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brooklynite

(93,873 posts)
Sun Sep 13, 2020, 09:17 PM Sep 2020

How did Americans use their coronavirus stimulus cheques?

This discussion thread was locked as off-topic by Omaha Steve (a host of the Latest Breaking News forum).

Source: The Economist (paywall)

OF THE DOZENS of provisions tucked into America’s CARES Act, the $2.2trn fiscal-stimulus package passed in March, none was as popular as the one-off payments to households. Taxpayers earning less than $99,000 a year ($198,000 for couples) were sent cheques worth up to $1,200, with an additional $500 for each child. In total, the Internal Revenue Service made 159m payments worth $265bn. The hope was that consumers would spend the windfall and pep up the economy, which shrank by 9.5% in the second quarter.

But a new working paper by three economists—Olivier Coibion, Yuriy Gorodnichenko and Michael Weber—suggests that Americans did not use the payments quite as Uncle Sam had hoped. Using data from a recent survey of 12,000 Americans conducted by Nielsen, a market-research firm, the authors found that just 42% of the money was spent. Another 27% was saved. The remaining 31% was used to repay debts.



Read more: https://www.economist.com/graphic-detail/2020/09/02/how-did-americans-use-their-coronavirus-stimulus-cheques

31 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
How did Americans use their coronavirus stimulus cheques? (Original Post) brooklynite Sep 2020 OP
I just threw mine into savings. Dial H For Hero Sep 2020 #1
My husband and I never received the stimulus. Zoonart Sep 2020 #2
Did you contact them by phone ? JI7 Sep 2020 #3
Yes... instructed to download the form... Zoonart Sep 2020 #5
I did my taxes in June and still haven't received my refund either. BigmanPigman Sep 2020 #4
Did my taxes in July. Igel Sep 2020 #6
My brother filed his taxes in March, just got his refund last week. nt iluvtennis Sep 2020 #13
Did he have to go after it himself? BigmanPigman Sep 2020 #16
My brother and I filed at same timeframe in March. I filed electronically and got refund iluvtennis Sep 2020 #17
I filed electronically on June 9th BigmanPigman Sep 2020 #24
Wow, teaching 1st grade for 15 years - I'd say you have the ultimate patience. Keep smiling iluvtennis Sep 2020 #25
been using ours to fund Democratic campaigns... dhill926 Sep 2020 #7
$500 of mine went to Biden campaign..... lastlib Sep 2020 #22
I'm saving mine towards a down payment on a new car. Initech Sep 2020 #8
Our car went kaput frazzled Sep 2020 #20
Yeah my car is hanging on by a thread right now. Initech Sep 2020 #21
We contributed a significant amount to our local food bank. We're not rich but they need it more... George II Sep 2020 #9
Mine went into my "general fund" The Genealogist Sep 2020 #10
I bought 1/2 beef with mine Drahthaardogs Sep 2020 #11
I bought a new laptop. Archae Sep 2020 #12
Used $300 to buy a used tablet on eBay. Gave my two 18 year olds $100 each ; rest iluvtennis Sep 2020 #14
General fund for basic necessities airplaneman Sep 2020 #15
I tried to spend most of it at local businesses. Mr.Bill Sep 2020 #18
stimulus checks were are are still needed, don't need charts to know that, I would much better yaesu Sep 2020 #19
I got $1.25 n/t aggiesal Sep 2020 #23
I put it all in the right stocks Polybius Sep 2020 #26
Nice! Dial H For Hero Sep 2020 #27
I paid off my auto insurance. nt AnotherDreamWeaver Sep 2020 #28
I got mine very early on, and I sent half of it to a local homeless shelter, PoindexterOglethorpe Sep 2020 #29
I gave mine to two food banks More_Cowbell Sep 2020 #30
After a review by forum hosts....LOCKING Omaha Steve Sep 2020 #31
 

Dial H For Hero

(2,971 posts)
1. I just threw mine into savings.
Sun Sep 13, 2020, 09:18 PM
Sep 2020

Zoonart

(11,750 posts)
2. My husband and I never received the stimulus.
Sun Sep 13, 2020, 09:21 PM
Sep 2020

Paid our taxes...check...checked online...check...sent in a form stating we had not received...check...
NO CHECK.

