Fig. 1. Spending timelines after receiving the COVID-19 relief stimulus payment.
Spending before and after receiving a 2020 CARES Act stimulus payment for lower-income (earning under US$28,001 per year), middle-income (US$28,001–US$68,000) and higher-income (above US$68,000) individuals. The baseline average (light blue line) is the amount spent 60 days prior to receiving the payment. The left plot presents proportional spending compared with a standard baseline. The right plot presents the same information but uses actual spending values. Apart from the days immediately following receipt, the base-standardized spending patterns are almost identical for all three groups.