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Obama Announces First
Economic Stimulus Plan:
Thursday's to be "National
Double-Coupon Day”
Economic Stimulus Plan:
Thursday's to be "National
Double-Coupon Day”
Chicago, IL - President-Elect Barack Obama today announced his first economic stimulus plan,
dictating that retailer’s nation-wide must double the value of manufacturer’s coupons every
Thursday. The plan will begin as soon as he takes office in January, Obama said. “I’m going to tell
you something. Making a fifty-cent coupon worth a dollar is going to help consumers across the
country purchase everything from frozen foods to laundry detergent with bleach alternative to
whitening strips for their teeth at a lower cost. I think that is a good thing for America”.
The move was met with opposition from House and Senate Republicans, along with a large number
of national and small retailers. Sam Lester, a spokesperson for grocery giant Kroger, said that the
chain already doubles manufacturers coupons on Monday, and the new mandate will hurt the store's
bottom line. “Not only will it hurt our profits at the register, but now our stores will have to add
additional staff every Thursday, thus increasing labor costs”.
Even Democratic leaders were hesitant to get behind Obama’s plan. Reporters asked Connecticut
senator Christopher Dodd about double-coupon Thursday as he walked into his office this morning.
Instead of answering the reporters directly, Dodd pointed to his ears and mouthed the words “I can’t
hear you”.
Economist Sheila Lindley said the move might actually hurt consumer spending. “Stores will simply
raise their regular prices to negate the double-coupon Thursday. So, six days out of the week,
shoppers will actually be paying more for every-day goods, which will slow spending, not accelerate
(spending).
Most shoppers met the move with hesitant approval. “I guess it’s a good thing”, said Barbara
Coker. She learned of the move while shopping at a Philadelphia Costco store. “I usually shop on
Friday, but I suppose I will start (shopping) on Thursday now. I’ll have to move my weekly visit to
the bank back to Wednesday, but I think it will be worth it”.
Kentucky Republican senator Mitch McConnell echoed the sentiments of many republicans when he
called the move “rash” and “irresponsible”. Speaking at a Louisville nursing home, McConnell said
“I am not sure who is going to foot the bill for double-coupon Thursday. Is it the retailer, the
manufacturers, the taxpayers? Mr. Obama needs to answer these questions”.
When reporters relayed McConnell’s question to Obama, the president-elect said “Let’s worry
about who is going to pay for double-coupon Thursday at a later time. Right now, let us focus on
getting the American public back to spending with confidence. From the Super Wal-Mart in
Spokane, Washington to Larry’s Bait and Tackle in Portland, Maine, our nation’s retailers will see a
spike in sales. At least on Thursday’s”.
Larry Williams, proprietor of Larry’s Bait and Tackle, was “thrilled” that Obama mentioned his
store by name, but is not worried about double-coupon Thursday hurting his bottom line. “Last time
I checked, there ain’t no coupons for night crawlers, chum, or cans of beer”.
Click Here to go to the front page
dictating that retailer’s nation-wide must double the value of manufacturer’s coupons every
Thursday. The plan will begin as soon as he takes office in January, Obama said. “I’m going to tell
you something. Making a fifty-cent coupon worth a dollar is going to help consumers across the
country purchase everything from frozen foods to laundry detergent with bleach alternative to
whitening strips for their teeth at a lower cost. I think that is a good thing for America”.
The move was met with opposition from House and Senate Republicans, along with a large number
of national and small retailers. Sam Lester, a spokesperson for grocery giant Kroger, said that the
chain already doubles manufacturers coupons on Monday, and the new mandate will hurt the store's
bottom line. “Not only will it hurt our profits at the register, but now our stores will have to add
additional staff every Thursday, thus increasing labor costs”.
Even Democratic leaders were hesitant to get behind Obama’s plan. Reporters asked Connecticut
senator Christopher Dodd about double-coupon Thursday as he walked into his office this morning.
Instead of answering the reporters directly, Dodd pointed to his ears and mouthed the words “I can’t
hear you”.
Economist Sheila Lindley said the move might actually hurt consumer spending. “Stores will simply
raise their regular prices to negate the double-coupon Thursday. So, six days out of the week,
shoppers will actually be paying more for every-day goods, which will slow spending, not accelerate
(spending).
Most shoppers met the move with hesitant approval. “I guess it’s a good thing”, said Barbara
Coker. She learned of the move while shopping at a Philadelphia Costco store. “I usually shop on
Friday, but I suppose I will start (shopping) on Thursday now. I’ll have to move my weekly visit to
the bank back to Wednesday, but I think it will be worth it”.
Kentucky Republican senator Mitch McConnell echoed the sentiments of many republicans when he
called the move “rash” and “irresponsible”. Speaking at a Louisville nursing home, McConnell said
“I am not sure who is going to foot the bill for double-coupon Thursday. Is it the retailer, the
manufacturers, the taxpayers? Mr. Obama needs to answer these questions”.
When reporters relayed McConnell’s question to Obama, the president-elect said “Let’s worry
about who is going to pay for double-coupon Thursday at a later time. Right now, let us focus on
getting the American public back to spending with confidence. From the Super Wal-Mart in
Spokane, Washington to Larry’s Bait and Tackle in Portland, Maine, our nation’s retailers will see a
spike in sales. At least on Thursday’s”.
Larry Williams, proprietor of Larry’s Bait and Tackle, was “thrilled” that Obama mentioned his
store by name, but is not worried about double-coupon Thursday hurting his bottom line. “Last time
I checked, there ain’t no coupons for night crawlers, chum, or cans of beer”.
Click Here to go to the front page