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Residents Split Over Use Of Rebate Checks

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By CARL ORTH The Suncoast News

The Tampa Tribune

Published: May 26, 2008

NEW PORT RICHEY - Spend it or save it?

That's the question Pasco County residents must answer as income tax rebate checks for $300 or more begin arriving.
Federal government officials intended the economic stimulus checks to be a shot in the arm to a national economy buffeted by home foreclosures, rising prices and other factors.

The choice was easy for Carol Kinnard, president of the Rotary Club of Trinity. She and husband Kel will stash the money in savings.

"Over the last nine years or so, we've been paying out funds for our two children's college tuition and we're about finished with this - whew!" she said.

For Greg Giordano, the tax rebate check is a chance to catch up on home repairs.

"I purchased two new power tools for this and future projects," Giordano, chief legislative assistant to state Sen. Mike Fasano, said. He purchased wood and related materials to repair a wall, floor, door, trim and other areas, he said.

The rebate money also will go toward buying paint for his children's rooms.

"We got the big one," Giordano said, referring to a $1,200 tax rebate check. "It was very nice. It comes at a good time, too." It's time to "buy things I've been putting off for a very long time. So I am contributing to the economic upturn."

A recent Pasco County Parks and Recreation Department retiree, Vinny Buscetta, said he and wife Stephanie will spend their $1,200 rebate on a vacation.

The Buscettas hope to catch up with relatives they haven't seen for a while in Maine, New York and Colorado. They might have to fly because soaring gasoline prices could make the cost prohibitive for a road trip, he said.
West Pasco Chamber of Commerce President Joe Alpine offered the business perspective on the tax rebates.

"I think people are going to be hanging on to that money," Alpine said. From his casual conversations with friends and acquaintances, he predicts some people will use the extra cash to pay bills.

The struggling economy and rising cost of gasoline has pinched many residents, Alpine added.

"It's a slow time right now," Alpine said, noting that restaurants in particular seem to be having a hard time.

The West Pasco Chamber of Commerce has lost some members through business closings. New members, including the Volkswagen dealership in Holiday and the Cracker Barrel restaurant in New Port Richey, made up the difference.

The chamber has about 1,060 members , Alpine said.

The chamber's networking forums several times a month seem to be popular, Alpine said, as business people try to make connections.

Some Pasco residents offered political views about the rebate checks.

Marc Yacht, the retired former Pasco County Health Department director, said he thinks many people will use the extra money to pay down debt. That will provide only a short-term boost to the economy, he said.

"I feel it's a very short-sighted policy," Yacht said. The rebates come at a time of huge national debt and with "communities in dire need of resources."

Yacht noted the federal government enjoyed a surplus when President Bush took office. "There's a basic undermining of middle-class wealth," Yacht said.

The economic stimulus check is intended for short-term results, according to Bill Bunting, chairman of the Pasco County Republican Executive Committee.

"I see it every single day," Bunting said about the struggles of residents on the bottom rungs of the economic ladder. "It's the guy on the bottom who'll get help" the most from the rebate checks, he said.

Bunting said he thinks a lot of people will set aside the rebate money to help pay for soaring gasoline expenses.

He blasted Democrats, saying that when they won control of Congress in 2006 they pledged to lower fossil fuel prices. Since then the price of a gallon of gasoline has increased by about $1.50, or about 50 percent, Bunting said.

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