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Your Take: Would You Spend A Stimulus Package?

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There’s talk of an economic stimulus package that may involve some funds going back to low and middle income Americans in the hopes that they’ll spend it, boost the economy, and make everyone who watches stock tickers sleep a little easier at night. Matt Lauer interviewed Henry Paulson, the US Treasury Secretary, on the Today show and discussed the potential stimulus package and brought up a very good point. He brought up a quote in the Wall Street Journal about how the last time this tactic was tried, back in 2001, many low and middle income Americans saved their check from the government and didn’t spend it. (wsj blog article discussing this idea)

That’s what people do, they spend in times of prosperity and save in times of crisis. With the stock market taking a pounding, with the billions in bank write offs, with the sub-prime news, and all the talk of a recession – whether we’re actually in a time of economic crisis or not, people think we’re in a time of economic crisis so I’m inclined to believe they’ll save any money the government decides to dole out.

(As an aside, I love how we’re always going back to Reaganomics and supply-side economics, which was really the last time we truly battle a long period of economic slowdowns, in that case it was stagflation caused in part by oil prices. Tax cuts plus deficit spending… how much longer can we be ripping the golden eggs out of the golden goose before the poor thing dies and China stops buying T-bills?)

So my question to you is, if you got money as a result of the stimulus package, would you spend it or save it?

{ 76 comments, please add your thoughts now! }

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76 Responses to “Your Take: Would You Spend A Stimulus Package?”

  1. Anonymous says:

    not spending the money will only keep us where we are now and make bad future for our kids. For this thing to work…we must ALL spend every penny! and i agree it is our money “the country’s money” so lets put it back where it belongs. SPEND SPEND SPEND SPEND SPEND SPEND SPEND!!!!!!

  2. Leilani T says:

    My husband and I have decided to use 1/3 of the check on a well needed couples vacation to Catalina for some relaxation, and the rest is paying off the large majority of our hampering bills. Thankfully this will SERIOUSLY help us to climb out of the financial hole, much faster then expected, and we can finally saved up with the family car we’ve been wanting to buy with money still set aside in our savings.

  3. Dane in Cincinnati says:

    How can we not spend it? This amount of money will only help cushion inflation for a couple months.

  4. Danny says:

    I’m going to do my duty and spend it all. All I ever do is pay bills with the money I earn. If I can help stimulate the economy and buy my first ever new set of golf clubs, then I’m all for it. Besides, life is supposed to be enjoyed once in a while, go treat your self to something special.

  5. Murph says:

    I will take the 600 add to it the remainder of my rent and pay my landlord a few days early. My landlord will then put it in the bank and thier it will stay.

  6. BGM says:

    My husband and I intended on spending the money on something for our
    home, however I don’t think that we are going to be able
    to do anything because we are having to check and balance everything else
    to compensate for the rising gas prices. I think people in general have to do what is right for there present situation, for those of you who can afford to spend the money by all means do so and have a great time, but for those of us who are really affected by the economy I hope you prey that we come out of it soon.

  7. Laura says:

    I am a retirement services specialist at a bank in MA and I am glad to read that people plan to put money into their IRA. I hope some young ones who don’t have a 401(k) at work will use this opportunity to start investing for their future. Who knows if Social Security will be there for them.

    Personally, I am putting money into my Roth IRA and am going to pay my credit card down.

  8. Tracy says:

    Another stimulus payment would be great. I think most people used the first one to pay down bills and with a second one, people would be more likely to maybe buy something they want instead of something they need. I know I would greatly welcome it! It’s not so great trying to live from paycheck to paycheck (barely) and trying to support a child.

  9. Betty says:

    Ours paid what we owed in taxes for 07 then the rest paid our house taxes. So, a second stimulus check would be great.

  10. Jwl says:

    Id pay off my credit card and pay back my father for repairing my car for me. If anything left over, Id finish maintaing it. I do need to keep my children safe.

  11. yea says:

    seeing how i have really no debt besides the monthly bills and food i would definitely spend it on thing i have wanted and didn’t have the money for i mean for my situation it is a lump of free money to blow!!!!!!

  12. oklahoma says:

    I DON’T THINK WE OUGHT TO BE GIVING ANYMORE TO PEOPLE WHO ARE DRAWING FOOD STAMPS. THAT IS WHAT’S WRONG WITH THE SYSTEM NOW IT IS DAM JOKE. i WOULD SPEND IT.

