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Wednesday, December 1, 2021

Stimulus Check Update: How The Next Two Plans Could Give Even More Money To The Americans

Even as Americans continued to get their third stimulus checks, President Biden has delineated his plans that go beyond the current round of stimulus payments. He unveiled multiple plans that aimed to directly put more money into the hands of people, generate more jobs, and lay the foundation for an economic turnaround through building a robust infrastructure.

The investments will be unique and will concentrate on taking care of the needs of the two pillars of any society, its economy, and its family.

Continuing From The Third Stimulus Check

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The third stimulus check has put a maximum of $1,400 in the hands of individuals subject to their income. But the amounts are not expected to last beyond three months at the most for most families. The economic downturn following the pandemic has placed millions of Americans without a regular source of income for almost

President Biden started his bid with the $1.9 trillion American Rescue Plan. This is to be immediately followed by the infrastructure plan that will concentrate on propping up the infrastructure in every sector from roads to education.

The president has also laid out the American Family Plan. He has proposed extending the Child Tax Credit till 2025. Working people, especially those in the lower-income bracket, will get more direct payments tax breaks. Several prominent Democratic lawmakers have urged the President to go in for a fourth stimulus check,

Basics Of The Proposed Fourth Stimulus Check

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Though it is still in the planning stages, the call has been gathering steam. A mass petition with more than 2 million votes has urged Congress to go in for $2,000 payments. Prominent lawmakers including Bernie Sanders and Elizabeth Warren have urged the President to continue the regular stimulus checks. They want the extension of unemployment insurance and to include the direct payments into the economic plans in the long run. 21 more Democrats have joined in the request.

stimulus check

The economic downturn has affected several cities and regions more severely. Some cities are expected to be affected for years.

Basics Of The American Jobs Plan

While the American Jobs Plan is still in the planning stages, Congress is reading plans to present President Biden’s infrastructure plan. It is a $2 trillion dollar that will strengthen high-speed broadbands, roads, and infrastructure. The plans include upgrading transport hubs, and roads, fund environmentally friendly power sources and give a boost to spending on affordable housing in rural areas.

The American Jobs Plan is expected to create millions of fresh jobs, rebuild the infrastructure across sectors and help America to stand up against rising economies like China.

The plan will invest in the American economy on a scale that has not been done since the creation of the interstate highways. The quality of infrastructure stands at a dismal 13th position though America is the wealthiest country in the world.

The American Jobs Plan will not include any additional stimulus check or any other form of direct payments. Any further payment will only be addressed through the next proposed plan, the American Families Plan.

 Any future stimulus proposals will be quite different from the present American Rescue Plan. any future plans will plan for sending a bigger amount of stimulus checks to specific groups of people. It could include parents and people who are out of work.

The American Family Plan

The American Family Plan is the third part of President Biden’s strategy to boost economic strategy. It is proposed to increase the money going out directly to families and individuals. This proposal is a part of the Democrats’ plan to push for the fourth round of stimulus payments.

The plan is being termed an investment in the American family system. It will send out a stimulus check to cover the basic expenses and carry on from where the third stimulus check has left off.

The salient features proposed under the American Families Plan include the expansion of the child tax credit. The temporary extension of this payment as part of the stimulus bill will bring nearly a million children out of the clutches of poverty.  It is expected to reduce child poverty by 45%.

Support To The Student Community

President Biden had proposed free college for the first two years. The support would include community college (the first 2 years) both for high school graduates and adults. Specialized training programs that are outside the community college system would also be eligible for the support. Several expenses, like those for textbooks, would have to be borne by the students themselves.

The families’ plan has also proposed introducing free pre-kindergarten schooling for 3–4-year-olds. There are also proposals for reasonably priced child care for families affected by the economic downturn through subsidies on the cost of child care and tax credits. There are also plans for around 3 months of fully paid medical and family leave.

Several Other Measures That Could Support The People

Several other measures are being proposed that will either save money or give more money in the form of a stimulus check.

Student education debts continue to mount and are more than credit card loans and auto loans in the US. The average student loan stands at $1.7 trillion, an average amount that is a staggering $30,000. The President wants to cancel at least $10,000 of the amount. He has explored the possibility of canceling student debts. But he has refrained from making any reference to canceling debts in his latest speech.

Stimulus Check
Stimulus Check

Continuing Demands For A Wage Hike

Though the proposal to increase the minimum wages to $15 fell through, Democratic senators continue to press for an increase from the current rate of $7.25 per hour.

Senators Kyrsten Sinema and Mitt Romney have supported President Biden’s call for raising the minimum wages to $15.

Some lawmakers are willing to settle at $11 an hour. But Senator Sanders has tweeted that lawmakers who think that this is the last time that the issue of minimum wages will crop up are making a mistake.

Raising the minimum wages to the proposed $15 per hour will bring 37% of the American population into self-sufficiency.

For A Permanent Child Tax Credit

A group of progressive Democrats has also proposed that along with the recurring payments, the government should also extend the unemployment assistance beyond September 2021.

Continuing The Stimulus Check Payments

The third stimulus payments are still being sent out. The IRS is also sending out the catch-up payments for those who have pending amounts because of fresh tax returns submitted.

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