Thanks for stopping by to find out more about a possible second stimulus check, we know a lot of you are counting on one. We’re updating with current news about possible stimulus checks as soon as it is announced, so subscribe now via RSS or Email, and keep coming back for great content! For more stimulus news click here.
The second stimulus package popular among many in Washington
The idea of a second round of economic stimulus checks being sent out sometime this fall or next spring has been gaining steam in the hallowed halls of Congress. It has been mentioned by a number of Democrats including House speaker Nancy Pelosi, as well as other prominent politicians from both sides of the aisle. Pelosi talked about the first rebate, and the possibility of a second just last week:
“The rebates had “a positive effect,” Pelosi added, “except they have been offset, as has been said by our experts, by the rising costs in other necessities for the American people. So while they may have saved the second quarter from a technical definition of a recession, the fact is that we are into a third quarter and we need to have another stimulus package.“
photo credit: Will Palmer
For the politicians a second round of stimulus payments are a no brainer. In an election year like this the pols are looking for just about any way they can to sway the voters. Giving their constituents money seems to be a great way to do that.
Even if a second round of checks is passed, it sounds like it probably won’t happen until fall at the earliest:
Harry Reid of Nevada, said it would be “really hard” to get a package put together before the August recess, indicating that the issue was unlikely to gain momentum before the fall.
Today Barack Obama continued his pledge for a second round of stimulus payments if he is elected:
Obama said the economy needs both short- and long-term fixes, including another round of “stimulus” measures from Congress to revive the economy and a longer-term focus on renewable energy to curb high gas prices and on universal health care to trim costs. He said he would move “rapidly and vigorously” to respond.
So even if we get a second check, it probably isn’t going to happen for a while. So don’t count on that extra income in your budget! Check out my article for some ways to create your own “stimulus income“.
First check – just not enough? Will a second stimulus be more effective?
The first check doesn’t seem to have had enough of an effect, and any positive effects that they did have seem to have been offset by rising gas prices, food prices and prices of other essentials.
From what I’ve read around the blogosphere it also seems that a lot of people didn’t spend their first rebates. A creditcards.com poll conducted March 7-9 by GfK Roper Public Affairs and Media found:
half of Americans don’t have spending in mind, with 26 percent saying they’ll pay off some debt, and 24 percent planning to save it.
So a quarter said that they planned to save their stimulus payment, and another quarter said they would use it to pay off debt. Not exactly the outcome that the government had hoped for.
Would people be more likely to spend a second round of stimulus checks? My guess is that more people probably would spend it. The fact that they’ve already used one payment to pay off debt or save means that a lot of people will feel like they “deserve” to spend their second check. I think you would see much higher numbers of people actually spending their stimulus checks the second time around.
Is a second round of checks a good idea?
Is it a good idea to continue doling out checks until the economy picks back up? Or would it be better to just let the market correct itself, even if it means a bit of pain in the short term? I’d love to hear your feedback on the topic.
Personally I’m of the opinion that the stimulus checks are more smoke and mirrors than actual solid economic policy. I can’t see these checks having an appreciable effect. I’d rather see a cut in taxes, help for those that are creating jobs, and progress on new drilling for oil to help reduce gas prices. An increased focus on other sources of renewable energy would be a good step as well.
What would you do with a second economic stimulus check?
If a second stimulus package does materialize this fall, what will you do with your check? Will you:
- Spend it (like they want you to)?
- Save it
- Use it to pay down debt?
- Donate the money?
Let us know what action you’ll take if you get a second check – in the comments below!
Recommended Tax Software
Turbo Tax Online | H&R Block Tax Online
| Complete Tax Online
{ 3 trackbacks }
{ 265 comments… read them below or add one }
Next Comments →
The last one seemed like a joke, since I usually pay around $100 in taxes, or get about $100 back…but last year I had to pay $700 (exactly the amount of that stimulus check more than I normally have to pay).
And since now I am wondering how I will have money to pay my rent, a 2nd check would have to go to get caught up on bills.
If we receive the stimulus check before christmas, I would have to say I would spend it on my children for christmas because I am wondering how I am even going to pull this christmas off!!! If we don’t get it before christmas, I’m not sure they will even get a christmas, I have to use every penny I get to pay bills with just to live.
I commented once on this but Im starting to thinkthat politicians are just talkingabout a 2nd check to keep us happy and hoping till they are elected. I, like most others could really use this right now. I went to themall with my sister and didnt have any money iI walked wit her …and I couldnt even afford to buy a water!!! Its crazy, the gas prices are coming down and we think Wow gas for 2.00 is awesome, when it really should have been that way all along! And I cant even start on grocery prices! We eat beans and potatoes most nights….the dollar menu even sounds like a welcome change! As for Christmas, we just wont have much. Im worried how to get my son and grandson something..God get us out of this!
