Stimulus Checks, what will you spend it on?

[Camper_bob]

Originally Posted by Dopalgangr

I too will not be receiving this money, but I guarantee me and everyone else will be paying for it in taxes. You don't just pull 2 trillion out of thin air and not have to pay it back some way.

That's my biggest fear going forward. Once we get past all this, we're going to have to pay all of this back somehow. I doubt that GDP will make it up, and I think the hit to GDP in general will be a lot worse than people realize in the long-term.

I know we have some "emergency" funding available, but this is a LOT of money. Not only in credits/grants/payouts/forgivable loans, etc, but we were already running a MASSIVE deficit that we had no hope of ever paying for BEFORE all of this hit.

I was afraid of what we're going to leave our own kids from a financial perspective, now I'm afraid of what we're leaving to our grand- and great-grand kids. I'm afraid we'll be paying for this for generations.

[mharrison]

Originally Posted by DaveT

Anything not made in china. Preferably helping to rebuild the jobs of those less fortunate right now - like food workers and restaurant employees.


Spending it on a new toy for the camper is selfish and shallow.

I get it, my post does make it sound that way but there's a little more to it. I've worked for the local Fire/EMS since 1983, drones were utilized several times last year to survey flood damage, take photos and report to FEMA. Also when the Union Pacific calls in brush fires along their rail system (which is also along the river) finding access on the levees can be a little challenging at times. We have a local photographer who has been more than willing to help us with these things and even helped search for a missing child (he has thermal capabilities), but he is not always available. With the predicted flooding expected along the Missouri River again this year I bet we will be sandbagging again on top a dealing with this virus.

Emergency Services are using drones more all the time for large scale incidents such as tornadoes, flooding, and wildland fires. To perform these jobs it has to be a quality drone with longer flight times and range than the toys sold in most stores. I've already checked into and will meet all the licensing requirements.

We live in a small town of 4,500 residents. My wife and I are ordering takeout from the local restaurants and buying from the only 2 grocery stores in town. I am very aware of the seriousness of this situation, tomorrow I'm working a 24 hour shift for interfacility transfers. Our local hospital only has one ventilator and two rooms in the ER for the isolation of patients suspected of having the virus. We have 3 portable ventilators, one on each of our EMS units that we can use for transport when necessary.

[Dopalgangr]

Originally Posted by Camper_bob

That's my biggest fear going forward. Once we get past all this, we're going to have to pay all of this back somehow. I doubt that GDP will make it up, and I think the hit to GDP in general will be a lot worse than people realize in the long-term.

I know we have some "emergency" funding available, but this is a LOT of money. Not only in credits/grants/payouts/forgivable loans, etc, but we were already running a MASSIVE deficit that we had no hope of ever paying for BEFORE all of this hit.

I was afraid of what we're going to leave our own kids from a financial perspective, now I'm afraid of what we're leaving to our grand- and great-grand kids. I'm afraid we'll be paying for this for generations.

I hear ya. It does bother me that people would use it just to buy frivolous things. Now I'm not telling anyone how they can or cant spend their money but instead of giving the money out why not just have those in need put a request of some sort in to get it. Then have them responsible for the tax or whatever to pay it or a portion of it back over whatever time frame is implemented. That way only the people who really need it would take and get it knowing they would be responsible for some payback at a later time and date. I don't mind paying taxes on money that genuinely helps someone out put I sure as heck don't want to finance someone elses down payment on a new car.

[Woodworker]

No different than all the other spending hence the growing debt before this. Spending never gets paid for. Heck they can't even collect on all of the college loans.
But they can balance their pereonal check book cause that's their money

[jrclen]

I've been spending money like a drunken sailor on our new (used) camper. So I will use the money to replenish my bank account.

[Camper_bob]

Originally Posted by Dopalgangr

I hear ya. It does bother me that people would use it just to buy frivolous things. Now I'm not telling anyone how they can or cant spend their money but instead of giving the money out why not just have those in need put a request of some sort in to get it. Then have them responsible for the tax or whatever to pay it or a portion of it back over whatever time frame is implemented. That way only the people who really need it would take and get it knowing they would be responsible for some payback at a later time and date. I don't mind paying taxes on money that genuinely helps someone out put I sure as heck don't want to finance someone elses down payment on a new car.

A HUGE part of the stimulus bill works JUST like what you're describing. The Paycheck Protection Program and the Economic Injury Disaster Loans are all administered through the SBA, and are part of the CARES Act. So there are provisions in place to ensure those loan proceeds are used for what the stimulus is intended, otherwise the loans are NOT forgiven, and the borrower then begins paying interest just like any other SBA loan.

And in fact, the pre-paid credit kind of works this way too. If you don't qualify for the credit come tax filing time in 2020, you have to pay it back. The idea is to get it out to people who actually need it RIGHT NOW. And to help stimulate the economy. Those people who will spend the "stimulus money" locally, with small businesses especially, are doing the most good by helping those businesses stay afloat as much as possible.

