Local Stimulus and Our Economy

Richard Ware, Amarillo National Bank
Richard Ware, Amarillo National Bank

Some local experts say the stimulus package is not all good news. The President of the Amarillo National Bank tells NewsChannel Ten, the stimulus bill will have only a small impact.

He says the 600 dollar stimulus check consumers began spending last march increased retail sales by 11 percent.

However, the economic spike was short lived.

Richard Ware says, "I think it's so small, it's not near what you get at the gas pump when you fill up with the lower prices. But psychologically people have one less thing to complain about. There's a positive statement instead of a whole bunch of negative news."

Ware says he expects the tax credits to do even less than the stimulus check. The good news is retail sales went up a little over two percent for the month of December.

However, that is down by about five percent from the yearly average increase.