This is a comment to Chantell Haynes who replied to what I posted earlier, no I do not sell drugs and I didn’t say that all of my bills are paid, I am a god fearing woman who works full time and I’m a full time student. What I want to do with my money if we did get a stimulus check was just an opinion, my goodness you don’t have to take things literally this is just a question on what would we use our second stimulus check on.
I would spend it on my kids. depending on how much it is rent,shool clothes for my kids. I would mainly spend it on my kids cause they all ways need something ,some clothes ,a pair of shoe,or paying something for them for school and food
I spent the first stimulus by paying my credit cards still there’s remaining balance – atleast the debts reduced. The 2nd stimulus if there is – SURELY I’LL SPEND IT WISELY like I won’t spend it unless it’s VERY IMPORTANT.
With the rising cost and the lack of jobs a second check is much needed. If and when we get a new check I am going to pay off some bills. I am so sick of creditors calling me. “As soon as I get some money I will give you some money,” as a matter of fact I normally ask them do they know if their company is hiring, maybe then I might be able to better assist them with paying this debt.
I would spend it… especially if it comes in time for christmas. with the way gas and everything has been this past year, i haven’t had enough money to save for anything that REALLY matters- like a family dinner and presents this year for them. another check would be more than helpful to pay exhisting bills to afford to save for… the “whatevers” in life.
Jamies last blog post..Personal Finance Bible Verse Of The Day: Feeling Weary And Burdened?
I think most of the comments I’ve read are not thinking about the best interest long term, so our children don’t have to go through the same things were going through. Why not spend the money
to hire somebody to come up with a plan to stop yhat from happening. I know the free money is great, but is it the best idea for our children. With taxes being as high as they are now, it’s financially hard for the average, middleclass, or lower class american.So think about our children not our money, their number 1, and th future.
I think, after reading these posts, that a lot of you should spend some of a 2nd check on a dictionary and/or English lessons. Your spelling and grammar is atrocious!
I would most certainly spend the second check, just as I spent the first. The point is to BOOST the economy!!!!!!!! Wake Up….. If you need money in your savings, then save YOUR money…. These checks are for OUR ECONOMY !!!! Come on people…..
frustrated….
get it here before christmas or just forget it
Christmas is coming and it would sure go a long way. Otherwise it will be a small one in my house. Saving is a luxury for people without children. Pay bills with what is left. If you want it to impact the economy they need to do it before the holiday otherwise it’s savings time.
I have read everyone’s opinions and I have to agree with the people that say spend it on Christmas. (If we would get it before then) I have two small children and Christmas is going to be hard this year. I am a stay at home mom and my husband has a good job, but with the price of everything these days, we still struggle. We don’t go out to eat, to the movies or anything. We make enough money to pay our mortgage, car payment, utilities and food. I make sure our credit is excellent. To have extra money for Christmas would be great. My kids don’t get to do much during the year, so for them to have a wonderful Christmas would be great. As a parent, you understand what Christmas morning means to children. To see their little faces light up when they see presents under the tree is the best feeling for a parent.
I hope everyone has a happy holiday season with or without the stimulus check!! God Bless!!!
Boy i just love how people who already have money are soo against the second stimulas!! I have 4 kids, lost my job and my husband is the only one working, (very hard i might add) my unemployment has run out, there is no saving!! there are no extras!! we live paycheck to paycheck,(literaly),, and at least once a month i end up at the local food bank just to get thru the week!!! So hell yes send a second check!! i can stock up on food for the winter and be able to give my children a christmas. I pray every day and hope it comes before Christmas. I hope all of you who are against it, will stop to think about people like me. We are clean, honest, hard working, AMERICANS who need help! thanks
I know people have hard times, people lose jobs, have lower income jobs or just have bad luck. That happens. There is no shame in going to a local food bank either, my dad worked at one for years, and people just need a helping hand a lot of the time – and we should give one.
On the other hand, I don’t think giving government handouts (like this is) is the answer. The money has to come from somewhere -and if we aren’t paying for it now, our children will pay for it down the line.
I know its fun to give children a nice gift on Christmas as well, but if you can’t afford it, don’t go out of the way to do it anyway. Christmas is about more than gifts, and even if you don’t get them something big, i think it’s important to focus on those things that are more important.
Do something like packing an operation christmas child gift box for a child in another country, or help serve a meal at a local food shelf.. Help them to realize that it is about giving in Christian love, and not as much about receiving..
