Friday marks the one-year anniversary of President Joe Biden’s $ 1.9 trillion signing American rescue planwhich gave the green light to the third and probably last stimulus check in the middle of coronavirus pandemic.
According to some experts, that $ 1,400 direct payment to most Americans, along with increased child tax deduction and other financial assistance programs, were desperate needed as the country was economically paralyzed by the ongoing health crisis.
“Looking at how resilient and fair the recovery has been in the face of Delta, Omicron and now military conflict in Europe, that strategy already looks smart,” said Gene Sperling, a Biden adviser used to monitor the legislation. implementation. Associated Press.
Fallout from government spending
Others, however, have a different view given that the latest consumer price index turned up 7.9 percent year-on-year, reaching a new high in forty years, according to the Labor Department’s Bureau of Labor Statistics.
“The bet was that it would create a success that would make people want to do more. But it contributed to inflation that made people want to do less,” said Jason Furman, a Harvard professor and former top economic adviser to President Barack. “Obama, to the news agency.” In some ways, that’s the biggest consequence. It was a game, and they lost that game, and it hurt, “he added.
It is against this high inflationary background – skyrocketing gas and food prices-where there are still lots of Americans who still are struggling make the ends meet. As for the two-year pandemic, it is still “far from over,” the director general of the World Health Organization, Tedros Adhanom Ghebreyesus, recently remarked on CNBCand adds that Covid-19 “will not be over anywhere until it is over everywhere.”
More stimulus checks?
For many, it’s fast resolution for in the short term the government must approve another round or two of stimulus checks, which have long been expressed by several nationwide petitions. The most popular is to be orchestrated by the Denver area restaurant owner Stephanie Bonin, whose Change.org petition exceeded its target of three million signatures and has since added 37,000 more.
“I urge Congress to support families with a payment of $ 2,000 for adults and a payment of $ 1,000 for children immediately and continue regular checks during the duration of the crisis,” the petition reads.
To help ease the pain of the current inflationary pressures – namely gas prices, which are now at $ 4.33, according to AAAAn energy economist urges the government to issue $ 1,100 stimulus checks.
“The fastest and most effective way to protect vulnerable citizens from the effects of global economic instability is to provide a direct payment through the IRS, equivalent to the three stimulus checks sent to families during the height of the pandemic,” said Mark Wolfe, chief executive of National Energy Assistance Directors’ Association, wrote in a op-ed for CNN Business.
“The administration should ask Congress to approve a payment of $ 1,100 per household to pay for four months’ higher rates in the future,” he continued.
Ethen Kim Lieser is a science and technology editor in Washington state who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him at LinkedIn.