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Some people waiting for their economic stimulus checks may be in for a shock.

According to USA Today, about $2 billion in payments from 1.8 million checks are being confiscated from people who owe child support, student loans and back taxes. Taxpayers get letters from the government explaining why their bank accounts are not being stimulated and so far few have complained, according to a Treasury Department official quoted by the newspaper.

I am all for making sure that children get the financial support they deserve. People also should not be able to dodge student loan payments or tax bills. The government, though, cannot impose a one-size-fits-all solution. For instance, what if someone is laid off and is already behind in their bills? The economic stimulus is supposed to help people in need, right?

Though the economic stimulus checks have helped boost retail sales, investors should keep their expectations in check. Many of the people I know are using their stimulus checks to pay bills, not buy big-screen televisions. A good portion of my stimulus is going right back to Uncle Sam for taxes I need to pay for being self-employed. That's another rant for another time.

Continue reading Another reason why the economy may not benefit from stimulus checks

Another reason why the economy may not benefit from stimulus checks originally appeared on BloggingStocks on Wed, 25 Jun 2008 10:44:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>cohcynthia rowleyCynthiaRowleyeconomic stimulusEconomicStimuluseconomyinthenewsisaac mizrahiIsaacMizrahiLiz LangeLizLangeretail salesRetailSalesRoberto CavalliRobertoCavallistella mccartneyStellaMccartneytgtWed, 25 Jun 2008 10:44:00 EST