PODCAST: Doug Glanville on Race, Sports — and Personal Finance
David Muhlbaum: Doug Glanville has been a Major League Baseball outfielder and sports commentator, frequently writing about race. He’s also turned his eye to inequities and discrimination in the personal finance world, and shares with us his insights and experience. Also in this episode, the prospects for new federal stimulus checks.
- Episode Length: 00:33:29
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David Muhlbaum: Welcome to Your Money’s Worth. I’m kiplinger.com senior editor David Muhlbaum, joined by senior editor Sandy Block. Sandy, how are you?
Sandy Block: I’m doing great, David.
David Muhlbaum: Good. Well, one of my other jobs around here at Kiplinger is occasional editor of our Closing Bell email newsletter, which is about how the stock market performed each day, along with some related investing insights. For the past week or so, as I’ve been reading this, Wall Street has just been fixated on what’s going on in another city altogether. I’m talking about here, Washington, D.C. Traders want to know if Congress is going to pass more economic stimulus, and the day-to-day market results have been really closely tied to the prospects of a stimulus bill and how big it’s going to be.
Sandy Block: So every day, it’s will they or won’t they? We only record once a week and today, Thursday, is one day away from the deadline Congress has set for itself to pass the bill.
David Muhlbaum: Yeah. That’s because we’re in the lame duck session of this Congress. I’m not sure what any of that has to do with ducks, but lame seems pretty apt.
Sandy Block: Oh yeah, right? I mean, why does everything have to be last minute? They’ve got the time management skills of a college freshman.
David Muhlbaum: Oh wow. I have a college freshman. This might be worse. Anyway, give me your best guess of what we’re going to get. Start with the checks. Will there be checks, because I think that’s the first thing people care about?
Sandy Block: Oh yeah, checks, money in your pocket, money in lots of pockets. That’s why this is a popular form of relief. Although there’s an argument to be made that it’s not the most direct because lots of people get checks who don’t really need it, but it sure is popular.
David Muhlbaum: Yeah, stimulus check, woo hoo. It just sounds so good, so yes. Now, how much Sandy? How much?
Sandy Block: Well, less than last time. Last time being this spring, when the CARES Act included $1,200 each to most taxpayers, plus $500 per dependent child under 17. How much this time? What we’re anticipating is checks of roughly half of that, probably around $600 per person.
David Muhlbaum: Hmm, something better than nothing.
Sandy Block: Well, better than a poke in the eye with a sharp stick, as they say, or a lump of coal in your stocking.
David Muhlbaum: Ho, ho, ho, ’tis the season, I suppose. Okay, what else might Ebenezer Scrooge there cough up as part of the deal?
The deal is tied to Congress’s end of the year spending bill, which is part of why we have all this must pass, do it now drama. In terms of benefits to individuals, the most significant one will be likely extension of unemployment benefits, with the federal addition of $300 a week on top of whatever