JI7

(89,182 posts)
3. Did you contact them by phone ?
Sun Sep 13, 2020, 09:22 PM
Sep 2020

Zoonart

(11,750 posts)
5. Yes... instructed to download the form...
Sun Sep 13, 2020, 09:26 PM
Sep 2020

fill it out and send it in.

BigmanPigman

(51,432 posts)
4. I did my taxes in June and still haven't received my refund either.
Sun Sep 13, 2020, 09:24 PM
Sep 2020

I guess Mnuchin is using it for something more important....like his personal piggy bank where your check likely is too.

Igel

(35,197 posts)
6. Did my taxes in July.
Sun Sep 13, 2020, 09:32 PM
Sep 2020

For 2018 and 2019.

Got taxes 2 weeks later, economic impact check a week later.

A month later got a letter with Trump's signature on it talking about the economic impact check.

It's still sitting in our family's joint checking account. But knowing it's there I used money from my personal checking account (such are family finances) to buy a cello. If I could get four or five of me together we could play some Mozart quartets or quintets (since I now have a 2 vlns, 2 vlas, and a cello.)

If there's a second check that I qualify for, I get a decent bow.


The OP numbers shouldn't surprise anybody. 80% of people were not unemployed. Those who were unemployed by the lockdowns tended to be service-industry workers. If you made $70k or more, you probably kept your paycheck. (With some of that being market distortions due to the PPP, the consequences of which are just now starting to play out.)

iluvtennis

(19,758 posts)
13. My brother filed his taxes in March, just got his refund last week. nt
Sun Sep 13, 2020, 09:57 PM
Sep 2020

BigmanPigman

(51,432 posts)
16. Did he have to go after it himself?
Sun Sep 13, 2020, 10:03 PM
Sep 2020

That seems like a futile effort but it may come to that.

iluvtennis

(19,758 posts)
17. My brother and I filed at same timeframe in March. I filed electronically and got refund
Sun Sep 13, 2020, 10:19 PM
Sep 2020

in 2 weeks. He mailed filed hardcopy return and just got the refund last week. He never called IRS, he just waited.

BTW, I had read when covid outbreak first started and the stimulus payments had to be processed that IRS put all processing of hardcopy returns on hold. The processing was on hold for many months.

BigmanPigman

(51,432 posts)
24. I filed electronically on June 9th
Sun Sep 13, 2020, 11:24 PM
Sep 2020

but is wouldn't go through for some reason (after spending 6 hours doing it..first time I tried on my own and it was a learning process) but I mailed all the papers in. Since this was before any USPS slowdown I was wondering if that was adding to the delay. I guess I will wait longer now that I know I am not alone. I can be patient, I taught 1st grade for 15 years and have a lot of practice. Thank you for responding, I really appreciate it!!!!

iluvtennis

(19,758 posts)
25. Wow, teaching 1st grade for 15 years - I'd say you have the ultimate patience. Keep smiling
Sun Sep 13, 2020, 11:29 PM
Sep 2020

you'll get your refund soon.

dhill926

(16,234 posts)
7. been using ours to fund Democratic campaigns...
Sun Sep 13, 2020, 09:33 PM
Sep 2020

lastlib

(22,981 posts)
22. $500 of mine went to Biden campaign.....
Sun Sep 13, 2020, 11:03 PM
Sep 2020

Other $700 went to key Senate campaigns & PACS like Senate Majority and Payback Project. I want to clean the GOPher basturds out!

Initech

(99,915 posts)
8. I'm saving mine towards a down payment on a new car.
Sun Sep 13, 2020, 09:40 PM
Sep 2020

Which I hope to actually purchase in the next couple of weeks.

frazzled

(18,402 posts)
20. Our car went kaput
Sun Sep 13, 2020, 10:56 PM
Sep 2020

shortly after the check came. Well, it didn’t die, it just developed an issue that would have cost far more than the 14-year-old-car was worth.

