Mary: This is Mary Walden with economist MW welcoming you to the economic perspective. Today’s program asks how the stimulus checks were used. Mike, we now have information on how the first round of stimulus checks to households were used. Are there any surprises?
Mike: Summary Answer
- These were the $1200 per person or $2400 per household that individuals with incomes under $75,000 or households under $150,000 received from the federal government
- Had two purposes – help people with their expenses who may have been financially hurt during the coronavirus recession
- Also – stimulate spending to help the economy recover
- Data show most – 85% – of the money was spent on household expenses
- Runner-ups were paying down on debt and saving
- Households with lower income spent a higher % on household needs
- So appeared to meet objectives
- I’m MW
Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.