How Are You Going to Spend My Social Security Check?
Families are going to get checks, and will be urged to go out and spend them to spur the economy. But what will people actually do? And what impact will it have?
- Some people will pay down their credit cards. So, now we are rewarding them for living beyond their means, and teaching people that they don't have to spend responsibly. Don't worry, go into debt, we will bail you out. And hopefully the paying down of debt will be temporary -- they'll go out and do extra stimulating as soon as the dunning letters slow down.
- Some will add the money to their savings. Not much help for the economy, but if the ability to pay future Social Security checks is being raided for this, people are going to have to make up for it somehow.
- Some people will do their civic duty and buy a big screen TV or take a nice vacation. But again, since this is coming out of my Social Security check, I'm going to have to put off my retirement for an extra couple months to pay for them all. You're welcome.
Thanks for the check. I'm pretty sure mine is going into my retirement account.