The U.S economy tanked, and it’s still recovering. But is the timing right for sending out a stimulus check to everyone who pays taxes?
We can’t blame you for being confused. Stimulus checks have been in the news for months now, and it’s hard to keep track of all the ups and downs. But the bottom line is that we don’t know yet whether stimulus checks are working, or whether they’re even necessary at this point.
Stimulus Check A Mistake?
Some say that government spending is out-of-control and that we need to cut back in order to get our debt under control. Others argue that this recession has been so deep and prolonged that we haven’t seen any substantial growth since 2008 or 2009—and without stimulus checks, who knows how long it’ll take?
The truth is probably somewhere between these two arguments: You probably won’t be getting a check any time soon (if ever), but there are other measures that could help spur growth right now—without costing taxpayers money!
Tax cuts are a good way to stimulate the economy. People would get money into their pockets, and they would spend it. The government also has more revenue since fewer people are paying taxes.
There are a lot of moving parts to the stimulus: tax cuts, spending, and public works projects. It’s probably too soon to tell how well it’s working.
The reason is that our economy isn’t like the human body—it doesn’t take a single event to help or hurt it. Instead, there are many factors at play at any given time (like different economic indicators), which together determine whether we’re in a recession or not. The stimulus package was just one of many things that happened around the same time as when people started losing their jobs in large numbers due to the Great Recession—a more comprehensive anti-recession policy would have addressed all of these issues instead of just one aspect of them (federal spending).
It will likely take years before we can fully assess whether or not this program helped bring us out of recession and made our lives better overall; we need more time than what has already passed since its passage.