Amid the gradual reopening of the United States economy, millions of Americans are suffering financially. Thus, there are multiple ways the government of the United States can extend more relief. The question is, which one the government will choose? Moreover, how much cash could an individual make?
The coronavirus pandemic swept through the nation in March. Congress ushered in a package of 2$ trillion that sent checks of up to $1,200 per adult to middle and low-income individuals. Moreover, those Family members under the age of 17 were also eligible for $500.
Of course, Americans would love to receive more financial help. One survey from WalletHub found that 84% want another check from the stimulus.
Additionally, Bankrate found, in early April, that 31% of Americans said the first check from the stimulus would not help much with their financial well-being for more than a month.
Ever since the coronavirus pandemic started, more than 40 million people have filed for unemployment. Greg McBride is a chief financial analyst at Bankrate. According to him, those numbers do not tell the whole story.
McBride said that there are a lot of people who are still working. Nevertheless, they are still working for less money. Thus, they are not making the sort of money they were before.
Amid the proposals is another one suggesting another one-time round of $1,200 stimulus checks. It could be either this or sending $2,000 Americans per month. In the so-called back-to-work bonuses, some Republicans have pushed for giving $450 a week. Meanwhile, in unemployment benefits, others want to extend the extra $600 per week.
Checks of Stimulus
Senator Kamala Harris is a former presidential candidate. On Monday, she spoke out for support for creating a universal basic income. Its purpose will be to help Americans weather the storm of the coronavirus pandemic.
Along with Senators Ed Markey, D-Mass, and Bernie Sanders, I-Vt., Harris proposed a bill in May. Thus, that bill would give $2,000 per month to people that make under $120,000. Moreover, the bill included $2,000 for up to three children, per child.
The News website, the Appeal, hosted a Monday webcast. During the webcast, Harris said that the government must be there for the people in a moment of crisis.
According to Harris, the one-time $1,200 checks sent out by the governments are not sufficient.
Harris asked us to imagine someone saying that we only need to pay rent once ever. The reality of life is that people have recurring expenses.
A Change.org’s petition gathered 1.2 million signatures supporting the idea. Other proposals from the House called to send Americans this same amount of money.
Yet some experts are not convinced that the proposal is a suitable strategy to help those in need.
Shai Akabas is at the Bipartisan Policy Center, as the director of economic policy. He said that they need a robust federal response. Nevertheless, using up a lot of those federal dollars on sending $ 2,000-month checks to people who, in reality, do not need it will not be an effective use of the federal intervention.
House of Representatives led by Democrats passed a sweeping bill of $3 trillion, which will include another round of $1,200 stimulus checks.
- Trading Instrument