Fourth stimulus check update

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Update:

More than 2 million people have endorsed a Change.org petition calling for $2000 monthly recurring stimulus checks.

The petition was posted on Change.org last year by Stephanie Bonin, a restaurant owner in Colorado.

“I’m calling on Congress to support families with a $2,000 payment for adults and a $1,000 payment for kids immediately, and continuing regular checks for the duration of the crisis,” Bonin wrote.

“Otherwise, laid-off workers, furloughed workers, the self-employed, and workers dealing with reduced hours will struggle to pay their rent or put food on the table.”

“Congress needs to make sure that we won’t be left financially ruined for doing our part to keep the country healthy.”

So far, there have been three rounds of stimulus checks: a $1,200 check, $600 check and $1,400 checks.

But many argue that these three checks are simply not enough to get people through the pandemic.

“Another single check won’t solve our problems – people are just too far behind,” Bonin wrote.

“Like we’ve been saying from the beginning of this pandemic, people need to know when the next check is coming. And the best thing our government can do right now is send emergency money to the people on a monthly basis.”

The petition has certainly amassed a ton of support but I don’t think it will be enough.

Sending out recurring checks is a very radical approach to stimulus relief. While some Democrats in Congress do support this initiative, they are definitely in the minority.

Issuing out recurring monthly checks would be extremely expensive and it was already quite the challenge to get the last round of stimulus checks passed.

No Republicans were on board and even some moderate Democrats were barely supportive.

Now that we have vaccines rolling out in full force and the lockdowns and even mask mandates are disappearing, I just don’t see any way recurring checks become a thing.

H/T

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Millions of Americans are still waiting to receive their third stimulus check from the government but there is already talk swelling up about a fourth check.

Over 75 members of Congress have already gone on record stating that until the pandemic is over, there should be regular stimulus checks.

“We are experiencing the worst economic crisis since the Great Depression, with millions of Americans either unemployed, forced out of the workforce or facing a decline in hours and wages,” a letter from 56 House Democrats said.

Democratic senators also jumped on board in support of more stimulus aid:

“Families shouldn’t have to worry about whether they’ll have enough money to pay for essentials in the months ahead,” they wrote.

And now President Biden is facing pressure to include them in a $2.3 trillion infrastructure spending plan that he is working on.

Proponents of a fourth stimulus check point out that more than 7 million people could be lifted out of poverty,  according to an analysis from the Urban-Brookings Tax Policy Center.

In addition, about four in 10 Americans state that their income remains below the pre-pandemic levels. So clearly, there are still a lot of people struggling in the country as a result of the coronavirus.

But right now it is not clear that there is enough support in Congress for a fourth stimulus check.

It seems like it might be very difficult to get moderate Democrats on board with the idea right now, especially considering that they struggled to support the last round of stimulus checks.

And we can pretty much assume that all Republicans would vote against another round of checks.

And in the White House, the Biden administration is turning its attention to other priorities like this massive infrastructure proposal.

As far as what is happening in the real world, vaccines are going out at a record pace and the stock market and unemployment rates are looking pretty good.

So the need for another economic stimulus payment isn’t looking like it is growing.

I still think there may be a chance for an extremely targeted stimulus check round in the future but as far as another wide disbursement, I don’t think that is probably very likely.

H/T

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