Interesting discussion, guys.
My wife works for an accounting firm and yesterday we were talking about the taxation of these unemployment checks. Without a doubt, people are going to spend their total income from these checks, and not put anything aside for when tax season comes. What will we do then? Print more money and bail them out???
Although it won't fix human greed, America needs to do a much better job at teaching its citizens, at a younger age, budgeting strategies. We spend, spend, spend...but so many don't know how to budget, save, and work with what they have. Sure, we need cash flow...but it needs to be cycled in a more responsible manner.