The bill would give most Americans $600 in direct stimulus payments, a cut in half from the initial stimulus checks in March. Single people who earn up to $75,000 would receive the full $600 direct payment, and couples earning up to $150,000 would receive $1,200.
Democrats and economists largely agreed with Trump.
Economists argue that after nine months of waiting for another lifeline, the aid is not enough to cover basic necessities and past-due bills many families have accumulated over this difficult year.
“People are facing evictions, utility disconnections and continued struggles in the labor market dealing with the virus,” said Olugbenga Ajilore, senior economist at Center for American Progress, a left-leaning think tank. “While a one-time check of $600 is better than nothing, it’s woefully insufficient as relief, let alone as stimulus.”
Many Americans agree with the president, too. People flocked to Twitter to chime in with their dissatisfaction and crude humor on the recent round of relief. It resulted in #LetThemEatCake and #600IsNotEnough to trend on the social platform on December 21.
‘It’s not enough’
Several economists said that the one-time direct payment of $600 wouldn’t be enough for those families and the unemployed, who may be in need of funds to buy groceries and make up missed payments and interest.
“Although the stimulus is a welcome and necessary development and will help on the margins, for many Americans it’s too little too late and more help will be needed,” said Tendayi Kapfidze, chief economist at LendingTree.
On the contrary, economists consider $2,000 checks to be “more helpful” for the millions of families in need. But they add that more than just a bump up in stimulus checks is needed.
“We need state and local aid,” said Ajilore, citing the more than 1 million public sector jobs that have been…
Go to the news source: Donald Trump is right: $600 is not nearly enough. But $2,000 isn’t, either