Economic Stimulus Program…a Success
July 31, 2008 Leave a comment
On February 13, 2008, President Bush signed the Economic Stimulus Act into law and the IRS started sending out the checks in May. According to the IRS, over 130 million households should have received these stimulus checks. Well apparently not only did these households receive the money, according to the statement released today by the Commerce Department, it looks like they spent the money as well! (which was the whole purpose of the stimulus program in the first place.)
Today, Commerce Secretary Carlos M. Gutierrez released a statement on the preliminary second quarter real gross domestic product (GDP), the output of goods and services produced by labor and property located in the United States, which showed that the U.S. economy grew at a rate of 1.9 percent in the second quarter of 2008. This was welcome news for an enconomy which has been troubled by rising fuel costs, a slumping housing market, a financial crisis and a weak job market.