Stimulation Ends as Personal Income Falls

Looks like the stimulation of the tax rebates has ended, as the Bureau of Economic Analysis reports that personal income in the U.S. fell by $89.9 billion, or 0.7 percent, in July.

The all-too brief positive impact of the Bush economic stimulus package tax rebates could be seen by personal income increases of $7.4 billion, or 0.1 percent, in June and $218.0 billion, or 1.8 percent, in May, the months when most people were getting their tax rebates.

Tax rebate payments sent out over the spring and summer totaled $1.9 billion in April, $48.1 billion in May, $27.9 billion in June and $13.7 billion in July. By the time all the rebates have been sent out, payments will total $106.7 billion.

Also See:
Economy Spurs Bankruptcy Surge
The Big Squeeze - Income Inequality in America (US Economy)