Taiwanese government is spending NT$83 billion (USD2.47 billion) on their shopping voucher program to boost domestic consumption and stimulate the economy.
Taiwan’s citizens and eligible residents (foreign spouses etc.) are receiving shopping vouchers worth NT$3,600 (USD107) from the government, regardless of age and financial capability (wealthy people are encouraged to donate the vouchers though).
The distribution has started on January 18th, just soon enough for Chinese New Year spending spree. The vouchers are valid until September 2009 and not exchangeable to cash… so the people are ‘forced’ to spend on it.
USD107 might not seem much, but for a small family of four… it added up to USD428, which should be quite useful during the current economic situation.
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Hmm, don’t know if something like that will stimulate the economy long term or not. But as a foreigner I’d like to get hold of one of those as a collectors item lol.
In the US they tried to issue tax rebates and it didn’t work. Although it wasn’t the same as these vouchers and not being redemable as cash, the main problem is still jobs and layoffs. The people can spend the money given them but then they still don’t have a job so, it does very little. And new business startups are slow because of tight lending by banks. But even so, starting a new business has to have people buying. So it’s like they say, an engine that’s stalled and nobody knows which element it will take to get it running again. Kind of the Chicken egg problem in a way.
Jobless is one thing… it’s equally dangerous when people with jobs are being overcautious and not spending. As you said it’s a chicken egg story… each country will have to come out with their own survival plan which suit its situation.
Can’t really tell if the voucher plan could work in long term… it’s reported that the Taiwanese government might have a second (or continuous) round or vouchers distribution if it works well in short.
Take a detailed look on the image attached, the expiry date of the voucher is stated year 98 month 9 day 30?
Or I see it wrongly?
The year is according to Minguo calendar, which begun when Republic of China was founded in 1912… Minguo’s 98 would be year 2009 in normal calendar.
i want free money!
lucky taiwanese…$107USD is a lot to me haha.
oh and by the way, rich people should really donate their vouchers.
it’s funny picturing a millionaire use the vouture to buy somthing that cheap (to them).