Just my 2 cents.
ok we have always had a hard time at christmas and getting BIG gifts is not what its about ,they,( MY KIDS) know what christmas all about, we help and give whenever we can, BUT im telling you that this year there will be nothing!! AND i really hope the food bank has a turkey for dinner!! AND i think if they can bail out the banks and ford and all the other car dealers then they can help us too, they say the first did not do much for our economy,, well i tell you what i bet at least 80% of people will be spending this one on Christmas!! ummmm hello wont that put money in the economy?? thanks,,,
I would pay bills, like i did with the last one.
I find your ideas about the money hysterical. Save it. No I don’t think so do you realize most people(by most I don’t meant the people who decide these things or the people who write about it) don’t have the luxury of saving money, donate it?????? just as laughable. I’m too ashamed to go to church most weeks because I can’t afford to put anything in the basket. Reduce debt would be nice but my car needs new breaks and is making some other crazy noises so I think I’ll fix that so I can still go to work everyday and still only be able to buy the necessities which means we are lucky if we eat meat once a week.
I know things are hard , but please go back to church , even if you just give a dollar .. do not be ashamed , there are many people in your position … god bless
i would pay bills!
I would use it to pay down my credit cards like the last one
i would love another check.it could certainly help at this time of the year since i am on a fixed income.and need all the help i can get.i would have a chance to stop for just a moment of living hand to mouth.
second, third or fourth (I’ve lost count) consumer stimulus checks. We will be getting plenty of them this year, as the government runs out of ideas.
Andys last blog post..Falling For a $4000 Debit Card Scam
A second check would really come in handly for us. My husband was diagnosised on August 2nd with renal cancer. He had the surgery and has already returned to work so we can pay our bills. He is very ill, but what can we do? I feel if they can send hundreds of thoudands of dollars overseas they can take care of their own right here in the good ole USA!! Can I get an AMEN!
i need another check, hard being a disable mom divorced and raising to children,,i would buy my kids new cloths and food and for one time in my life i would spend some money on me for nice cloths ,
I am sincerely hoping that a second round of stimulus checks will be issued. I am on disability due to a degenerative bone disorder and I have an eight year old daughter. Today I got a letter informing me that the state of Iowa will be taking nearly half of my check because I moved across state lines into Illinois. So instead of being able to celebrate Christmas, I will be struggling to put food on the table (which, by the way is a luxury we don’t have). So, yes, I am one of the “misguided” people who would spend every last penny. Not on luxuries but on mere survival–food and perhaps some winter clothes from Good Will. Just to let you know as well, in December, I will be left with a check totalling $366 and no, I do not get food stamps.
I am one of those people that would spend it all since my husband is disable and I am unemployed and have been since March. I spent the last one on bills and filled my freezer with food. This check I would be able to get a few things for my kids for Christmas but most of it would go for food to put in the freezer. Since my unemployement will run out at the end of December.
what about the ones that work in dont get anything at all because of kids they pay for
I used my first to help with a recent move. Now my question is If there will be a 2nd stimulus do I need to notify the IRS of the change of address or will my change of address that I submitted thru the US Postal service be enough??
I would think that would be enough, but you may want to check out the IRS site to make sure.
I would definitly have to spend it…because after this economic meltdown I was left with no job, car or even a place to live. At the time of the first one I was working and making good money so we did pay off a few extra debts that would make it easier to get a loan however just a week after that I was let go from my job and lost my car and house with no money to spend on a place to live. If they think that this is the correct way to spend it then let them keep sending it. However to make sure that it goes back out to the economy they need instead of checks they need to invest the money in gift cards which will in turn have to go back into the economy. This is just a thought to make sure it ends where we need it.
I am concerned about many of the comments on here. It sounds like too many people believe they are entitled to a second check. Ugh.
If we keep going down this road, the government will end up sending us a check once a quarter — because the people will demands it — and our children and grand-children will end up having to pay for it.
It’s hard to tell people who are going through hard times that you don’t believe they’re entitled to a check from the government, especially when you sympathize with them.
I know what it’s like to be going through hard times, getting assistance from a local food shelf, etc. It’s not easy. By the same token having the government just give us a check every few months isn’t the answer, and will end up mortgaging our children’s future. We don’t want that, do we?
What is the answer? I don’t know. Working hard, getting a second job, getting a degree and a better paying job, getting assistance from a local church to get by, local food shelves, etc. There are people there that can and will help. But I don’t think that government “stimulus checks” are the answer.
Yes, you are right, it is hard to tell people who are going through hard times that you do not believe they are entitled to it. But its true, NONE OF US are entitled to anything only entitled to Pay taxes which will get raised, and then death. the ONLY 2 things we are entitled to in this life.
