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Sunday, January 17, 2021

The Second Stimulus Check- Where Does it Stand?

For close to seven months, the citizens of America have been grappling with the economic recession that this pandemic has brought with itself. As a countermeasure, they had been pinning their futile hopes on the two Houses- hoping that they would bring yet another round of stimulus checks- something that would involve payments through direct cash, and an extension on the benefits of enhanced unemployment. But that door seems to be closing in extremely fast- after President Donald Trump played around with it for quite some time on Tuesday. 

The President is trying to push for a much more limited list of separate measures- stimulus checks, $135 billion in fresh loans, and $25 billion in aiding the airline industry. But Nancy Pelosi has simply disregarded this idea of the POTUS. According to her, the best thing to do now would be to champion a $2.2 trillion package that would see off every sector of the population. The Democrats have already passed it in the lower chambers, so it shouldn’t be much of a problem passing it in Congress. Nancy Pelosi further scoffed at this idea of the President by stating that it was pretty hard to see if the President actually meant business or not. 

Stimulus Checks Can Help Those Struggling to pay the bills

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The pandemic doesn’t seem to be giving up any time soon, and government aid is running out too. In this scenario, most households, and businesses are actually going through a major financial crunch. Almost one in three adults didn’t know how to pay for the basic expense- due to a dire lack of funds. A stimulus check could really help ease up their problems. The HEROES Act, updated by Democrats, was initially designed to relieve all these pressures that the government aid is feeling right now. This  relief bill would actually help in supporting quite a wide range of programs which are economic in nature- while restoring around $600 as jobless benefits (weekly). 

Unfortunately, the despairing voices of the lower sections of the society didn’t seem to reach Mr. Trump who tweeted that he would be pulling the very plug on these negotiations. Since the eruption of the virus, this Coronavirus aid has actually distributed close to 160 million stimulus checks to many Americans- with close to $1200 for individuals, and $2400 for married couples.

Can this Stimulus Check be a better economic boost? 

An economic boost of around $1200 would definitely alleviate some of the financial stress an individual goes through- but that one-time payment wouldn’t guarantee anything. As it went with the first round, these would be paid only to those who earn less than $75000- irrespective of them losing either work, or income. 

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Economists are of the idea that an economic relief policy, like a stimulus check would actually be more effective in boosting the economy. An additional $600 can easily bolster several households that have suffered unemployment. The citizens of America now have to just wait for Congress to come to a resolution. 

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