$8,000 DOGE stimulus!!

[ua_guy]

Musk is checking with his secretary on the potential for issuing $8,000 stimulus checks from all the DOGE fraud/waste/abuse and savings he's found. How will you spend yours?

https://www.usatoday.com/story/news/2025/02/19/doge-stimulus-check-internet/79192576007/

I did some napkin math. $55 billion in discovered fraud/waste/abuse and other savings so far. Except that may be highly debatable, the majority of that is cancelled government contracts, and in some cases, overstated by billions, potentially almost 5 times inflated the real number of actual savings. And/or only 20% will be issued as returns back to taxpayers. But hell, let's use the full amount, just for fun!

55 billion divided by 400 million Americans = $137.50 "per American".

55 billion divided by 153.8 million tax returns filed in 2022 = $357.61 "per tax payer/filing".

What am I missing? Is my calculator broken? I can't get to $8,000 or $5,000 no matter how hard I try. And if I use what the "real" savings may be, or multiplying by 20%, I end up with $27.50 and $71.52, respectively. Barely enough to cover a dozen eggs or a half tank of gas!

[Fishindude77]

I hope this is just talk and doesn't really happen.
They pulled this stunt a couple years ago with all of the Covid Stimulus checks and forgivable loans which were big contributors to present day inflation.

It's not like DOGE is collecting money and has a big pile of it to distribute. All they are doing is reigning in wasteful spending.
The country is still operating in the red.

[myrdale]

What I've heard is that is the projected amount assuming future cuts continue at the same rate for the rest of the year, and a best case scenario at that. I'm highly doubtful we will see any such checks.

If we did, the Roth IRA would be maxed out tomorrow and the rest would be put towards my future rental house fund.

Rather than getting some check from the government, my larger concern would be we could balance the budget and start reducing the national debt. This isn't a Trump/Biden/Obama/Bush issue. It's been growing exponentially for decades regardless of who is in office. If it follows the trend, it'll grow more under Trump that it did under Biden, because that is how exponential grow works.

My understanding is the last time we had a balanced budget it was under Clinton, but it was attributed to Newt Gingrich (I am a fan boy) hammering it out.

I'd also have to go back through my civics to remember, but it is a bit confusing as to how the national budget works. The President is responsible for the budget, but Congress actually sets the spending, which means the President has no ultimate control, but it required to make it work some how?

[Fishindude77]

Rather than getting some check from the government, my larger concern would be we could balance the budget and start reducing the national debt. This isn't a Trump/Biden/Obama/Bush issue. It's been growing exponentially for decades regardless of who is in office. If it follows the trend, it'll grow more under Trump that it did under Biden, because that is how exponential grow works.

Yep !

[ua_guy]

Rather than getting some check from the government, my larger concern would be we could balance the budget and start reducing the national debt. This isn't a Trump/Biden/Obama/Bush issue. It's been growing exponentially for decades regardless of who is in office. If it follows the trend, it'll grow more under Trump that it did under Biden, because that is how exponential grow works.

Even with all the "savings" the next spending bill being voted on right now is adding up to $515 Billion to the deficit over the next 10 years. Sad.

[Petunia 100]

Rather than getting some check from the government, my larger concern would be we could balance the budget and start reducing the national debt. This isn't a Trump/Biden/Obama/Bush issue. It's been growing exponentially for decades regardless of who is in office. If it follows the trend, it'll grow more under Trump that it did under Biden, because that is how exponential grow works.

Agreed.

Congress agrees on the budget bill, POTUS signs or vetoes.

[Petunia 100]

IMO, the proposed 8k stimulus checks are a way to curry favor with voters. Trump has done it before, as has Biden and GW Bush.

[QuarterMillionMan]

I would take any amount stimulus whether $50, $500, or $5000. Anyone who doesn't want it send it back.

[ua_guy]

I would take any amount stimulus whether $50, $500, or $5000. Anyone who doesn't want it send it back.

Absolutely. Stimulus funds can be returned to the US Treasury. I just hope they still have someone working there to process it!

[QuarterMillionMan]

What would you do with a stimulus payment?

Would you pay down debts, invest it, save it? I would invest it in gold bullion bars (ie, 1/2 oz, 1/4 oz, gold backs, etc). Or more cryptos specifically XRP (Ripple).


MODERATOR NOTE: This was merged from a duplicate thread on the same topic.

[disneysteve]

If a check comes, it just gets added to the pot, like all other incoming funds. I wouldn't designate it for anything particular. We have no debt. We already max our Roths. I contribute the maximum I can to my SEP IRA. Any surplus after that just gets incorporated into our overall plan.

[ua_guy]

I don't think I'd buy gold with it. Gold is so stinkin' high right now. It's great if you were already holding gold. If the check ended up being $8k I'd contribute my annual max $7k IRA and throw the rest in savings. And with that $7k I'd probably put it in something safer for the moment. I had a percentage held CD's at around 5.5% but those were all moved back into the stock market when they matured (most were called). I'm not sure what I'd do next. Bonds? TBills? Or toss it in the market during one of these stumbles like today, down 700+ points?

[kork13]

Agreed, I would far prefer to see the country's budget balanced than to see a dime sent to citizens. The federal budget is most certainly very bloated. But before going at it with a hacksaw, the government's spending should be assessed & prioritized, THEN remove those things least important. The administration is going about this backward, and cutting blindly. Wisdom is for suckers, it seems.

Yes, if I received something, I'd invest it like any other found money. I just hope that does not happen.

[QuarterMillionMan]

This has been on my bucket list which I can easily buy it but for the same price I could buy a new jet ski. But with the DOGE money I'd buy this e-surfboard.

[QuarterMillionMan]

On a side note on gold, anyone who thinks today’s spot price of $2950 an oz is high, we haven’t seen anything yet near what it will be in the future. Same with cryptos but that’s to be discussed in a different thread.