Fourth Live Update from Stimulus Control: Child Tax Credit Extension to 2025, New Payment in California, Unemployment Benefits …
Automatic stimulus checks
The third and most recent stimulus check has been released six months ago now, and despite the pressure from several sectors for a fourth control, there seems to be little appetite right now in Washington for a fourth round of stimulus payments into the legislation.
However, there are now calls for the process of issuing stimulus checks to be made automatic, with payments triggered by certain economic indicators, such as unemployment rates exceeding a certain level.
The advantage of so-called “automatic stabilizers” is that they would avoid any political struggle over stimulus payments. Although, of course, getting the stabilizers into law in the first place will take a fight, although Biden may think he can win, given the Democrats’ stance in both chambers.
Joint statement from seven members of Congress who sit on Ways and Means Committee calls on Biden to automate both direct stimulus payments as well as UI supports.
âRecurring direct payments have broad support from both the general public and economic experts. Polls show that 65% of Americans support recurring cash paymentsâ for the duration of the pandemic. âThis includes support from 54% of Republicans and 60% of Independents. Economists also support the idea. More than 150 economists recently wrote an open letter supporting automatic stabilizers as part of a strong recovery and warning against repeating the mistakes of the Great Recession, when insufficient response resulted in unnecessary suffering, especially among working poor, âthe statement read.