Stimulus
Finance

Stimulus Payment Update

Many Americans are asking the same question: are we getting another payment? Also, what will the stimulus check amount be? With the raging pandemic, we’re living during unprecedented times. Most Americans are in desperate need of economic relief. As such, we need to know: is the aid coming or not?

So, here is what we know now. Last week, the senate approved a budget bill to clear the way for President Biden’s 1.9 trillion coronavirus relief package. The budget, passed with a vote of 51:50, with Vice President Kamala Harris as the tie breaker. The budget has been approved; we’ve got the funds, now it’s time for the actual Covid-19 bill to pass Congress. House Speaker Nancy Pelosi told reporters the House is aiming to pass the economic relief bill, which includes the $1,400 stimulus checks by the end of February. Should this be the case, many Americans may be receiving checks by spring.

The Targeted Approach

Many law makers are calling for a more targeted approach to stimulus check distribution. Now the idea behind this is making sure checks are being sent to people who really need them. A targeted proposal would introduce a sharp cut off that would keep certain people from receiving a payment. Consequently, as is stands now, the Covid-19 relief bill calls for full checks to individuals making $75, 000 or less and married couples earning up to $150,000. Therefore, embracing the targeted approach would mean these income thresholds would be lowered.

Honestly, I don’t agree with a targeted approach.

While I understand the economics behind it; at the same time, as Americans living through this pandemic, we deserve the relief. One of the arguments for limiting these payments is that a lot of people received their stimulus payments and saved them. And? I’m of the many who saved my check. I may not have a great need for the assistance at the moment, but what about the near future? I’m not sure if I’ll still be employed at the end of the year. Having that additional $1,400 set aside does help.

The fact is, as tax payers, if you were to add up all of the taxes paid to our government – you’re looking at several thousand dollars. A $1,400 is really a pittance based on what we pay in taxes. Above all, it is my hope that Congress does the right thing and leaves the income thresholds as they were for the last round of payments.

Yes, America does owe this to the people.

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