UNITED STATES─Well most people are glad to hear that members of Congress for once in their lifetime actually agreed upon something. Yes, Congress agreed to do something unprecedented in the midst of this economic crisis. A stimulus package was passed to the tune of more than $2 trillion. Yes that is correct, trillion, not billion or million people. That is indeed a lot of money and with that money it is well needed right now in this financial crisis that is worse than 2008 if you ask me.
In 2008 people lost their jobs, the housing market crashed. In 2020, the economy has come to a standstill; retailers and businesses have closed their doors, so many people have filed unemployment it’s difficult to even explain it and the notion of having money is such a scarcity it has people scared sick. Yes, I will raise my hand because even someone like myself who is a saver, can only tap so much into savings before it becomes a reality that things are about to get dicey.
The government is sending a vast majority of Americans, who are not filthy rich or living comfortable a saving grace. For most Americans who earn under $100,000 you can expect to see checks in the mail or directly deposited to your bank account in the amount of $1,200. For some individuals that amount might be slightly lower based on your income. I know the government is already sending this money in an attempt to jump start the economy hoping people will go out and spend those funds to help local businesses.
I will admit it’s a very smart idea and I’m all on board for it as well, but at the same time the realization became a reality: I have bills to pay, so do most Americans. That stimulus check is likely going directly to pay bills for most people and while it is indeed a great help, those funds for most Americans will be gone in the first day or two, or week at the latest. Why? People want to ensure the mortgage is paid, the rent is paid, the gas and electricity stays on, put food on the table, insurance, car notes or any other essentials that are must haves for people to sustain in these difficult times.
With that said, I do plan to take at least $100, maybe $200 if I can stretch it to spend on myself. I’m the type of person who is so skeptical about spending money on myself, and when I say that I mean splurge on something I really want. Its a rarity that you receive free money from the government so if there was ever a time to splurge because of an excess of money: now would be the time people!
However, I know I am NOT the only person who is already thinking as soon as I get that money it’s going to be put away for another rainy day. I always tell people I love the notion of depositing money into my bank account compared to having to take money out of my account. Why is that? When you put money into your account, it means you have something there. When you’re taking money out, that means that money is no longer there. When you have an economic crisis like we’re having now, the $1200 doesn’t come close to the hundreds or perhaps thousands of dollars that many Americans lost in the past 3 weeks.
It helps, but it only makes one wonder if the economy does NOT bounce back the way that the government expects it to, what will happen then? Will business cut slack to their consumers? Will the government do more to help businesses stay afloat? What about everyday Americans? Where do they stand? This is something that will have long-lasting effects, we should expect months, if not a year before we hopefully see things go back to normal.
Written By Zoe Mitchell