For those who filed their 2019 taxes with direct deposit, the Congress-authorized stimulus funds are beginning to show up in bank accounts this week.
As part of the $2.2 trillion package, an additional $600 is distributed for each child in the household.
Those whose personal income is above $75,000 will see smaller checks as well as families whose income exceeds $150,000.
In Mississippi, which has among the lowest per-capita incomes in the nation, the vast majority of citizens will receive the maximum amount.
For some, the money could not arrive soon enough — especially for those who have lost their jobs during the COVID-19 virus. For others, the money will create a little “breathing room” in the household budget.
There are still others for whom those funds may not be needed now, but could be in the future. There are likely those employed now who may find themselves unemployed at some point as we continue to make our ways through this crisis.
The money will be well-received, but it’s likely to be sufficient. There are already efforts in Congress to distribute another round of stimulus payments.
In the meantime, we urge caution.
Undoubtedly, the arrival of what many Mississippians may consider a windfall, may lead to binge-spending, which is a reckless approach and not what the stimulus was designed to address.
Under normal circumstances, putting the money directly back into the economy — especially into locally-owned business — is a good outcome. While that still applies, it is remains prudent to spend wisely in these uncertain times. We all need to be thinking as long-term as our circumstances permit.
We do not know what the future holds. But we do know that there may be a time coming — if it hasn’t already arrived — when every dollar will matter. When you do need to spend, we strongly encourage you to spend with locally owned businesses. Doing so has a more positive impact on our neighbors.
One thing is almost certain — COVID-19 will usher in a new era of austerity and will continue until we are able to resume normal activities.
Let’s make sure we use these funds wisely.
The Dispatch Editorial Board is made up of publisher Peter Imes, columnist Slim Smith, managing editor Zack Plair and senior newsroom staff.
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