Hey Kalamazoo! How About An Additional $4000 Stimulus Check?
As I pointed out earlier this week, we may be looking at a second round of stimulus checks but not until the Senate gets back from "summer vacation" near the end of July. The idea is to infuse even more money into the economy later in the crisis when consumers are more confident.
This point may play an even bigger role than most thought. I was one of those people who couldn't wait for everything to open back up. Once out I realized that not everyone was taking the necessary precautions to keep themselves and others around them safe.
As I've said before, even if we find out we were overly cautious, why not error on the side of caution and wear a mask and keep our distance. It's not forever and it gets us to where we need to be faster. Looking at the latest data, Michigan is first or second in the nation regarding beating the virus.
Back to the "confidence" issue. Even if we have the extra money will we use it? One of the hardest hit sectors of the economy is the hospitality industry. they were one of the first businesses to shut down and parts will take a while to open back up. Now there's a plan to try and get it going again.
If there is another stimulus package with checks headed to households, it may include a $4,000 tax credit to be used in the hospitality industry. The idea is to use the money for vacation-related purchases in the U.S. like travel, hotels, restaurants and theme parks into 2021. $4,000! Now that's stimulus I can put to good use.