$700 billion for my friends!

Wow just when you thought we were debt free! I hope you know that I am being facetious here. Our country is in so much debt that it isn’t even funny! Our economy is the worse it has been in centuries and by goodness now groceries are out of this world. I know that you probably have heard all this before but really to ad insult to injury we have the $700 billion governmental bailout.

Here is the full story here and Wall Street Journal explanation

Wall Street Journal

A take on this from a fellow blogger
Business Pundit

Want you to think about this who is going to eventually pay for this?

Well Congress is thinking they voted this morning and well read it here!

10-6-08 Well over the weekend it seems that after a revision all is a go for the bailout. Although many feel that it won’t help we can only be prudent, watch and be mindful of what this is supposed to do for our economy. Have a thought let me know what you think? The universe wants to know! 🙂

A Stimulating Mess!

Have you received your stimulus check from the IRS yet? If things in the economy aren’t horrid enough, it has been reported that the IRS has sent out double stimulus checks to taxpayers, while some still are waiting for their first stimulus check.

The IRS said in May that about 1,500 payments were sent to the wrong accounts.

Through June 6, the U.S. Treasury had sent 66.6 million payments totaling about $56.8 billion. Altogether, an estimated 130 million payments will be made this year.

Barbara Steinmetz, a certified financial planner and enrolled agent with Steinmetz Financial Planning in San Mateo, Calif., told her client not to cash the second check. (Enrolled agents are tax preparers who are licensed to represent taxpayers before the Internal Revenue Service.)

“Don’t cash it and hope [the IRS] won’t catch it. They have some very sophisticated matching programs,” Steinmetz said. “They are capable of tracking it if you got more than one. Don’t think it’s a windfall.”

The IRS agreed. “If a taxpayer receives more than one stimulus payment the erroneous additional payment should be returned to the IRS,” the tax agency said in an emailed statement.

If the erroneous payment was a paper check, write “void” in the endorsement section on the back of the check, and attach a note that says you are returning an “erroneous stimulus payment check,” the IRS said.

Considering all this some second payments are not erroneous. I noticed from a notification that I was sent from the IRS that there was a cut off for an eligible child of December 31, 1990. I thought that quite strange in that my child was born just 5 days before the deadline. Hmmm, I thought to myself how can this be. So off the make a phone call to inquire about this since nothing was stated on any online tax forms I filled out. The verdict is still out on that one.
If you are still waiting the IRS is telling those to be patient as payments will be sent well into July. I have also been told from a reliable source that the IRS is behind in these stimulus payments. Clerks and agents are doing special duty due to the backup.

Click the image below to read the full story…..

Show me the money!

What I think……. I knew something was going on ! Good grief, Charlie Brown ! 🙂