  13. Lisa says:

    I think that a second stimulus is much needed. Many factories in my hometown are shutting down and hundreds of people are without jobs. Not
    to mention that people cannot afford to keep their homes or even provide food for their families. Theft has been on the rise here lately, especially in the groceries stores. I believe something should be done, only if it helps those people for a little while!!!

  14. 3kids says:

    Without another stimulus, for us, there will be No Christmas, nor heat, It’s that bad! I work, and have paid for things as I had the money too, Not living beyond my meens, We were raised to only get what you could afford, I feel bad for these people who are loosing there homes, but I also feel alot of that was common sense, and the people who have done the right thing, should not have to pay for others mistakes. I also believe that the first thing that cause our country to take a drive in the economy, was sending our jobs out of this country, Now we are really feeling that, and I hope we dont get more of the same, this Election. Will a secound Stimulus Check help us? I look at it this way, I would rather see some of the money I put in go back into my pocket, when I need it, and if the Christmas season is weak in sales, its only gonna hurt us worst, So YES, I do believe it would help. Im not the only one even in my famil who needs this and is hoping for it.

  15. Fitzy says:

    With the economy the way its I think a stimulus check would be awesome especially before christmas. Most people dont want to spend over there weekly budget at this point and we have no savings left. This round I think would be put right back into the economy only if its before christmas.

  16. luv2paintstuff says:

    I think I will send it to the executives at AIG for their next retreat, hunting trip or CEO’s bonus!

    No, I will spend mine on repairs to my house, since I didn’t receive ANY funds from the MILLIONS raised to help Hurricane Katrina victims! Maybe our government should find the millions of “lost” money, donated by hard working Americans and other countries; They could use your donations for this massive bailout! Surley it would be enough!!

  17. Brian Crew says:

    It all depends on how much it will be. If its $300, you’d be a fool not to save it. If its $600 I’m still likely to save at least 3/4 of it. If we’re talking $800 about the same. In this time, it would need to be significant for the average responsible person in financial trouble to be willing to spend a significant amount. If we get $1200… I’d take 600 and probably purchase a 32-42 inch LCD HDTV. The other half would go into saving most likely. The more I get, the more I’d spend. But my honest opinion is if it is $600 or less, its not going anywhere. People need to have a safety net in order to spend responsibly. And does anyone else share my thoughts that this auto industry bailout isn’t going to help anything if the common person still cannot afford to purchase a car?!?! Give us the bailout money, and we’ll buy new cars, which would generate a profit haha. Smart, eh?

  18. Ruth says:

    being a retired-widow of an Army Veteran I would spend the money on something important to me (like seeing my grandchildren). I can’t afford to see them right now cos prices are strangling me…but I’d be able to with a little extra cash.

  19. SPENDIT ALL says:

    I say SPEND IT ALL…that is what money is for anyways……why have it if you cannot spend it……eventually it has to flow back into the economy at some point in time….do it now and start the ball rolling…..Yahooooo….

  20. Anonymous says:

    YES WE WOULD FIX OUR ROOF IT JUST BEGAN TO LEAK AND EXTRA MONEY WOULD MAKE IT POSSIBLE.

  21. Rachel says:

    We spent ours on an above ground pool!

  22. Janet Hazlett says:

    I guess most of it would eventually be spent on food, because that is where a lot of money goes anyway. Some of it would go to bills, and we need things like a couch and chairs. Our house needs repairs, so yes, most of it would be spent.

  23. hester says:

    Im almost 51 in june its hard times and i hear theres a petion for people over 50 to retire on a million dollar check if you buy a house and vehickle is this true cause i know id sign up today

  24. J. Miles says:

    This comment is in reference to spending the stimulus check. My son received the stimulus check in 2009, and he had no option but to spend it. He is not able to work, and expenses for food and shelter are increasing. He would be happy to receive another one. The money would be spent to help with ny son’s food and shelter costs. The thought of a stimulus check for 2010 is a welcome idea, and one to embrace and celebrate.I’m sure that there are others out there in the same situation. Yahoo!! A two-fold accomplishment- boosting the economy and supplying undividual needs. You know- every little bit helps.

  25. J. Miles says:

    My son received the stimulus check in 2009, and he had no option but to spend it. He is not able to work, and expenses for food and shelter are increasing. He would be happy to receive another one. The money would be spent to help with my son’s food and shelter costs. The thought of a stimulus check for 2010 is a welcome idea. Yahoo!! A two-fold accomplishment- boosting the economy and supplying undividual needs. You know- every little bit helps.

    Reply


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