Congress rushed the Economic Stimulus Package through so we could jump start the economy by spending our new allowance at retail outlets. But don't expect the uber-wealthy to be contributing in that fashion. When polled, more luxury consumers stated they would rather save, invest or pay down debt with their rebate checks than spend it on something for themselves. Considering these high-end buyers typically spend double of what regular households will, their lack of participation in this movement is bound to send shock waves through the economy and back to Congress who may not get the results they had hoped for. That just means the rest of us who make less than $100,000 per year need to take our checks and spend, spend, spend! Is that why we aren't rich in the first place?
Reader Comments (Page 1 of 1)
4-18-2008 @ 11:52AM
Henry said...
Isn't paying down debt still spending? You're spending on things you already own (or that own you).
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4-18-2008 @ 4:15PM
JXG said...
Who surveys billionaires on spending less than $600.00? Makes no sense, seems like a bogus survey.
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4-18-2008 @ 5:02PM
beanspants said...
Bob, though you are 100% correct, they were talking "households", and the $100k cutoff is for individual. I believe the household cutoff is at $100k each, or $150k for a household.
The average surveyed only had $173k, or $86k each, and 60% expected to get a check, so the median is much lower than the average among those surveyed.
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5-01-2008 @ 8:14PM
Bob said...
Uh, if you're making $100k or more (actually $87k is the magic number), you get squat from the stimulus package. Zero. Nil. Zilch. Nada. So that's a totally useless survey/factoid, since those surveyed WON'T GET A "REBATE" CHECK.
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