A Reuters (Reuters) survey of dozens of Americans in various occupations found that many anxious people are using their New Coronavirus (CCA) bailout checks to pay off debt and pay taxes.
After President Biden signed the $1.9 trillion bailout bill last week, Michael Johnson, a construction worker in Washington, D.C., waited to pick up his $1,400 check, but instead of spending with a vengeance, he was nervous.
“I’ll take some to pay my mortgage, and we’re still not out of the Epidemic,” Johnson, 45, said.
Nowicki (Aric Nowicki) runs a heating and cooling business in Wisconsin that usually generates $150,000 in annual revenue, but costs account for $100,000; his customers have been delinquent on their bills for so long that he plans to use the bailout checks to pay off his own overdue bills.
Norwich said, “”I’m very scared, I’m not sure the vaccine is going to get us back to normal, too many people say they don’t want to get it, and there are variant strains.”
Reuters surveyed dozens of Americans in different professions, including nurses, homeless people affected by the outbreak, plumbers, teachers, and bar owners, almost all of whom are worried about the future and will use their bailout checks to pay the debt and taxes accumulated over the past year.
These purchases were not the government’s intent in issuing bailout checks; they were designed to encourage people to buy goods and services that would help American businesses and create jobs.
Labor economist Diane Swonk analyzed the use of the bailout checks, which fall into two broad categories, and the two types of people can be divided into those who work almost exclusively from Home and those who must work on-site.
Swonk said January’s dismal consumer spending on goods, most people do not need the three checks sent by the Treasury Department last year, but more people need to use the money to buy Food, shelter and pay off debt, “the water rose, but not all boats are high.
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