2010 Stimulus Check – Will There Be Another Stimulus Check Coming Next Year?
By Mike
As I previously mentioned, most of the growth present in the US economy is coming from the money injected into our capitalist system by the Government. The housing market hasn’t seemed to pick up that much and the real unemployment rate is closer to 17% than 10% (unemployment rate doesn’t count people that are on welfare or those who gave up and quit looking for a job).
This is why so many people are asking if we will get another stimulus check in 2010?
So here’s what we know so far:
There will be a $250 stimulus check for Social Security (SS)
This new stimulus check is a one shot deal and will happen during the first quarter of 2010. Besides this measure, no raises are forecast for the Social Security amount allowed.
The stimulus check will be received the very same way you receive Social Security.
This measure will cost the US Government about $13 billion!
Unfortunately, no other stimulus measures (cash for clunkers for example) have been announced yet.
Why the government is doing this?
I would say that the main reason why the government is sending another stimulus check is to give a (very small) break to many US families. By doing it through a single check, they avoid costly measures that would recur in time. However, this is far from being enough.
According to some economists, a total of $125 billion would be required to be distributed among the US population to make sure that we support the economy during enough time to avoid slipping back into a recession again.
These additional stimulus checks would act as a spark plug to fire the engine of our economy. It seems that companies are still not able to hire more people and they are generating profits by cutting their expenses. This is obviously not the right way to assure economic prosperity!
What to do with your stimulus check?
While the US economy is in deep need of people spending money especially in its stores (this is why we have Black Friday, isn’t?), I think the best use of this stimulus check would be to pay off debt or put it aside in case you need it.
Our economy doesn’t need consumers re-mortgaging their properties to overspend on what they can’t afford. It will hurt for a while, but we are better off with a population that is able to save again and doesn’t crumble by the weight of their debts.
Do you have any other questions about the 2010 stimulus check?
image source: josé manuel
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December 4th, 2009 at 4:18 pm
I think President Obama should put a extra $100.00 in social security,veterans and railroad retriees checks a month instead of the one time payment of $250.00,because I think it would turn the economy around faster than the one time payment of $250.00.Also the people that work with taxes.Thats what I would do.
December 9th, 2009 at 5:40 pm
Fascinating stuff, did you know though that the average American has somewhere between 5 and 10 credit cards. There are persons who have up to 50 different credit card accounts open, though. That doesn
December 17th, 2009 at 8:48 pm
“This new stimulus check is a one shot deal and will happen during the first quarter of 2010.”
I don’t know where you’re getting your information from, but it’s not entirely accurate. There is a proposal for a stimulus check in 2010, but Congress hgasn’t even voted on it yet. I suggest you get the facts bfore posting information like this.
December 18th, 2009 at 10:32 pm
Because there will be no COLA in 2010, and quite possibly 2011, those on Social Security will suffer as a result. I don’t know how they adjusted it for 2010, but I know cost of food has gone up, as has my rent, and I have less to work with each month. The disabled need the stimulus payment to make up for this loss of a COLA for the next 2 years. And by adding $100.00 to each persons SS check, as mentioned here by a poster, that would be disaterous. Rent in section 8 housing and medical care costs are based on the SS payment we receive each month. Raise the check too much, and everything else goes up for us and could make us ineligible for some services. It would not help at all, but rather, hurt us disabled and elderly folks.
December 26th, 2009 at 12:20 pm
I agree with disabledvet. Every time you get an increase of any small amount they increase any payment of rent as well so why bother with the increase. I am struggling enough being disabled just trying to make ends meet. I did not ask to be disabled and I most certainly do not have 5 to 10 credit cards as a previous poster suggested of most Americans. I am sick of people elsewhere downing this suggested one-time payment of $250.00 to elderly, veterens, disabled, etc. We are people too. Others speak of us as if we don’t count in the economy because we don’t hold jobs. Well I did hold a few jobs at a time to support my kids for many years until I became disabled. Now I am still trying to support a 154 year old! I am living off the money I put into the system to begin with. Any little payments from the “stimulus” will help me and my family just as much as anyone else. Thank you very much for listening.
