!

GAC,

You have to remember that whenever a local, state or federal government is selling, they receive a huge return on their dollars invested, and a very large ROI, return on investment.

Though you might say, yes, because the government doesn’t have one dime of their money invested. ;)

Frugile, prudent, wise stewardship, a government? :lol:

[goreds2]

Is there any talk of receiving these in 2009?

[Sean_CaseyRules]

Looks likely.

http://personalbudgeting.suite101.com/article.cfm/economic_stimlus_2009


Economic Stimulus 2009
A Priority for US President-Elect Obama
© Jeffrey Donaldson

Nov 9, 2008

Everyone could use a little more money, especially in the current economic climate. But how effective is a check for every American worker toward stimulating the economy?

The goal of an economic stimulus check is to give money to individuals, who will then go out and spend the money. But how effective is a check to every American toward stimulating the economy?

Lame Duck Session
In the few remaining weeks of this Congressional session and the Bush Administration, under consideration is a $100 billion bill which would extend help to states that have cut spending, increase food stamps, and allow extra unemployment benefits (Uchitelle & Calmes, 2008).

Democratic congressional leaders suggest the passage of two bills, one in this lame duck session, and a second larger bill after the inauguration for $150-$200 billion (Lightman, 2008).

The Effectiveness of a Stimulus
According to the Economist, the $92 billion in tax rebates which Americans received in July led to a growth in consumer spending of 1.7%.

This growth took place even as consumers managed high gasoline prices, unemployment, and tightening credit.

Without the stimulus, consumer spending may not have grown at all (Economist, 2008).

Limitations of a Stimulus
Macroeconomic Advisers, an economic forecasting firm, estimates that consumers spend only 30% of their checks, applying the remainder to debt or savings.

Other options include investment in infrastructure (such as roads, bridges, tunnels, etc.), assistance to state and local governments who may have to cut services to balance their budgets, and direct help for Americans through extension of unemployment, heating assistance, and food stamps.

However, the Congressional Budget Office estimates that the money for infrastructure development is generally spent at a rate of less than 30% per year, and funds given to states may also be saved by those states.

Therefore, it may be as effective to increasing consumer spending to give funds directly to the individuals (Economist, 2008).

Obama’s Stance
Even before Barack Obama was elected president, he supported the proposed economic stimulus.

He has also suggested an “emergency energy rebate”, $500 to every worker or $1000 for every family, paid for by a tax on the oil companies.

As reported by the New York Times, the economic stimulus would require at least $200 billion dollars.

Obama’s representatives want the checks to arrive before tax returns are filed in April (Uchitelle & Calmes, 2008).

Conclusion
An economic stimulus appears likely, as it has the support of the president-elect and the outgoing and incoming Congress. If it can stimulate consumer spending as the July stimulus did, it may have its intended effect of helping to stave off further recession.