Same with the PPP and EIDL loans; if businesses eligible for that money spend it by paying their employees and keeping their doors open, that helps smooth out the dump the economy is taking right now.

Problem is that all of this is but a drop in the proverbial bucket, and an EXPENSIVE one at that... The government coffers are being pulled from both sides: less GDP = less tax revenue; more economic stimulus = more expense.

This is going to be a rough road for a long time...

[pconroy]

I'm not getting anything - but for those that do, I believe the intent is to *spend* it. My personal hope is that people find someone, local, with perhaps a hurting small business, and *spend* it with them.


Get these dollars back into circulation - asap.

[poohbear]

Originally Posted by jrclen

I've been spending money like a drunken sailor on our new (used) camper. So I will use the money to replenish my bank account.

You must be a Congressman in your day job

[Big Steve]

She spent it already ! She went out and got all new appliances for the house new stove fridge dishwasher washer dryer ... she said it’s her reward for having our family prepared and having our home fully stocked with food and household goods like gallons of bleach packs and packs of 3 Clorox disinfectant wipes that were for camping. And toilet paper cases upon cases she bought when ever she seen them on sale the loft area above my garage is loaded with like a 5 year supply and camper tp she bought like 120 rolls when one of the camping supply stores had a clearance of 4 pack bundles for 1.00... I guess I’ll have too stop saying quit buying all that stuff the kids will have too toss it away when we die !!!

[Riverman]

No wonder I can't buy any Clorox wipes.

[DocBrown]

Originally Posted by Dopalgangr

I too will not be receiving this money, but I guarantee me and everyone else will be paying for it in taxes. You don't just pull 2 trillion out of thin air and not have to pay it back some way.

Being that's how it's been working since the gold standard was abandoned, I don't see much changing. The current U.S. debt is $23.3 trillion as of February 2020. It never gets smaller. When money is needed they just make more.

Originally Posted by pconroy

I'm not getting anything - but for those that do, I believe the intent is to *spend* it. My personal hope is that people find someone, local, with perhaps a hurting small business, and *spend* it with them.

Get these dollars back into circulation - asap.

That is exactly the intent, part of it anyway.

For those folks out of work, unemployment is dramatically enhanced. So while it sucks to be out of work right now, it's not the end of the world for them. As things go back to normal the money we get will spent on things that support the people who are out of work now.

That said how people spend this money is a personal decision. No one should be berated for how they use it. Some will help others or donate it. Some will spend it on "things" and indulgences, keeping people employed. Either way most of that money goes back into the economy and helps others in some way or other.

[Kim Gass]

Invest it.

Wish I had toilet paper. It would be nice to not brag about it but give it to a neighbor in need who cannot get out.

I can get out I just can't find any TP. Rags and bleach are working well as well as a shower attachment! Maybe it is not that essential..

[Riverman]

We have it in the stores down here finally, if you need any simply PM me your address and I will mail you some free.

[Docsouce]

As soon as these travel restrictions are lifted, we are jumping in the RV and heading west ( from Seekonk Ma) to the New Mexico and Colorado area. If we do receive any money it will go into our little travel stash and will be used to pay for our camping sites and supplies along the way. We usually stay at private campgrounds so we will try to stock up and buy a little more of the assorted stuff (t-shirts and small gifts) at the camp stores..

[norty1]

I have been in many stores and they were out of tp. Last week a lady was in a store with me saying she was looking for tp and was on her last roll!

I put 2 rolls in my car to help out next time that happens.

Be a good neighbor!

[RetiredOne]

In my local Walmart, the TP section is totally empty. But they have TP in stock.

If you want some, you have to go to customer service, where they will give you just one package..... rationing... get use to it in this "Just In Time" inventory system.

[DocBrown]

In the Milwaukee area its available most mornings after they stock up and reopen. A few hours later it's all gone.

[jloco]

No stimulus check here.. in fact, I'll be paying the FEDS pretty soon. That's fine with me. I'm thankful to still be working in these difficult times. Blessed.

[GL243]

Originally Posted by Big Steve

She spent it already ! She went out and got all new appliances for the house new stove fridge dishwasher washer dryer ... she said it’s her reward for having our family prepared and having our home fully stocked with food and household goods like gallons of bleach packs and packs of 3 Clorox disinfectant wipes that were for camping. And toilet paper cases upon cases she bought when ever she seen them on sale the loft area above my garage is loaded with like a 5 year supply and camper tp she bought like 120 rolls when one of the camping supply stores had a clearance of 4 pack bundles for 1.00... I guess I’ll have too stop saying quit buying all that stuff the kids will have too toss it away when we die !!!

So YOU'RE the one! Er, sorry, I mean your wife is THE ONE! You, or I mean your wife, obviously didn't follow the expert guidance available.
https://www.facebook.com/watch/?v=651785338967871

[pward]

I'm going to put our checks toward the income tax hit I took for last year on cashing in CDs to pay cash for the motorhome