January 1st, 2010 at 9:41 am
Itomthink an extra $100 or $200 a month added to our checks each month would be the way to go then folks could know what they will have and what they can buy it will help the economy after all the money goes back into circulation the government benefits from it.
January 5th, 2010 at 9:22 pm
WILL THERE BE A STIMULIUS PACKAGE FOR 2010
January 5th, 2010 at 9:25 pm
WILL PEOPLE DAT RECEIVE SSI WILL THERE BE A NOTICE
January 8th, 2010 at 5:56 pm
No COLA for 2-3 years.. That is bull.. My utility bills are raising. My rent is based on my income. Even though my income did not raise my rent went up $20 a month. I used 300 less kilowat hours of electricity in dec than I did last dec.. My power bill is $15 more. So dont tell me the cost of living isnt going up
January 13th, 2010 at 6:05 pm
There has not been a decision on a stimulus check for SSI yet,and considering its already January and nothing has been said ,don’t get too excited.. I am disabled and like someone already posted ,I dont want to be disabled,im 33 and just for ppl who say I dont deserve to have any help. I was 12 yrs old when I started putting into the whole system,and it was full time work,after 18 I was working 4 jobs 2 full time and two Part time,I am also female and worked like a dog… I do not have credit cards barely can make ends meet now. All my bills increased this yr and will next year,I haven’t even been able to afford to pay for premiums that is offered with disability,so I can’t get meds or even see a doctor,not just because we didnt get a increase or a stimulus,just because not enough in the first place…Would I like to have seen a COLA? Yes but at this point to me IM grateful for what I am getting now,and doesnt matter if more money is given to any of us since it will never be enough to meet needs or satisfy what is wanted…my opinion
February 7th, 2010 at 4:04 pm
Don’t think there will be a stimulus check. Obama is a Capitalist and is there to serve the investor classes and moneyed interests. The fact that there will be no SS benefit cost of living increase until 2011 is good indication that there will be no stimulus check.
911 was an inside job. Join the socialist party in your city!
February 17th, 2010 at 6:49 pm
With how much money this clown has spent he would have been better off just giving each tax payer 1 million dollars! It would have fixed the mortgage and banking problem cause people would pay their bills, also would have helped GM/Chrysler and Ford because people would have the money to buy new cars. With money in your pocket you would be buying goods and service’s which would have helped the ecconomy. Best part, there are less then 300 million tax payers, the “so called” 1st stimulas package was like 780 BILLION dollars! Call me crazy, but I think we could have saved a little money. lol
February 23rd, 2010 at 1:44 am
i read a bumper that srad dont steal from the gov becuse the gov hats compiters
March 2nd, 2010 at 6:37 pm
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March 4th, 2010 at 7:38 pm
Senate rejects $250 checks for elderly
Thu Mar 4, 9:47 am ET
WASHINGTON (Reuters) – A measure to give some 57 million elderly people, veterans and persons with disabilities a $250 check was rejected by the Senate on Wednesday, a setback for the powerful seniors’ lobby.
President Barack Obama has called for Congress to approve the payments to make up for their benefits not increasing this year, but the Senate defeated it 50 to 47.
The payments would have added $13 billion to a $108 billion job-creation package pending in the Senate.
Congress approved payments last year as part of the $862 billion stimulus package.
Social Security payments for the elderly and disabled will stay flat this year for the first time since 1975 because they are tied to consumer prices, which decreased amid the worst economic recession in 70 years.
That follows a year in which payments rose by 5.8 percent, largely due to a spike in gasoline prices.
“It is wrong to turn our backs on seniors in this moment of economic difficulty,” said Independent Senator Bernie Sanders, who sponsored the amendment.
But Republican Senator Judd Gregg pointed out that the bill would defeat the purpose of indexing Social Security payments to inflation.
