Full Article Out Now On Forbes
No, There Is Not Growing Support For A Second Stimulus Payment
I hate to be the bearer of bad news, but here it is: there is no growing bipartisan consensus to issue a second stimulus check, whether a one-time payment or a monthly, recurring payment. Republicans are stymieing efforts and, given their control of the Senate and the White House, the concept is as good as dead without their backing. If anything, recent Republican commentary has coalesced against a second round of direct payments.
Yes, Another Payment Would Be Incredibly Impactful
While the first round of stimulus payments – $1,200 for individuals, $2,400 for those filing jointly, and $500 for each qualifying dependent child – was crucial for many Americans, it wasn’t enough. A Bankrate survey found that 55% of respondents anticipated that economic impact payments would sustain them for less than three months. Another survey, conducted by SimplyWise in mid-April, not only reinforced this point, but also underscored the predicament many Americans are in; 63% responded that they would need another stimulus check within three months.
Almost immediately following passage of the CARES Act, new proposals for additional direct aid to Americans started popping up. Most recently, there has been increasing Democratic supportfor a proposal that Congressmen Tim Ryan and Ro Khanna had put forward in mid-April, the Emergency Money for the People Act, to provide $2,000 monthly payments to qualifying Americans.
The operative word, however, is “Democratic.” Adding 10 Democratic co-sponsors to a Democrat-sponsored bill is not going to move the needle without support from the other side of the political aisle; it certainly doesn’t signal increased consensus for a second stimulus check. It is the equivalent of a husband thinking that new support from his ten best friends increases the likelihood of winning an argument with his spouse; or, in the political realm, the same as more people in California, a state that awards electoral votes on a winner-take-all basis, announcing in 2016 that they were voting for Hillary Clinton.
Republican Reality Check
Our equivocator in chief only added noise to the mix with his comments on the subject. Asked on April 6 if he would consider a second round of direct payments, Trump said, “we could very well do a second round of direct (payments),” adding that it “is absolutely under serious consideration.” Trump has since moved on to his new flavor of the week, payroll tax cuts, telling a Fox News virtual town hall on Sunday, “I want to see a payroll tax cut on both sides, a very strong one, because that’s going to really put people to work.” For what it’s worth, most mainstream economists, like Betsy Stevenson and Justin Wolfers, strongly disagree.