The next big stimulus update will come as soon as this week when the Senate votes on its own version of President Joe Biden’s $1.9 trillion economic rescue package that was passed by the House of Representatives last week.
According to one estimate of how things will play out this week, Senate Majority Leader Chuck Schumer will tee up Biden’s stimulus plan for a vote around Wednesday. That will kick-start 20 hours of debate, with the actual vote possibly happening in the early morning hours on Friday. Presumably, the Senate version won’t touch the key provision most ordinary Americans are waiting intently on — the $1,400 stimulus checks — so all that would need to happen after the Senate vote is a conference committee session in which the different House and Senate bills are melded together, and then off it goes to President Biden’s desk for his signature. While everyone waits for that to happen, however, it’s important to point out one thing that a lot of people seem to be misunderstanding what’s coming next in terms of coronavirus-related stimulus benefits. Specifically, about the $1,400 stimulus checks — because some of you are actually going to get a lot more than that in stimulus payments by the time 2021 is over.
To understand why that’s the case, consider some math shared recently by Raymond James Washington policy analyst Ed Mills in a recent analyst note, which we walked through in a previous post:
Indeed, because of the degree to which the federal government will be providing a massive wave of financial support to millions of Americans this year, Mills thinks the equivalent of a kind of shadow universal basic income (UBI) will have finally materialized in the US as a result. Here’s how.
Mills writes that a family of four with household income below $150,000 already got a stimulus check for $2,400 in January ($600 per person). They’re set to receive another $5,600 ($1,400 per person) following the passage of the current bill from President Biden, which “brings direct stimulus payments to $8,000 for the household.” And that’s just through March. ReadMore
Source : bgr