(AmericanProsperity.com) – Americans started getting their stimulus checks last week. Unfortunately, many say it’s not enough to make ends meet during the COVID-19 state government-induced shutdown of businesses. Over the last month, 22 million people filed unemployment claims. More unemployment filings are on the way as states create websites for those who were previously unqualified for unemployment, such as the self-employed, freelancers, and gig workers.
Trump Steps In
With the economy at a complete standstill and Americans unable to work, President Trump signed the massive Phase 3, $2.2-trillion stimulus bill earlier this month. The bill provided $1,200 for those making under $75,000, $2,400 for married couples making under $150,000, and $500 per dependent child under 17. The stimulus intended to help people financially get through the shutdown.
The money is a big help to millions struggling financially. However, respondents to the survey say that $1,200 isn’t enough and won’t go far in 2020. The month of May could present a massive problem for those who don’t have enough money to pay rent, utilities, car payments, or buy groceries.
Despite being the most substantial stimulus ever, Americans are questioning if the government has done enough to help them — especially since they aren’t responsible for the shutdown of the economy.
Survey Sheds Light on Financial Struggles
According to a WalletHub study, 84% of Americans would like to get a second government check.
The survey sheds light on the massive problems the economic shutdowns are creating for everyday Americans. A stunning 29% of respondents say they’re less than 30 days from completely running out of money. It also estimates that nearly 160 million Americans will be completely broke within 3 months.
Sixty-five percent also feel that stimulus checks can better help them than canceling mortgage or rent payments during the pandemic. Another 43% plan to use the money to make rent payments. Others plan to spend it on food (26%) or buy some “non-essentials” (4%). Nearly 121 million Americans plan to purchase alcohol, tobacco, and other drugs with their stimulus money.
Americans Think Government Should Spend Wisely
When it comes to who gets checks, millennials were 25% more likely than baby boomers to say stimulus checks should only go to people experiencing a loss of income due to the shutdown.
Some of the other highlights of the survey include:
- 56% said those who receive unemployment should not get more than their income before the pandemic
- 50% said small businesses need relief the most, followed by consumers at 47% and big business at 3%
On a positive note, a third of respondents said they would be giving some of their stimulus money to charities.
~Here’s to Your Prosperity!
Copyright 2020, AmericanProsperity.com