Can You Expect A Second Stimulus Check?
COLORADO SPRINGS – You could soon be looking in your mailbox for another stimulus check. Federal Reserve Chairman Ben Bernake suggested another stimulus and told Congress it should be “substantial.”
Earlier this year, Congress authorized a stimulus payment for most Americans. Individuals qualified for $300-$600, joint filers up to $1,200 and an additional $300 for dependent children.
For those who filed for a tax extension until October 15th, you’re still waiting for your first stimulus.
“I would put a good portion of that first stimulus check toward insurance premiums,” says Colorado Springs business owner Elizabeth Roberts. “The second stimulus check, being a lady, shop for shoes.”
The possible second stimulus package could include money for unemployment benefits, road projects, food stamp programs and state funding. It may not include a personal check for all of us, but what if it did?
“If I got it before the holidays, I’d spend it,” says Colorado Springs resident Janel Amella. “After the holidays, I’d save it.”
Amella says she paid bills and went shopping with her first check.
“Do I think (a second stimulus) would work? For some. For most? No. For me? Maybe,” says Amella.
“No, I don’t think it’s worth while,” says Colorado Springs resident Judith Light. “We really need to be focused on getting things stabilized and I don’t think that that’s helpful.”
UCCS economist Fred Crowley tells NEWSCHANNEL 13 the best way for individuals to stimulate the economy is to invest money or spend money on projects that require labor and materials. For example, paying someone to roof your home requires that person to go buy materials from another source, who may have to buy from another source, etc.
“I love your heart for saying it that way, but darling I just don’t think that’s going to happen,” says Light.
“Actually, we do have a home improvement project that we’re hiring someone to do,” says Colorado Springs resident John Roberts.
Congress is expected to convene for a post-election session. The House is expected to debate a second stimulus package.
“What we’ve seen so far in regards to what’s been called a second stimulus package is a series of proposals that actually would not stimulate the economy that are being talked about as something that would assist people — but we actually don’t think it would help the economy,” says White House spokeswoman Dana Perino. “So that said, we will be willing to listen to people, but given that Congress isn’t going to be here for about another month, I don’t know if we’ll see anything between now and then.”
