CARTERVILLE (WSIL) -- With uncertain times upon us, many are being cautious with how they spend their Economic Impact Payments, otherwise known as coronavirus stimulus checks.
"Actually, I'm saving most of it, because with him not working, and I am working, I'm just keeping an eye on it and see what we got to do with it," says local resident, Sharon Spiller.
Local Carpenter John Shelby says, "You know a few things we needed and stuff. My wife's Suburban is needing a little work, so we're going to get it in the shop, it'll make it easier to pay for that, and but try to always leave some money in the bank to fall back on, you know."
Kevin Sylwester, a professor of Economics at SIU, says many will stimulate the economy with their payments by either by desire or necessity.
"In terms of an economic impact, the government would want people to go out and spend, because that will contribute most to the economy in the hear and now... Some people have suffered job losses, and for them, using this money to go out and buy groceries and other necessities is the top priority."
But he doesn't expect purchases with these payments to kick-start the economy.
"It's harder now for businesses to get product from the initial suppliers to the customers. Many businesses are temporarily closed, and to the extent that that's the problem, these checks won't deal with those problems, at least directly... This could be one piece of the solution, one slice of the pie, but there are other reasons why this might not create the economic stimulus that some people are hoping for."
Sylvester says small business loans or similar solutions could make up another piece of that financial puzzle.
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April 18, 2020 at 05:28AM
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Economic impact payments 'one slice of the pie' - WSIL TV
"impact" - Google News
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