Friday, May 20, 2022

Update on the Fourth Stimulus Check: The Petition Has Reached 3 Million Signatures, What’s Next?

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As the Omicron COVID-19 variant continues to cause a surge of cases across the United States, a petition calling on Congress to send out $2,000 monthly stimulus cheques has achieved its 3 million signature objective.

Stephanie Bonin, a Denver restaurant owner, started the Change.org petition in 2020, demanding politicians to deliver monthly stimulus checks of $2,000 per adult and $1,000 per child for the duration of the crisis. On Monday, the petition passed the 100,000 signature mark.

“That, I believe, is what 3 million people are saying: ‘We just need assurance.‘ We need something we can count on month after month,’ says the group “CNBC spoke with Bonin.

The achievement comes amid a rise of infections linked to the highly transmissible Omicron type that has forced some schools and small businesses to close. In reaction to the shutdowns, Congress has explored providing further assistance, notably to companies.

In April 2021, the Economic Security Project published a paper claiming that stimulus checks might keep about 12 million Americans out of poverty. According to the analysis, more rounds of relief payments could help to reduce the gap between white Americans and minorities in terms of poverty, income, and wealth.

“Evidence from the previous year demonstrates that stimulus checks are the quickest and most effective investments in helping Americans get through this crisis, pulling more people out of poverty than any other single policy,” the report said.

In a 2021 letter to President Joe Biden, at least 21 Senate Democrats echoed the report’s findings, encouraging him to implement recurrent stimulus checks for the duration of the COVID-19 epidemic.

Over 150 economists signed an open letter in 2020 in favor of regular payments as a way to secure the country’s economic security.

As of Wednesday, no members of Congress had indicated that they intend to propose another round of stimulus checks. Since employment opportunities fell in early 2020, the Biden administration has claimed that millions of new jobs had been created.

At the moment, senators are focused on adopting Vice President Joe Biden’s Build Back Better program, which does not include any provisions for more stimulus payments.

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