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The Impact Of The 2008 Tax Rebates On Consumer Spending

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Executive Summary

Early in 2008, in response to slowing economic growth, the Federal government enacted an economic stimulus package consisting mainly of a $100 billion tax rebate program. By July 1 2008, more than 70 million American households had received tax rebates of $950 on average. The hope of policymakers was that by putting money directly back into the hands of U.S. households, they would increase spending levels and avoid (or at least mitigate) the severity of the slowdown.

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