Andrew Yang, the previous candidate for the Presidential election stated that the concept of stimulus check must not be blamed for the inflation rise that is happening in America currently. He also supports the idea of sending more direct payments to the middle-class people and others who are still suffering from the coronavirus pandemic. He wants to protect the low-wage workers from disruption of technology and shocks in the current economy.
Andrew Yang Always Supported The Policy Of Stimulus Check
As per the statement of universal basic income in the Bitcoin Conference that was held in Miami, the money allotted for stimulus check payments sums up to 17% of the total fund of the CARES Act. This Act was passed by Congress to make available trillions of money for stimulus checks to help the economy to improve amidst the several lockdowns.
In the views of Yang, the rest 83% of the money went for the development of pipes and institutions. Yang stood for the position of Mayor in New York City and also the President of America with the promise that he would give monthly payments to the needy citizens from the age group of 18 to 64.
Yang stated that the stimulus check payments given to each individual from the federal Government were spent long ago and hence the reason for inflation cannot be given to them. The price of consumers rose to 8.5% in the month of March this year and such a rise in prices was seen after 1981. The main reason for inflation as per Yang is the fact that the number of goods is less in the U.S. and hence there is a phenomenon of pent-up demand experienced by the consumers.
Yang believes that bitcoin and other cryptocurrencies do not form an inflation hedge and this could also assist his motto for spreading the roll-out of UBI.