Congress is still working to find a compromise when it comes to the next COVID-19 relief package, which could include a third round of stimulus payments for some of those living in the Miami Valley.
The debate over who should get a check is a hot topic and some say only people who need it should get it, while others say everyone deserves the money.
The proposed $1.9 trillion American Rescue Plan proposed by President Joe Biden, if passed by Congress, would include that third round of direct payments. But, there’s a divide when it comes to who should get the money.
“I think everyone should be able to get it because I think everyone should be able to decide if they want to save it, you never know people’s situations,” said Megan Edmonds, of Miami Twp.
Other say the money should only go to those financially struggling.
This month, the Senate approved a plan to block “upper income citizens” from receiving the next round of stimulus checks and now lawmakers are working to define what “upper income” will mean.
One suggestion was giving the money to those making $50,000 or less. House leaders rejected that proposal Monday, instead proposing checks for individuals making $75,000 or less, which is the same threshold used to determine checks in the first two rounds.
“Since it’s so uncertain with the future, you always want to have things for a rain day because you never know when things are going to happen. People lose jobs, things like that, you always want to have something extra,” said Kobe Jones, of Dayton.
Barry James, President and CEO of James Investment Research said those who need it should get it, but cautions of the potential consequences long term.
“We still have 10 million people who have lost their job in the pandemic,” James said. “It’s going to pose some problems because eventually we have to pay that debt. We will pay it through higher inflation or higher taxes.”
Harvard University’s Opportunity Insights Economic Tracker researchers found households earning under $78,000 annually quickly spent their second stimulus checks after receiving them in January. Those with higher incomes stashed away most of the money, according to their research.
“It doesn’t really help the economy, we have well over a trillion dollars socked away, the saving rate has gone through the roof. It’s good for people to have for a rainy day but if it doesn’t get out into the economy, then it’s not stimulating the way we want it to,” James said.
Back on Capitol Hill, nothing has been decided, so the stimulus check debate continues as millions watch to see what happens next.
Cox Media Group
