As we wait for a second stimulus check, the case for ongoing payments grows more convincing

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New research indicates that ongoing payments, such as unemployment insurance or universal income, may have more of the desired stimulus effect. How are people spending their stimulus checks? An ongoing study from the Kellogg School of Management at Northwestern University finds that one factor predicts how people spend their stimulus checks: their bank account balance. Those with under $500 in their bank accounts spend nearly half of their stimulus check within 10 days, while those with more than $3,000 in their bank accounts do nothing. (Well, one assumes they smile, at least briefly?) Read Full Story

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Second stimulus checks? Direct payments should be automatic and ongoing, say 156 top economists

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Top economists told Congress that Americans need direct payments and those should be automatic and ongoing. People who specialize in money are weighing in on the next stimulus package, and they’re urging Congress to get more money into your pocket: One hundred fifty-six top economists, most from dozens of top-tier U.S. universities and think tanks, sent an open letter to Congress asking for: Read Full Story

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IRS stimulus check: Your last chance to claim one and what happens after the deadline

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3 p.m. ET Saturday is the final deadline to submit your info in order to receive your outstanding stimulus payment. Many Americans received their Economic Impact Payment (aka stimulus check) earlier this year—so far, about 160 million of them. However, there are still plenty of Americans that have yet to do so. One big reason for that is those Americans are likely to be ones that are not required to file a tax return—and thus the Internal Revenue Service does not have updated address or bank account info to send them their stimulus funds. Read Full Story

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IRS stimulus checks: How to deposit your payment safely from home, even with no bank account

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Two names on your stimulus check? No bank account? Check over your mobile deposit limit? Here are ways you can deposit your economic stimulus payment. Are you expecting your economic stimulus payment in the mail? Once your check arrives ( here’s the delivery timeline ), how will you cash or deposit it? Set up your plan now , particularly if you want to safely deposit it from your home (which you should!). No reason to risk your life for a check. Here are actions to take now to smooth the process: Read Full Story

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People with lower credit scores and limited savings are spending their stimulus checks differently

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Groceries, rent, and paying down credit card debt were among the top things people said they were spending their money on in an ongoing survey. As Americans wait for Congress to approve a new round of direct payments for coronavirus relief, researchers continue to study how consumers are benefiting from the stimulus checks they’ve already received. Read Full Story

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Second stimulus checks update: Here’s the latest as Democrats push for more payments

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A second stimulus check from the IRS would be nice, but don’t count on it just yet. The bill faces an uphill battle in a Republican-led Congress. Democrats in the House of Representatives put forth a new stimulus package proposal yesterday, and—good news!—it includes a second round of stimulus checks for Americans hurt by the ongoing global pandemic. For example, the 33 million people currently jobless due to COVID-19. Read Full Story

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IRS stimulus checks helped catapult Walmart to monster second-quarter profit

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Retail giant Walmart Inc. said its second-quarter 2020 sales were lifted by spending associated with IRS stimulus payments. As lawmakers on Capitol Hill continue to squabble about a future coronavirus stimulus package that would put more money into people’s pockets, today brings fresh evidence that the first round of direct payments did, in fact, stimulate the economy. Read Full Story

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Andrew Yang renews calls for UBI after latest stimulus package fails to provide direct payments

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Universal basic income was the centerpiece of Yang’s presidential platform. Now, a lot more people see it as a good idea. Former Democratic presidential candidate Andrew Yang and his supporters see a pivotal failing with the $484 billion stimulus bill supplement signed today by President Trump. The plan contains no stimulus for the people. He is lobbying for $2,000 monthly stimulus checks to be sent directly to American adults, plus $500 per child, until the end of the COVID-19 crisis, and he’s encouraging his 1.4 million Twitter followers to call their congressional representatives. Read Full Story

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