Stimulus Checks for Years: Biden's Secret Plan to Keep the Economy Roaring?

Biden Stimulus Plan

Stimulus Checks for Years: Biden's Secret Plan to Keep the Economy Roaring?

Millions were likely disappointed Wednesday evening when President Joe Biden, in addressing a joint session of Congress, failed to directly push for a fourth or even a fifth round of stimulus funds. Don't get worried just yet. 

 

For this current round of coronavirus stimulus payments, one hundred sixty-three million checks already have been disbursed to financially wounded Americans.

But it appears that there are plenty of Americans who are clamoring for more.

 

Millions were likely disappointed Wednesday evening when President Joe Biden, in addressing a joint session of Congress, failed to directly push for a fourth or even a fifth round of stimulus funds.

This, however, didn’t come as a big surprise. Many of those who are reluctant to give more monetary assistance have pointed out that Congress has already approved the delivery of three stimulus cash payments—a $1,200 check in April 2020, $600 in December, and the current $1,400 payments under Biden’s $1.9 trillion American Rescue Plan.

But if one peels back the layers of what was said on Wednesday night, there is indeed increasing hope that more help is in the offing. In short, the third round of stimulus payments have done so well, why stop now?

“We kept our commitment, and we are sending $1,400 rescue checks to 85 percent of all American households,” Biden said, per his prepared text. “We’ve already sent more than one hundred sixty million checks out the door. It’s making a difference. For many people, it’s making all the difference in the world.”

In what amounts to essentially a “fourth” stimulus check, know that beginning in July, millions of struggling parents will receive a $250 or $300 payment each month under the expanded child tax credit.

And what about a “fifth” stimulus check? If Biden’s highly ambitious $1.8 trillion American Families Plan—which seeks to boost funding by the billions for education, child care, and paid family leave—eventually gets green-lighted, it will further extend the child-tax credit.

Under the legislation, it will potentially give parents and legal guardians a total of up to $16,200 of cash per child. And those with children living at their home could be the beneficiaries of a monthly $300 check per each child for about four more years—through the year 2025.

As for a “sixth” stimulus check, there are several Washington lawmakers who are pressing Biden to make the larger child tax credit and direct payments permanent.

“For our economy to fully recover from this pandemic, we must finally acknowledge that workers have families, and caregiving responsibilities are real,” said Rep. Richard Neal, who has introduced a bill that will extend the credit permanently.

 

Last month, about two dozen Democratic senators urged Biden to include recurring direct payments in his “Build Back Better” legislation.

“This crisis is far from over, and families deserve certainty that they can put food on the table and keep a roof over their heads. Families should not be at the mercy of constantly-shifting legislative timelines and ad hoc solutions,” the senators’ letter stated.

Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.