I would spend it all the money I make goes to bills and if it came before christmas it would help Santa put those gifts under the tree!!!!! I realy hope to get it.
I WOULD USE IT TO PAY DOWN BILLS AS I DID THE LAST ONE.
yes, I think a second stimalus check would be great cause my husband has been laid off from is job almost a year now and drawing unemployment and I only work part-time so christmas might be a little slim this. So that’s why I think a second check would be good so we can give our kids a christmas.
hello; no body said any thing about GOD; Prayer;or
reading the Bible for help!! Huummm;:0)
I would tith 10% of it somewhere that i know it would help others in the name of GOD. Then I would sit back & be happy some more; because every time i do this; “HE” gives me more back!!
IICorinthians9:10,11
HAVE A NICE DAY!!
I defintely need a second check. Single mother of three,working,and a full student. Throughout the whole year i am basically hiding from bill collectors and my car people. I am struggling, but i know it will pay off. It would be a blessing if my kids can have a good christmas. I mean thigns i can get them that they really need. Clothes, shoes, etc, my kiddos would be happy.I do not have medical insurance or dental, i’ve been needing fillings and teeth pulled, but i do not think ablut hurting while i am in school, i just hold on until income tax comes. So come on stimulus check.
I WILL SPEND THE **** OUT OF MY STIMULUS CHECK, EVERY PENNY WILL GO TO SPENDING SPENDING SPENDING, WE NEED TO SPEND TO SAVE PEOPLES JOBS.
The second part of the stimulas check is a bad move on our goverement.For all opinions held it was a last act of President Bush saying screw you here ya go. Since America has already borrowed the money it will more then likely be issued out to the citizens ether way. So if I do get the stimulas check I will pay my tithes and then pay off debt.
My husband and I talked about this the other night actually. We would put $200 in our daughter’s savings account which is being saved so we can afford to send her to college if she wishes to attend…She is only 2 1/2 right now.
Then the remaining would be used to pay down some debt being that currently we have an auto loan, a personal loan, and 3 maxed out credit cards.
This would help us out with money so much as we are literally living paycheck to paycheck, b/c of the economy right now I can’t get a job and if I did we wouldn’t be able to afford to put our daughter in daycare for 40 hours a week.
I believe A second check would be great because if we get a check before christmas every one would spend part or all of it on the Holiday which is the largest spending time of the Year, but without one the spending will be slim very slim and that can’t help the economy. A second check before the Christmas would.
I would spend a second stimulas check just like I did my first one. Part would go on my bills and the rest on my next vacation in December. But I think the goverement should make them for at least $5,000. After all, if they can bail out these companies, car companies and AIG, they can give the public more.
im going to spend it towards a newer car.. my car is breaking down and im a single mother of two… i live from pay check to pay check
I have 7 kids. I will spend it on Christmas. Hopefully it will come in time.
IHAVE 6 KIDS AND A SECOND CHECK WILL BE GOOD
If it comes after Christmas. I will probably put it toward my sons braces.
I need a refrigator real bad that’s what I would do with my money.
I would be able to make my mortgage payment which otherwise I soon would not be able to due to the increased cost of living and a dwindling bank account.
I will spend mine on A refrigator that I need real bad
Stimilus check would be nice, but I’d like to see credit card rates go Down, instead of Up. Don’t these banks get it? Lower the interest rate, and you’ll be more likely to get your money back. They get to use our money from savings for little interest.
I WOULD USE IT FOR THE HOLIDAYS IF IT WERE TO COME BEFORE CHRISTMAS. IT WOULD BE VERY HELPFUL.
I need the money , especially right here at christmas , but then it really would come in handy anytime , but is it a good idea to borrow more ?? i have read that a lot of people used las stimulus for x rated sites on the web, i do not think that is exactly what the checks were supposed to be for , but i guess it goes into the economy as well ..
but i really think instead of giving out those checks and bailouts to insurance company’s and auto makers .. they should give those billions to regular people so they can pay of their mortages and bills .. that would help a whole lot more people .. who do not get millions of dollars for a few weeks of sitting behind a desk .. now that would be a shot in the economy ..
I would spend it on making sure I could pay rent, and maybe be able to buy my Husband a decent Christmas present. I was kind of disgusted with the website howispentmystimulus.com. I didn’t buy a stove, I didn’t go on vacation. I actually used the first stimulus check to pay some bills. A second stimulus would be a God send. I see how the company bailouts may save jobs in the short term. Maybe that money should go towards those losing there jobs. Bailout the working man and let the “Big Three” lie in the bed they’ve made.
I need another check because I need help with my children because they have a dead beat daddy that has not did anything for them since they be on this eatrh and they are 15 and 14 years old
Next Comments →