The Grind:
A group of more than 125 economists is calling on Congress to send out more direct cash payments to American families to help them weather the coronavirus pandemic and subsequent economic downturn.
“We urge policymakers to use all the tools at their disposal to revitalize the economy, including direct cash payments, which are one of the quickest, most equitable and most effective ways to get families and the economy back on track,” the economists wrote in an open letter published Monday.
The Details:
Signatories included Jason Furman, a top economist for former President Barack Obama, Alan Blinder, a former Federal Reserve board vice-chairman, and Claudia Sahm, a former Fed economist. The initiative was spearheaded by the Economic Security Project, which advocates for guaranteed income.
The federal government sent out stimulus checks earlier this year as part of the $2.2 trillion CARES Act, which Congress passed in March.
The money could be substantial, particularly for low-income individuals who qualified for the maximum one-time payment of $1,200 (or $2,400 for couples). Read more…