Saved Stimulus Checks Expected to Help Spur Economic Recovery - Leon

 Leon Hoang

Mr. Roddy

IHSS

Feb 3, 2021

Saved Stimulus Checks Expected to Help Spur Economic Recovery

Since Congress passed the $900 billion stimulus bill last year, many families and households have been receiving $600 in relief money. Regardless of that, Americans saved up to $1.4 trillion because of the COVID-19 pandemic. This is mainly because of people not risking to go to various public places such as; beaches, hotels, restaurants, in general not going out as much as pre-covid. “In this unusual recession, governments have been unusually generous, people have not been able to spend the money, and hence they have the money and will to spend,” says chief economist, Holger Schmieding. However not every case is like that. Throughout the epidemic, many small businesses have shut down, consequently causing millions of jobs to be lost. Some say that that government $600 is the only thing “keeping them off the street.” As of now, Republicans and Democrats are locked in a battle for a $1.9 trillion stimulus bill in which democrats are pushing for, while met with heavy republican resistance. However, there is one unified goal that everyone is trying to achieve: restoring the economy after the pandemic.

I think this article is really interesting and relevant to current events, as most political news on the media is about the upcoming stimulus checks. Something left unanswered in my opinion is why Republicans are against this bill. Doing outside research it seems like they want the stimulus to go to a target a specific class. “Some moderate Democrats have joined many Republicans in pushing the administration to narrow the scope of recipients for the direct checks to more directly target low- and middle-income Americans. Such a move would shave hundreds of billions of dollars off the proposal’s overall cost.” (Times) President Biden, who is a firm supporter of this is encouraging conservatives to aid him but it’s unlikely they change their minds. As for how this applies to us as adolescents, the recent $600 was directed to children ages 16 or younger, which is generally our age group.


https://www.wsj.com/articles/saved-stimulus-checks-expected-to-help-spur-economic-recovery-11611657001 

https://www.nytimes.com/live/2021/01/29/us/biden-trump-impeachment 

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