Biden’s Stimulus Risks Giving Money to People Who Won’t Spend It

January 30, 2021 0 By boss


Surveys are mixed on whether people would spend immediately. When the Federal Reserve Bank of New York in December asked what people would do with an unexpected 10% income boost, only 19% said they’d spend or donate, while the rest said they’d save, invest or pay down debt. Meanwhile, a Bureau of Labor Statistics survey in August showed that most people would spend stimulus payments and two-thirds of people would use it for food, indicating the checks are going to the most vulnerable.


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