A common question for most Americans is “Will there be another stimulus check in 2010?”. This is a valid question since there was a general stimulus check issued in 2008 for the amount of $600 (maximum) for each person. There was no general stimulus check in 2009 although there were some $250 stimulus checks for selected groups (Social Security and SSI).
At the moment there has been no proposals for a 2010 stimulus check which means that the odds of a check happening in 2010 are not very good. However, it really depends on the economy and the willingness of the Obama administration to spend more money to prop up the economy.
Since Obama took office there have been quite a few stimulus efforts and a lot of money spent to help juice the economy. There are limits to how much money can and should be spent to strengthen an economy and those limits might have already been reached. Politically it is getting harder for Obama to get approval for more stimulus funding.
[Update – Jan 4 – Will there be another stimulus check in 2010?]
Stimulus Check in 2010?
At this point in time you should assume there will not be a stimulus check for 2010. That way if there ends up being a stimulus check then it will be a nice bonus. Sometimes people will go and spend money they don’t have because they think there is some extra money coming to them in the future in the form of a gift, bonus, stimulus check etc. This is not a good way to manage your finances – never spend money you don’t have.
Will anyone get stimulus checks in 2010?
If you are a recipient of Social Security or SSI then you have a better chance of getting a stimulus check in 2010 since there is already a proposed stimulus check for those groups. This has not been fully approved so even this check might not happen but at least the process has been started.
What is the point of a stimulus check?
The main reason for issuing stimulus checks is to give people more money to spend which will help stimulate the economy. The economy has been in a recession and unemployment has hit double digits (10%) so anything the government can do to fix the economy should be attempted. On the other hand if the government spends too much money stimulating the economy then it will increase the debt load which will have long term effects on the economy. Another problem which doesn’t look all that likely at the moment is that sometimes governments will stimulate their economy to the point where things get overheated and high inflation can result.
Recap of recent stimulus checks
2008 – $600stimulus check for all taxpayers.
2009 – $250 stimulus check for Social Security and SSI plus a few others early in the year.
2010 – Proposed $250 stimulus check for Social Security and SSI in the first quarter of 2010.
There was no general stimulus check in 2009 despite rumors to the contrary.