Tax rebates headed for the pump, grocer: survey

[babylonsister]

Tax rebates headed for the pump, grocer: survey
Tue May 13, 2008 7:55am EDT


NEW YORK (Reuters) - Consumers will use much of their tax rebate money to pay for increasingly expensive gas and groceries, rather than spend it on electronics or clothes, said the most recent survey by the National Retail Federation.

"The rising cost of groceries and gasoline means that discretionary spending is taking a backseat to necessities," Tracy Mullin, president and chief executive of the world's largest retail trade association, said in a statement.

"For many consumers, struggling with rising bills and lowering home values, economic stimulus checks could not come at a better time," Mullin said.

The latest survey found 17.2 million people plan to use some of their tax rebate to pay for gasoline, up from 12.1 million in the trade group's February survey. About 21.2 million people plan to use some of the money for staples such as milk and bread, up from 20.4 million in February.

more...

http://www.reuters.com/article/domesticNews/idUSN1232854020080513?feedType=RSS&feedName=domesticNews

[jojo54]

1. Oh, but the economy is doing great!!!

I continue to reflect back to that '04 tv election ad that showed the elderly person sitting at their kitchen table, worrying about what was going to be bought: the food or the meds. It's disgraceful what this administration has done to the greatest country in the world.

edit: sorry for the rant. I'm in a mood today.

[babylonsister]

2. Don't be sorry.

Every last thing this admin has touched has turned to shit, including the economy. This 'bailout' is no different. It won't do what was expected, just grow the deficit. I still wonder if the small little guy in the wh thought this would help his legacy; quite the reverse.