Elite Auto Rental Blog

As the global recession deepens, there is increasing talk of a second stimulus check for American taxpayers.  The check could be used to pay bills, buy food, shop for goods, or pay for services like an exotic car driving experience.

The likelihood of taxpayers receiving a second stimulus check was dramatically increased on Monday when Federal Reserve Chairman Ben Bernanke put his support behind the idea.  Bernanke said to the House Budget Committee that the US economy may be headed toward a “protracted slowdown” and that he supported a second stimulus check for American taxpayers.

The second stimulus check would likely be patterned after the first stimulus package, enacted in February of this year.  Most American families received at least $1200 as part of that package; however, many financial experts do not believe the stimulus package did much to help the ailing economy.

Democratic Presidential candidate Barack Obama said in an October 13 campaign speech in Toledo, Ohio, that if a second stimulus check was not issued during the last months of President Bush’s term, “[Issuing them] will be one of the first things I do as president of the United States.”

With so much support behind the idea of a second stimulus check, many Americans are hoping the idea will become a reality.  Here are some ideas for what you could do with a second stimulus check if you end up receiving one:

• Pay off high-interest debt.  With the current credit crunch and economic downturn, carrying high-interest debt, almost always a bad idea, may be a worse idea than it normally is.  Paying off debt with a second stimulus check might not help the overall economy but it could help your family. 

• Buy goods or services.  Using your second stimulus check to make purchases is a good way to help the economy as a whole.  For instance, some Dallas auto enthusiasts used their last check to rent an exotic car in Dallas or dine at a unique Fort Worth restaurant.

• Make improvements to your home.  With the housing market at a standstill, many people are choosing to stay in their homes longer and wait out the housing market downturn.  Using a second stimulus check to improve your home could help it sell for more quickly for more money when you choose to move.  Just make sure you improve things that actually add value.

Whether or not a second stimulus check could help the economy is still up in the air, but many taxpayers could use the money to help with everyday expenses.

Kate Miller-Wilson is a freelance writer living in the Twin Cities.  Visit her website or email her for information about her freelance writing services.