How we use our COVID Stimulus Test

The $1,200 checks sent by the federal government by mail or checked in this spring have been a lifesaver for millions of Americans. This is such an effective measure that it actually lowers the poverty rate in a short time, a key point in discussions about whether to send another amount of cash. With millions of unemployed and many others struggling to make ends meet, those receiving cheques have some big options to make about how to spend them.

How We're Spending Our COVID Stimulus Checks
How We’re Spending Our COVID Stimulus Checks

Some new research from the Aspen Institute suggests that we are dividing that money in two main ways. The first is to cover the immediate costs; About half of us are buying essential items or paying bills, which is consistent with how Americans spent stimulus checks sent in 2001 and 2008.

Another way that we’re spending money under the CARES Act is by not spending it at all: we’re worried about the future, including the rich, who are eager to protect their money, which may be taking the stock market to the next level and confusing right now.

Our economic climate right now is no joke. One in three Americans is financially struggling due to the pandemic, and only a quarter of workers can do their jobs entirely from home. In most states, the rise from unemployment insurance that left millions of survivors likely to end in July, but the federal government could still rally to submit another round of stimulus checks. Let your elected representatives know if you have an opinion on the issue – with so many relationships at stake, there’s no better time for them to listen.

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