Charlotte, NC – Across the nation, the coronavirus has created issues for Americans. From dealing with economic shutdowns to navigating distancing and masking requirements, Americans have certainly changed their normal activities.
A lot of Americans have faced financial issues. These range from job loss, job reductions, furloughs, and lost wages due to the shutdowns. Millions of Americans have filed for unemployment, and the government has made multiple efforts to help through stimulus plans.
The Paycheck Protection Act helped businesses maintain payrolls amid the coronavirus pandemic. The Cares Act provided cash payments to qualifying Americans and expanded unemployment benefits. Now, it appears that Congress is looking to what is next.
Democrats have proposals on the table, such as the Heroes Act. Republicans have withheld from making promises, other than the desire to eliminate the expanded unemployment benefit. President Trump previously requested payroll tax credits as part of the next plan.
It seems he has changed his mind as he now supports additional cash payments to Americans. On Wednesday, he suggests that he wants to send more money to Americans, but this wasn’t the only surprise. Not only does he want to send money, but he wants to send more than the Democrats want.
Democrats have a wide range of suggestions that they have floated. They proposed $1200 per adult and dependent to a max of $6,000 in the Heroes Act. Other proposals have included $2,000 per adult and dependent each month. Trump said that he wants more than the Democrats have suggested.
Trump’s proposal would be for more than $1200, but what is his desire? No exact amount was given. Other suggestions were back to work bonuses for Americans to encourage them to return to the workforce instead of drawing unemployment.
CNBC cited some economists who want to reduce the unemployment benefit amount, but continue the expanded federal benefits. The proposals are all across the board from both sides of the aisle.
Congress is expected to work on a package this month before they recess in August. It’s likely that it would pass later this month. Any move to provide additional relief would continue to add to the national debt. Can our nation handle any more debt?
Congress and President Trump is in a precarious position. Millions of Americans are still out of work, and the amount of jobs that will return is unknown. Yet, the US has to address the issues with the national debt at some point. We simply cannot continue to borrow our way to prosperity.
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