According to CNBC, a Change.org petition for $2,000 monthly stimulus checks has received 3 million signatures. Stephanie Bonin, a Denver restaurant owner and the petition’s organizer, seeks adult stimulus checks of $2,000 per month and child stimulus checks of $1,000 per month. In addition, her petition requests that monthly stimulus cheques be delivered until the Covid-19 outbreak is over.
So far, the federal response to the pandemic has paid out $3,200 to eligible adults: $1,200 under the Coronavirus Aid Relief and Economic Security Act in March 2020, $600 in a December relief measure; and $1,400 under the U.S. Rescue Plan, signed in March by President Joe Biden.
The first three stimulus checks were restricted based on income and other criteria, so they weren’t available to everyone in the United States. A fourth stimulus check, much less a regular $2,000-a-month stimulus check, is unlikely to be approved by Congress. Biden opposed $2,000-per-month stimulus checks during his presidential campaign, and he is unlikely to endorse repeating stimulus checks now. However, Vice President Kamala Harris has previously advocated for $2,000 monthly stimulus cheques throughout the pandemic.
Despite this financial help, millions of Americans remain in financial trouble, and the Omicron variant’s spread is causing additional economic headwinds. According to new statistics from a Census survey conducted during the first two weeks of December, more than one-quarter of Americans struggled to pay their household bills in the previous week.
The unemployment rate is 4.2 percent, which is still higher than the pre-pandemic record of 3.5 percent. Although businesses are hiring, there are still 2.3 million fewer individuals on payrolls today than before the pandemIc. In addition, economists are concerned about the development of the Omicron version, which has caused college campuses to close and high-profile events such as Broadway musicals to be canceled.
According to David Kelly, chief global strategist at JPMorgan Funds, the increase of COVID-19 cases is “hitting demand in the leisure, entertainment, travel and restaurant industries, as indicated by high-frequency data.” But, he added, “It will also lead to widespread absenteeism in early 2022, applying a significant drag to the economy in the first quarter, following a very strong fourth quarter.”
According to Treasury Department data, the national debt has reached a new high of $29.7 trillion. In addition, budget analysts estimate that since the start of the coronavirus epidemic, borrowing had increased by nearly $5 trillion as of October 2021.
At the same time, financial assistance for over 30 million American families came to an end last month, with the final payment from the Child Tax Credit arriving in bank accounts on December 15. In addition, the Build Back Better Act, which featured a one-year extension of the program, failed to pass in 2022 because of opposition from Senator Joe Manchin, a Democrat from West Virginia, along with the entire Republican bloc.
In summary, stimulus funding is no longer available for many people, a subject that many Americans are concerned about as they continue to battle with unemployment and a dismal work market.
Just the News asked House Speaker Nancy Pelosi in September if another stimulus payment was being considered.
Pelosi said that the automated payments of the advance child tax credit were a stimulant to the economy.
Additional economic stimulus measures are allegedly being considered by congressional leaders, although no precise proposal has yet been presented.
Just the News contacted the House and Senate Appropriations Committees for more information on the extra stimulus initiatives under consideration.
“Chairman Leahy and Committee staff continue to evaluate the use of previous COVID appropriations, the availability of balances, and potentially the need for additional resources for vaccines, therapeutics, testing, and other needs,” according to a Senate Appropriations Committee spokesperson.
Before publication, the House Appropriations Committee did not comment.