“The law says it shouldn’t be given,” Gregg said.
At least 10 Democrats agreed with Gregg and joined 40 Republicans to defeat the proposal.
March 5th, 2010 at 1:56 am
Pretty sad that the people that could genuinely use this rebate doesnt get it this year(so far), instead the congressmen/senators can vote for raises for themselves and leave the seniors/disabled out to dry..maybe the people that voted against the rebate should’nt be elected/re- elected next time…maybe then they will think twice about screwing ppl over.
just my.02.
dwh
March 5th, 2010 at 10:57 am
Yes Congress the important thing is to help the RICH!!! That way
big business can help big business. Lots of rich buying super expensive cars, getting plastic surgery and schmoozing with each other.
Of course sooner or later they will pay too, when all the little guys
can’t hold them up anymore. After all we are the foundation.
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March 8th, 2010 at 3:23 pm
Listen people Its Obama who wants us to have the stimulas checks its the Senate that did not pass it he only was trying to make up for them not giving the cost of living adjustment ssi and VAs it was a law made in 1985 that made it this way
March 10th, 2010 at 4:04 pm
who ever thinks obama is the worst president in history is obviously lost in thier own little world. obama is trying to clean up the mess we got into from putting a bush and dick in office for 8 years. come on people wake up, bush and cheney put us in one of the worst deficets this nation has seen since the great depression, and it will probably take decades to fix what that idiot bush messed up! if it wasnt for bush gas wouldnt be almost 3 dollars a gallon or more, taxes wouldnt have been raised this high, social security wouldnt be so hard to come which right now its close to non-existant. instead of spending his time going after bin laden after the 9/11 tragedy he went after hussien instead and bin laden is still out there, he went after hussien because of his fathers vendetta. hell bush was even warned that 9/11 was going to happen and still did nothing to stop it. if you ask me bush should have been impeached after his first 2 years! bush cut health care, raised taxes, made it harder to get social security, put us in debt to several other countries, made severe budget cuts which are affecting our work places, our schools, our insurance companies, etc., bush has done nothing but screw this country up and i for one am glad hes out of office and will never disgrace the distinguished post of president of the united states again, and its a miracle his brother jeb didnt run for president because if he got elected we defininely would be a 3rd world country, g.w. bush pretty much put us at 2nd and 3rd world status from his two terms. i say get the ball rolling and keep the idiot republicans out of office and keep the democrats in. why put republicans in office when all they care about the rich and wealthy and themselves? atleast democrats try to help all! i say raise taxes on the wealthy, lower taxes for the poor, reform health care to suit all, fix social security, legalize marijuana since it is this countries number one cash crop ( do your research and you will find im right), lower prices, work on lowering the cost of gas, and quit bitching about obama, like i said he is doing his job and trying fix all the problems bush left for him to clean up! in my opinion as well as just about everyone else ive debated this with, obama is doing a bang up job trying to make things right as well as the rest of the democratic party, let them do thier job and shave that bush and castrate that dick (cheney to all those who dont know who im talking about ) and let the democrats fix what the republicans screwed up. the job markets even gotten better since obama has been in office so there really shouldnt be any complaints. everyone liked clinton until he screwed around with that lewensky tramp and now people say he was a bad president. what right do we have complaining about his personal life? so he got a b/j and was probably boning his intern, so what? would you screw hilary? i doubt it. what he did didnt affect this country just his marriage. for those bible thumpers out there! doesnt it say in the bible : he with out sin shall cast the first stone? how many people are truely with out sin? none, everyone sins somehow, someway, in some shape or form! i think we should leave the politicians who actually tried to right the wrongs of thier predecessors alone, and focus on ones like bush(’s) who screwed everything up in the first place and caused us to get in this predicament. im going to close in saying that everyone has thier problems to fix wether or not they are cleaning up after someone else or themselves, obama is doing a bang up job cleaning up after bush and im sure in time we wont be dissapointed in him but glad we put him in office. this is shaggy piecin’ out!