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Thread: Unintended Downside to Stimulus Checks?

  1. #1
    Senior Member rosarugosa's Avatar
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    Unintended Downside to Stimulus Checks?

    I've been reading concerns on social media about lots of people at the local Home Depot, Lowe's and Walmart. These are hybrid stores selling essentials, but they sell lots of non-essentials too. The concerns are about people buying plants and paint and such, certainly violating the intention of social distancing and only shopping for necessities.
    I know some broke people for whom a $1200 check is going to feel like the best thing that has happened to them in years.
    It occurs to me that we are going to see a real shopping spike once cash-starved people get this stimulus money. It will be an especially good time to stay home!
    It also occurs to me that it's going to be a bit challenging to spend this money in a manner that will stimulate the economy, especially the local economy, while exercising prudent pandemic precautions.

  2. #2
    Senior Member catherine's Avatar
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    I think there will be vast swaths of people who will use it to keep them afloat in terms of paying basic bills like rent and utilities--my son is in that boat. He is a one of those non-salaried many in the restaurant industry who depends on tips to get by. He's planning on using his for May rent. He has April's saved up, but he lives close to the bone. No debt, but not much savings either. If this takes us out through April, which is probably will, the stimulus will be a godsend for him.

    Then there are millions for whom the stimulus is "extra" because they are already salaried employees working through that. It would be interesting to see how people plan to use that. I think if they spend the money, it will stimulate the economy, especially if they spend it at small local businesses.

    I'm sure there will be a lot of talk about the "waste" of giving taxpayer dollars to people who really don't need it. I guess that's the fallout in situations like this.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  3. #3
    Senior Member iris lilies's Avatar
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    What, unintended consequences in a hastily -thrown-together social program in an election year?

    I am shocked! shocked I tell you!

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    I think the internet scolds are wrong. I donít think there was any intention of only using the cash for necessities, else they could have simply issued a few hundred billion in food stamps. I donít feel duty bound to spend it in some prescribed way. The 25 million they appropriated for the Kennedy Center wonít be to convert it to a hospital, after all.

    The intention was to inject a lot of borrowed and newly created money into the economy in an attempt to deal with a sharp drop in business activity without slipping into a depression.

  5. #5
    Senior Member Teacher Terry's Avatar
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    Ours is going right into savings and won’t be spent unless I need to help my kids. So disgusted with the people shopping for fun at Home Depot,etc. Ugh!

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    I plan to save mine in case the economy does not bounce back and I face loss of hours, benefits, or employment altogether.

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    Quote Originally Posted by Yppej View Post
    I plan to save mine in case the economy does not bounce back and I face loss of hours, benefits, or employment altogether.
    Yes, that is what we will do, too.

  8. #8
    Senior Member herbgeek's Avatar
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    If the purpose is to jump start the economy, I think instead of checks, prepaid debit cards with a specific expiration should be issued. Else, well off people (people with means and/or people who continue to have jobs through all of this) will just save it, as a few have mentioned, and what I will likely do with mine.

  9. #9
    Senior Member JaneV2.0's Avatar
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    It's supposed to be an aid package to tide people over, not a stimulus package of money that no one needs, intended to spur retail therapy. At least that was the best explanation I heard. Mine will go toward my surprise! property tax increase, probably.

  10. #10
    Senior Member Tradd's Avatar
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    Mine will go into savings if I've got another job by the time I receive it, otherwise, it will cover my rent ($900) and most of one month's car payment.

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