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$100 Billion Later, the Recession Continues |
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Earlier this year, the Bush administration pushed its so-called “economic stimulus package” on to filing taxpayers in an effort to reinvigorate a stumbling economy. However, as July sales reports come to light it seems as if the stimuli have all but dried up, and the net effect has been negligible at best, according to Reuters. Many major U.S. retailers posted sales for July which fell well short of projected gains, leaving many to worry about the prospects of the upcoming back-to-school shopping season. The intent of the stimulus checks had been to grant a sustainable boost to the U.S. economy, but most individuals found their rebates being spent on gasoline, food and other commodities with soaring prices. As the stimulus checks run their course we have seen little net result in macroeconomic terms. The only lasting effect may be the $100 billion added to this year’s federal budget deficit. Source Reuters:
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