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As someone who believes we as a country need to get our finances, budget and deficit in order but also understands that we have been hit by a global plague and millions of people need help, I believe that the stimulus checks should go to Seniors and vets (who are already underpaid because COLA has not kept up with inflation for years) and to people who lost their jobs.
If we simply give checks / payments to everyone regardless of if they lost their job or not, we are just increasing the deficit and giving it to many people who do not need it. While many people are struggling with lost jobs and lost income, many have maintained their employment status and income during this global plague. Stimulus / relief would just be a bonus paid by the taxpayer to many people if not effectively targeted.
The IRS has month by month (up to date info) on what each working US citizen was paid and paid in taxes each month in 2019 / 2020. If someone lost their job or had significant hours cut in 2020, there would be a discrepancy and deficiency for that worker compared to the previous year that could be seen by the IRS. Because the IRS has that specific info, I believe more targeted relief can be achieved for those who truly lost their jobs / had significant hours cut.
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As long as it called "stimulus" it has to go to everyone, whether they need it or not, because it's meant to stimulate the economy with people buying things they might not otherwise. If they change it to "relief" money, then it should be targeted to those that are in need. People like me that not only have been able to keep working from home but have gotten a raise this year do not need it, but we have bought things to help the economy such as furniture and a new SUV and get take out from local restaurants weekly. If we don't get any more stimulus money we'll continue to support our local business.
I went with "More Targeted - not necessarily to Seniors and Vets." I added that word and emphasis myself.
I think the stimulus should be targeted, in part, by comparing an American's 2020 earnings to their 2019 earnings. If their 2020 income is 100% or more than their 2019 income - and they are still employed currently - no stimulus checks.
From there, a sliding scale for "full stimulus" to "partial stimulus" to "no stimulus." We could lower the price tag while getting more help to those that need it.
If veterans happen to fall in the "lost income" category, they get stimulus. If they were not effected financially, then they do not. Same with seniors. I'd imagine that seniors that are on pensions and drawing on retirements funds were less effected by job losses due to COVID than those that were relying on a paycheck.
Of course, if someone wants to educate me on why we should give extra stimulus to veterans and seniors regardless of how their finances changed due to COVID, I'm all ears. Maybe I missed something.
I just don't see the point in giving stimulus checks to those that have retained their job and their income level.
In case it matters, I generally vote Democrat. That's just my feeling on stimulus.
Surely also sending checks to people who don't necessarily need it, would mean that that money would likely go straight back into the economy in terms of consumer spending? Or GME stock.
Not entirely sure how a cash injection to just those who will pay back dated rent or mortgage payments help the overall economy.
I am not an economist, if that wasn't already abundantly apparent.
If they are not going to check and target those who lost jobs or hours here (which I think they should do) but issue a check regardless, I agree (partially) with the Republicans and some economists on this topic.
Smaller bill, less deficit, more targeted help to those who need it most (to pay bills, rent etc and not default on payments).
The lower income threshold (limit set by Republicans) is meant to exclude people who have not been hurt financially by the pandemic and target those who need the money the most.
The GOP relief plan would also provide smaller payments than Biden's. It calls for $1,000 checks and would provide the full payment to individuals earning less than $40,000 a year and couples earning less than $80,000 and gradually phase out altogether.
Lower payments means a smaller total bill for taxpayers.
Biden's plan would cost $465 billion, according to the non-partisan Committee for a Responsible Federal Budget, while the Republicans say their measure would cost an estimated $220 billion.
Some economists agree that new direct payments should be more targeted, arguing that the money that has gone to individuals not financially hurt by the pandemic does little to help the economy.
Last edited by txbullsfan; 02-02-2021 at 08:23 AM..
If it is meant to be stimulus and not aid -- then I guess all the arguments presented for everyone getting it makes sense.
The stimulus package isn't just about payments to tax payers, but includes other funds for assisting individuals/small businesses right?
So it really is a stimulus/aid bill.
If it is meant to help those in need -- of course we all don't NEED it.
That's where serious dialogue needs to happen and should have been happening since last spring. I was glad to see the 10 Republicans returning to the White House again today to continue the discussions.
I hope both sides 'cave' on some things to end up with a plan that may not be perfect for everyone but seems to hit most of what everyone is calling for. That's how it should be.
For me -- more targeted to those in need is preferred. I'm not more inclined to spend if I get a check or not.
There will never be any plan that solves all economic problems, or satisfies everyone's idea of what should happen. We just need some kind of compromise.
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