U.S. Gov't is spending billions to get you spending too - WALB.com, Albany News, Weather, Sports

U.S. Gov't is spending billions to get you spending too

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By Wainwright Jeffers - bio | email

ALBANY, GA (WALB) - The government is spending billions of dollars to try to get you spending too.

Cash for Clunkers boosted auto sales, and an even larger tax break is encouraging more people to buy houses.

Economists say the auto and housing industries are vital to our economy, and jump starting them will have a huge impact on other businesses.

Hundreds of thousands of Americans took advantage of incentives up to $4,500 to buy more fuel efficient rides.

"A lot of people expect results but when it comes to any legislative package it takes a while for us to see improvement," said Aaron Johnson, Darton Asst. Professor of Economics.

A separate program to boost the housing market also seems to be working. New home sales jumped 9.6 percent in July, beating predictions for the fourth month in a row.

The cash for clunkers program, which ended early this week, got close to 700, 000 new cars on the roads.

The first-time home Buyer tax credit is part of the stimulus plan.

The credit is available for homes purchased before December 1 of this year.

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