"I got it under Trump, but not Biden"

[Squinch]

20. Theoretically, you are correct. In the real world, however, it doesn't work that way. The money

tends to be spent by those who do not have a financial cushion, but has little to no effect when given to those who do have a financial cushion.

Here's a UC Davis study that shows what happened to the last stimulus:

https://www.ucdavis.edu/curiosity-gap/did-1200-stimulus-payment-boost-economy
The people who had $3,000 or more in their checking accounts had no response to the appearance of their stimulus check. So the stimulus checks to those with cash in the bank did nothing to stimulate the economy. On the other hand, those who maintained accounts with $500 or less spent almost half of the deposits—44.5 cents per every dollar—within 10 days. The stimulus checks to those with little cash in the bank, resulted in 44.5% of the check amount going back into the economy in 10 days, which further stimulated the economy.

The other finding of the research was that people used the stimulus checks to pay for food, household items, bills, and rent. Unlike stimulus funds in the past, this money wasn’t used for purchase of durable goods such as electronics, furniture, or cars. So the stimulus checks didn’t stimulate the hard-hit areas of the economy like manufacturing or retail.