I don't think this money is going to be saved or invested responsibly,
Why won't they be spending on stuff to stimulate the economy? On the contrary, I would assume that a very large amount of the money they are gaining with no sweat, and is going to the lower income segment, which always spends a much larger percentage of its income on goods and services than the higher income segments do, will be going straight back into the economy in the form of personal consumption purchases. I don't think this money is going to be saved or invested responsibly, nor do I think that doing so would be the intention of the stimulus bill.
I don't know if it's so much about the income bracket a kid grows up in or if it's more about the values they're taught, but they (and from what I've heard many of their friends) are planning on saving up so that they can eventually use it to purchase a home a few years down the line. Will it eventually end up back in circulation? Yes. Will it be within the next 2-3 years when it will probably be most important? I don't think so.And if it doesn't go back into the economy in the next 2-3 years the damage could already be inflicted so that they'll have no reason to put it into the economy in the next 5-10 years either.
You've just explained why there's no concern of inflation. If anything the concern is the opposite.
There's a concern because of the mentality it comes with. These kids see themselves as "rich" and my first 50k just lost it's value- after all the guy next to me earned it by sitting home for 8 months doing nothing.
A rich person doesn't feel any need to save.
I disagree.
These kids aren't going to be spending their funds on stuff to stimulate the economy
Debt financed spending is taking future spending and bringing it forward. As debt grows, a larger portion of money needs to go into servicing that debt, curtailing consumption. Debt servicing is a non-productive expenditure. Spending can either contribute to growth or be totally wasteful.
If said person "needs" something, what makes that person rich?
Feeling or seeing oneself as rich is a mental state.
Exactly. And by definition, said mental state means that the person has everything he or she needs. Hence no need to save.
Why does having everything you need mean you have no need to save for the future?
By definition, if you have everything you need, future (perceived) needs are included in that, hence no need to save.
So a person is only “Rich” if they have enough money to last them and their family a life time?