Remember those rebate checks that you were supposed to spend, spend, spend on clothing, kicks, heels or flicks? Or any other similar expense so that the money would kickstart the economy and get us out of this rut?
Not so much.
It turns out that the free money checks which were handed out in May and June has little effect on current economic conditions. The Federal Resevere Board’s Beige Book report said that “consumer spending was sluggish or slowing in nearly all Districts, although tax rebate checks boosted sales for some items.”
The Fed reported that consumers spent the free loot on household essentials such as fuel and food. Items like apparel were very weak the Districts reported.
So much for Bush and his grand scheme of getting us out of this rut.
via DNR
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id disagree with a couple of the statements but i do think hes still a soft tyranny and will be until the end of the show…