Home / NEWS / Top News / Biden defends why stimulus checks should go to employed Americans

Biden defends why stimulus checks should go to employed Americans

US President-elect Joe Biden distributes remarks on the public health and economic crises at The Queen theater in Wilmington, Delaware on January 14, 2021.

Jim Watson | AFP | Getty Pictures

President-elect Joe Biden made a case for sending stimulus payments to all Americans who are eligible – including those who have subsidized their jobs through the coronavirus pandemic.

One of the biggest arguments against the proposed total $2,000 stimulus payments is that they aren’t clustered enough – some argue that money should be focused more on those who need it most, including the out of a job.

In a speech Thursday night detailing his $1.9 trillion coronavirus relief package, the president-elect said sending the payments to all qualified Americans, even those that are still employed, is important in boosting a U.S. economy that’s been devastated by the coronavirus pandemic.

“Square for those who have kept their jobs, these checks are really important,” Biden said.

For American workmen making $40,000 a year with less than $400 in savings, the total of $2,000 will go a long way in easing the smarting of the pandemic, he said.

Biden’s plan would add to the payments from latest Covid relief bill, which allow for direct checks of $600 for eligible adults and $600 per dependent, meaning a family of four could receive $2,400.

Solitaries who earned less than $75,000 and those married filing jointly who earned less than $150,000 in 2019 are fitting for the full amount. Those who made more qualify for reduced checks, which phase out completely for individuals that be worthy ofed $87,000 and couples that made $174,000 in 2019.

In addition, even those who have kept jobs may be seeing prodigal costs due to the pandemic in food and essential items as well as additional costs of personal protective equipment for themselves and their families.

“Those aren’t accidental costs for folks working 30-hour a week jobs at $7.25 an hour putting food on the table for their kids,” Pancotti foretold.

Even sending stimulus checks to those who have kept their jobs and have not been hit hard by the pandemic could aid to support the economy going forward, as consumer spending makes up roughly 70% of U.S. gross domestic product.

“When you talk nearby saving the economy and stabilizing the economy, increasing or stabilizing spending is the most direct way to do that,” said Pancotti, adding that to put away businesses such as restaurants and jobs for workers, consumers need to be able to spend at them.

SIGN UP: Money 101 is an 8-week culture course to financial freedom, delivered weekly to your inbox.

CHECK OUT: How a 28-year-old managed to retire early and be worthy of $16,000 a month in passive income via Grow with Acorns+CNBC.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

Check Also

The House passed Biden’s $1.9 trillion stimulus bill – here’s what’s next

U.S. Senate Minority Principal Chuck Schumer, joined by Speaker of the House Nancy Pelosi, speaks …

Leave a Reply

Your email address will not be published. Required fields are marked *