, written by the Peter G. Peterson Foundation,"a non-partisan organization dedicated to addressing America's long-term fiscal challenges to ensure a better economic future," details how American households spent or saved their three stimulus checks that have been given out so far as part of federal coronavirus relief packages.
A recent report from the Peter G. Peterson foundation shows that only 19% of Americans who received a $1400 stimulus check spent the money, while the rest paid off existing debt of saved the funds. Here is a stock image of an America stimulus check from the United States Treasury.But the"spending pattern" shifted over the second and third stimulus payments.
due to the uncertainty of the pandemic, preferring to make the funds last as long as possible instead.
Take an economics course, Newsweek
No, paying bills IS spending the money. Here’s how real people think. Got extra money, will use most for bills but will spend 10-20% on discretionary choices, me or us. Older people save it to pay taxes. And thanks to trump tax, lowest income owes addl $900 this year.
Um, paying off debt IS 'spending' money. After what Trump did to our economy a year ago, by pretending for 3 months that the pandemic didn't exist, it shouldn't surprise anyone that lots of folks have big credit card debts now & used stimulus $ to pay them down.
Uh, paid off debt is the same as spending it. Just in reverse order.