Victory for the two Democrats in GeorgiaAnalysts said this could mean the third stimulus check on Americans this spring. This will provide vital financial support for this month’s families. Guided by the recent relief bill-this effort has been criticized by Democrats and some Republicans, who believe that the move will not help families struggling with the coronavirus pandemic.
CBS News reported that Democrats Jon Ossoff and Raphael Warnock defeated current Republican Senators Kelly Loeffler and David Perdue. David Perdue). The surprising result will result in a split between the Democrats and Republicans in the Senate and vote for Vice President-elect Kamala Harris to break the tie. This will ease a new round of economic stimulus relief bills, and the president-elect Biden has previously stated that he supports the passage, according to political and financial analysts.
Another so-called economic impact payment will follow the latest relief measures. President Donald Trump postponed a 900 billion dollar bill and criticized the $600 payment as “too low.”
A big question is whether legislators may require payment of $2,000 or $1,400 in cash, and the latter represents the difference between a $600 check and the unremitting efforts to raise it to $2,000 in the most recent bill. Mr. Biden tweeted on January 10 that “$600 is not enough when you have to choose to pay the rent or put the food on the table.”
He added: “We need a $2,000 stimulus check.”
Ed Mills, an analyst at investment bank Raymond James, said in a post-Georgian report: “We expect that people will increasingly expect the Democratic Party to take further steps. The stimulus measures will be led by a check of $2,000 (or at least the remaining $1,400).”
Biden: The latest aid is “advance payment”
Biden described the $900 billion stimulus bill passed last month as a “down payment” for a more comprehensive rescue package. According to Hunter Hammond, an analyst at Highland Securities, this could mean a new package ranging from $1 trillion to $1.5 trillion.
Hammond and Mills predict that a stimulus plan may be introduced in March. That’s because the latest relief measures extend the unemployment plan to mid-March, which has put pressure on Congress to pass the ceiling and adopt additional financial support to continue to provide unemployment benefits to millions of unemployed people.
Hammond predicted that Democrats might push for a new round of checks worth $2,000, and pointed out that Mr. Biden, Warnock and Osoff had all campaigned on this issue. While tripping up for candidates to vote in advance this week, Mr. Biden said that their election will help get $2,000 to check “out the door and immediately to help people who are in real trouble.”
There are 8 million poor people
Even with the previous stimulus aid, there are still 8 million AmericansDuring the coronavirus pandemic. After the crisis worsened the economy, millions of others are experiencing various hardships, from food insecurity to difficulties in paying their bills.
Data from Earnin, a financial services application, shows that the $600 check issued by the US Treasury Department last month may allow the Americans most in need to survive no more than six weeks. The company found that those who had been paying their salaries and received the first 1,200 checks last year spent a week.
Some economists say that before the coronavirus vaccine is widely spread in the near future, a package of more than 900 billion US dollars is needed to help the economy until this summer or autumn.
According to the Economic Policy Research Institute, as much as US$3 trillion may be needed to ensure a rapid economic recovery. The left-leaning think tank pointed out that the recent economic stimulus package did not provide funding for state and local governments. Tax revenues in these countries have fallen sharply due to the crisis.
Although stimulus measures are helping families tide over the crisis, most economists believe that other relief measures are more effective, especially programs for those currently suffering financial hits, such as unemployment benefits. This is because cash payments are almost distributed to every middle- and low-income household, regardless of whether they are financially affected by the crisis.
Gregory Daco, chief American economist at Oxford Economics, wrote in a recent research report: “Cheques are usually not as effective as unemployment benefits. He added that the $900 billion rescue bill” May not be enough to prevent the harsh winter. “