What will you do with your $4,500 check?steemCreated with Sketch.

in news •  2 months ago 

As it stands right now, Congress is proposing sending a check for $4,500 to nearly every person in America...

The details have not been finalized at this point, but congress and the president are mulling over the idea of sending nearly every adult and child in America roughly $4,500.

This would be an economic stimulus program to help keep things afloat as the coronavirus wreaks havoc on the global economy.

The exact quote in the New York Times this morning:

"A group of Democratic senators, led by Michael Bennet of Colorado, Cory Booker of New Jersey and Sherrod Brown of Ohio, is pushing Congress to send as much as $4,500 to nearly every adult and child in the United States this year, as part of a sustained government income-support program to counter the economic slowdown."

(Source: https://www.nytimes.com/2020/03/17/us/politics/stimulus-package.html)

Will it actually pass, who knows...

But if it does, what will you do with your check?

Buy bitcoin perhaps, or maybe some steem (or HIVE)?

Let me know in the comments section below.

Stay informed my friends.

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Here it comes, I smell freshly printed fiat in the air

Posted via Steemleo

How much are they putting toward hospital beds, ventilators, test kits, and other measures to control the public health crisis before instead spending it on mitigating the impact on the economy and the stock market? I personally could use the cash, but it seems that the best thing for the economy in the long term is to control the pandemic in the short term.

To collapse the healthcare system and allow thousands more than necessary to fall seriously ill and/or die is enormously expensive in addition to being ethically unconscionable. Unless of course it's a cynical calculation of whether voters in November will remember how many ventilators were purchased vs. how big of a bribe/stimulus check they got from Uncle Sam.

Sorry if that sounds a little dark and paranoid, but every time I've thought "that's going too far" about this guy, that's exactly where he's gone. Hoping very much that I am wrong.

Couldn't agree more. I could do with a little darkness and paranoia, with any luck it means things are being taken seriously.

I'd hate to see resources exhausted on the stock market and economic stimulus so they're unavailable to bolster the healthcare system in the face of a pandemic.

Hey @jrcornel:

Here I go doing some math. :)

If we're not talking millionaires (or their spouses and children, if any), and supposing a 2.5 per household average across the board (didn't check for sure but it's been that range within the last five years), of the 327 million plus living in the U.S., 239.5 men, women and children would receive a check.

At $4,500 a pop, that's a ginormous $1.07775 trillion.

Nice to have if it were truly free money and didn't come with some hefty strings attached, as in, who's going to ultimately pay for it? The same folks getting it, you and me, except we'll also owe for kids, many of which aren't of working age and won't be for quite a while. :)

Exactly. They will deposit it into banks and with fractional reserve lending that 1 trillion balloons into 9 trillion for the banks. Funny how that works.

Hey, @sepracore.

The one $1,000 amount I guess Trump, his administration or Senator Romney (one of them) has proposed would be a little under $250 billion, and just come to adults in a household. Not sure if $1,000 does a whole lot, though. You reach the point of diminishing returns in either direction, up or down. :)

I did some similar numbers the other day, but overestimating using just the basic population figure with no exceptions for millionaires and the like.

A trillion dollars is a lot of money, but the government dropped that in the last few week on the stock market.

It seems nice to me to see money actually going into the hands of the people rather than an abstract economic game for the wealthy.

Hey, @a-non-e-moose.

We might finally find out what they're doing here today or tomorrow, since they're supposed to be getting closer to a deal.

If such a deal is going to be done, it would seem to be better for it to get into the hands of those who need it most, the every day worker and consumer.

That still doesn't mean it's going to be free. We're just going to be in more debt that we can't possibly pay back if it's ever called due, and relying on the fact that it will never be called seems a little tenuous given the state of the world now, and where it could be moving forward.

I thought there was a stimulus proposal for only $1000 coming out of the senate, specifically from Mitt Romney of all people if I recall.

$3500 is a big difference.

Initially $1k was proposed, but the numbers thrown around today are much larger.

That was the Senate version, this is something proposed by the House.

Posted via Steemleo

And who's gonna pay for that?

Most likely, everyone.

It reduces the buying power of everyone's USD. But still, the economy will be in much worse condition if it was not done. There could be months that restaurants and other public-facing businesses go without any revenue. That could send the US into a depression with increased violent crime, homelessness, starvation and many other problems.

Mexico. Come on. You got to keep up. 😂

I’ll take the check! I think it’s good for those who can’t work.

Yes, it could be very helpful for a lot of people. It's also another reason why bitcoin matters. Those that have been saving cash watch their money get debased as the stimulus programs roll out.

Are you saying they'll be printing new money for it?

Sorry if that's an obvious question, economics is one of my weaker subjects.

I was assuming, though admittedly I haven't looked into that as of yet. Either way, if it was money that was never intended to go out into the broader economy, and now it is, all things being equal, the purchasing power of all other money should go down.

"...if it was money that was never intended to go out into the broader economy..."

That seems pretty likely. Like I said I'm not too savvy with this stuff, but I can't imagine the government was going to buy consumer goods with it.

Considering I’m going to still be working no matter what pretty much, I would certainly be putting a large portion of this check into BTC and then possibly spreading it into some alts.

It will be interesting if this actually happens. To those with large families, it could amount to a serious influx of cash. They have already mentioned not sending checks to millionaires... so I'm sure there will be stipulations on how this eventually plays out.

Yes I’ve been watching closely.
I know people suddenly without work already, they need something like this. Others who are slightly more fortunate as of current could use the extra funds as a way to set their self up rather nicely once this all settles down.

Do you work in the medical field?

No. Federal distribution and shipping.

Well that doesn't seem terribly risky. If anywhere actually implements those new guidelines to avoid gatherings of 10 and up it seems to me that virtually any non-remote businesses would see major disruption.

Sorry for prying, and stay safe out there.

You’re fine. I get that you are just trying to gather as much information about the whole situation as possible. That’s wise to be doing.

Thank you so much for this heads up. I have not been tuning into this stuff lately. Trying to get work done.

Yes I could buy some crypto. 😁

And TP 💩

It'll be interesting to see what — if anything — actually comes to pass. There is, of course, a precedent of sorts at the state level... the "Alaska Dividend." I mention that mostly because we have a Republican government, and Alaska DOES tend to be a "red state."

If it actually came to pass, $4500 would come close to covering one year of our back property taxes, so that's most likely where it would go. We've been at the edge of "tax foreclosure" for years, so it would be nice to move a little further away from that abyss...

Especially as it says it may be for each person (not each family), which could mean you get that $4,500 x 2 as you kept saying "we".

I'm not holding my breath at this point for this to actually happen, but it sounds like something will be coming. $4,500 seems like an awfully large amount, though the Donald did say he wanted to go "YUGEE".

Trump has shown himself to be in the camp where deficits dont matter. Plus he staked his reelection basically on the stock market and, with it tanking, he is looking at a tougher road.

I have a feeling that figure will have a tough time getting through Congress, especially the Senate.

Posted via Steemleo

The proposal I had heard previously was just for $1000 per household, but even that would be a welcome shot in the arm, given that all the recent uncertainty is already making itself felt.

As a counselor and life coach, my wife's entire livelihood depends on "seeing people," and only a limited number of her clients are willing to have their sessions via Skype or something similar.

I just realized I never really answered the titular question, and I'd hope people would for me so here I am.

I'd probably replace some car parts if I could, like wipers and lights or maintenance services. I'd like to buy bitcoin too at these prices, but I'd likely be concerned more with food and such necessities these days. Maybe a new phone too, since I just lost mine and it is broken anyway.