We used the money for a down payment on a new car (same make and model), which we hope will serve us well for another 14 years.

Initech

(99,915 posts)
21. Yeah my car is hanging on by a thread right now.
Sun Sep 13, 2020, 11:00 PM
Sep 2020

I'm looking at buying a new Subaru Legacy in the next few weeks. There's some crazy good deals on new cars right now. Subaru has 0% financing and includes the first two years of maintenance.

Hell I just got back from the dealership looking at this car.

George II

(67,782 posts)
9. We contributed a significant amount to our local food bank. We're not rich but they need it more...
Sun Sep 13, 2020, 09:46 PM
Sep 2020

....than we do.

The Genealogist

(4,723 posts)
10. Mine went into my "general fund"
Sun Sep 13, 2020, 09:48 PM
Sep 2020

the money that pays for food, shelter, transportation, etc.

During these times of staying in as much as possible, I spend no money frivolously. I go to the grocery market and necessary work meetings. That's about it. No place to waste money, and too afraid of suddenly losing employment to waste anything anyway.

Drahthaardogs

(6,843 posts)
11. I bought 1/2 beef with mine
Sun Sep 13, 2020, 09:50 PM
Sep 2020

Seemed like a good investment at the time

Archae

(46,262 posts)
12. I bought a new laptop.
Sun Sep 13, 2020, 09:51 PM
Sep 2020

One of these 1 TB jobs from Lenovo.

iluvtennis

(19,758 posts)
14. Used $300 to buy a used tablet on eBay. Gave my two 18 year olds $100 each ; rest
Sun Sep 13, 2020, 10:00 PM
Sep 2020

to savings.

airplaneman

(1,237 posts)
15. General fund for basic necessities
Sun Sep 13, 2020, 10:02 PM
Sep 2020

Just in time it was getting pretty low
-Airplane

Mr.Bill

(24,104 posts)
18. I tried to spend most of it at local businesses.
Sun Sep 13, 2020, 10:30 PM
Sep 2020

My small town could use the business and the city government can use the sales taxes. Largest single purchase was for building supplies to rebuild my front porch and steps, which was badly needed.

yaesu

(8,020 posts)
19. stimulus checks were are are still needed, don't need charts to know that, I would much better
Sun Sep 13, 2020, 10:46 PM
Sep 2020

see charts showing what wall street banksters did with that 7 plus trillion they got.

aggiesal

(8,864 posts)
23. I got $1.25 n/t
Sun Sep 13, 2020, 11:18 PM
Sep 2020

Polybius

(15,239 posts)
26. I put it all in the right stocks
Sun Sep 13, 2020, 11:42 PM
Sep 2020

So that $1,200 is now over $3,000.

 

Dial H For Hero

(2,971 posts)
27. Nice!
Sun Sep 13, 2020, 11:48 PM
Sep 2020

AnotherDreamWeaver

(2,846 posts)
28. I paid off my auto insurance. nt
Mon Sep 14, 2020, 12:04 AM
Sep 2020

PoindexterOglethorpe

(25,750 posts)
29. I got mine very early on, and I sent half of it to a local homeless shelter,
Mon Sep 14, 2020, 12:05 AM
Sep 2020

the other half to a local food bank.

If there's another check, I will do pretty much the same.

I recognize that I ham very fortunate to be able to do this.

More_Cowbell

(2,190 posts)
30. I gave mine to two food banks
Mon Sep 14, 2020, 01:26 AM
Sep 2020

After seeing a local news story about how they stretched each dollar to feed 10 people. I figured nothing I could do with it would have that much of an impact.

Then I lost my job due to COVID a month later.

Omaha Steve

(99,073 posts)
31. After a review by forum hosts....LOCKING
Mon Sep 14, 2020, 06:28 AM
Sep 2020

Analysis.

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