The IRS is now almost done sending out the third stimulus checks, and people are now expecting Congress to approve at least one more round of stimulus payment. Though another coronavirus stimulus check seems unlikely now, supporters for regular stimulus payments are growing, including economists, Senators and of course, the general public.
Q2 2021 hedge fund letters, conferences and more
A Change.org petition has been a talking point since last year. This petition urges Congress to approve regular checks of $2,000 for adults and $1,000 for kids, until the pandemic ends. The petition has already got more than 2,760,000 signatures, and is aiming for 3,000,000 signatures.
It continues to gain an average of 50,000 new names per week. Stephanie Bonin, the petition’s author, notes that the delay in the stimulus negotiations that have blocked the stimulus payment in the past must not be repeated.
“Moving forward Congress needs to make recurring checks automatic if certain triggers are met. No more waiting around for our government to send the help we need,” the petition says.
Several economists also have supported the idea of sending regular stimulus checks. In an open letter last year, over 150 economists, including Jason Furman, former chair of the Council of Economic Advisers under the Obama administration, urged Congress to consider recurring direct payments.
"Regular, lasting direct stimulus payments will boost consumer spending, driving the economic recovery and shortening the recession," the economists wrote in the letter.
Many lawmakers also in support
Along with economists and public support, several lawmakers also support giving regular stimulus checks. In March, twenty-one Democratic senators wrote a letter to President Joe Biden, urging him to approve recurring direct payments.
The letter argued that the third stimulus check of $1,400 wouldn’t be enough to support families with lower incomes. However, the lawmakers didn’t specify the amount that they want Congress to approve.
"These payments help keep families out of poverty, but they also act as economic stimulus by increasing spending and supporting jobs," the letter said. "Now is the time for boldness."
The latest lawmaker to support the idea of recurring stimulus payments is Representative Ilhan Omar of Minnesota. Last month, Omar and other progressive Democratic lawmakers introduced a proposal, called the SUPPORT Act.
This plan calls on Congress to set aside $2.5 billion for guaranteed income pilot programs. As per the proposal, these pilot programs would be underway between 2023 and 2027, and its result would help in the creation of a national program in 2028.
This national program would send $1,200 monthly payments to recipients with income below $75,000 annually ($112,500 for households). Also, the SUPPORT Act proposes $600 regular checks to eligible dependents.
Despite such growing support for stimulus checks, even one more round of stimulus checks seems very unlikely, let alone recurring stimulus payments. The Biden administration is currently focusing on the infrastructure bills, and none of them contain any direct payments.
