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Friday, May 14, 2021

The Fourth Stimulus Check: Is there hope for Another EIP After The $1,400?

As we move into the fifth round of the latest stimulus payments, some representatives are already pitching for a fourth stimulus check. Payments are already nearing the 160 million mark, totaling more than $376 billion.

It has helped many families hit by the economic downturn a great deal, helped them pay their bills, and stave off homelessness. It has also propped up the economy with a rise in sales for the first time in a year.

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But millions continue to struggle after the unprecedented havoc caused by the pandemic. Around 30% of the people continue to struggle to meet their expenses even a year later and the pandemic threatens a comeback.

Lawmakers Pitch For A Fourth Stimulus Check

This has prompted 21 Democratic lawmakers to write to the President for retaining the direct payment. They have also pleaded with Biden to include automatic redundancy insurance as part of the long-term plan for the economy.

The Senators include Bernie Sanders, on the Budget Committee, and Ron Wyden, on the Senate Finance Committee. They have argued that the latest round of Economic Impact Payment, part of the $1.9T ARP (American Rescue Plan) will not be adequate for many cash-starved families.

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Around 18M Americans continue to struggle with finances. But the President is more focused on the $2T infrastructure plan. This is expected to drastically improve infrastructure across all sectors of the economy. It will also give a boost to affordable housing and a host of other things.

The senators have said that getting food on the table and having a roof overhead continue to be a priority for most Americans. Most have said that the up to $1,400 third stimulus check is expected to last them for 3 months.

Direct Payment Of Stimulus Check To Directly Help Those In Need

There has also been a similar proposal from Democratic members pitching for periodical payments of the Economic Impact Payment.

The stimulus check has been particularly helpful for people who otherwise do not receive unemployment insurance. Many people had their work hours cut or had to leave jobs to take care of their families.

The fourth stimulus payment is expected to lift 6.6M people in 2021 out of penury. It would help alleviate the main concern of many, food insecurity and housing instability. This was reported in a study by Kevin Werner and Elaine Maag from Urban-Brookings Tax Policy Center.

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