After-tax incomes and spending show big gains
Lawyer News
Millions of economic stimulus payments sent after-tax incomes surging in May by the largest amount since a similar recession-fighting effort by Gerald Ford 33 years ago.
All the extra money helped to push consumer spending up by the largest amount in six months, but economists warned the boost would likely prove short-lived given all the other problems facing consumers at present.
The Commerce Department reported Friday that after-tax disposable incomes jumped by 5.7 percent in May, the biggest one-month gain since a 6.3 percent increase in May 1975 when Ford was president. He was fighting a recession that year with a program to mail individual taxpayers $50 checks.
This time around individual payments range from $300 to $600 with couples getting up to $1,200. In all, $48.1 billion in rebate payments were made in May and through this week, the government announced Friday, payments total $78.3 billion — three-fourths of the $106.7 billion scheduled to be paid to 130 million households. The payments are to be completed by mid-July.
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