I am pleased to have signed this open letter, along with over 150 economists, in support of ongoing cash stimulus payments in response to the recession triggered by the Covid-19 pandemic, and anticipating the July 31st cliff when benefits from the previous stimulus bill will end.
Among the main points:
“Direct cash payments are an essential tool that will boost economic security, drive consumer spending, hasten the recovery, and promote certainty at all levels of government and the economy – for as long as necessary….
The economic pain is widespread and the need for immediate, bold action is clear….
Regular, lasting direct stimulus payments will boost consumer spending, driving the economic recovery and shortening the recession….
Automatic stabilizers ensure relief for as long as it is needed, promoting a strong recovery and efficient government.
With many unknowns, it is critical to enact policies that will help promote a robust, sustained, racially equitable recovery and will stay in place until Americans are back on their feet….”
The letter was organized by the Economic Security Project and the Justice Collaborative as part of a campaign for Emergency Money to the People, cash payments that will be large enough to address the scale of the crisis, regular, and lasting until the crisis is past. The letter also calls for “extended and enhanced unemployment benefits; substantial aid to state and local governments; stronger SNAP benefits; robust child care funding and more.”
Call this to the attention of your organization, and consider signing the petition, calling for $2000 per month for every American.
In addition to calling for national legislation, there are many measures that can be taken at the state level, such as expanding state level Earned Income Tax Credits, reducing the phase-in, and providing an unconditional income floor.
Now is the time to make your voice heard about the need for emergency cash payments.
Coordinator, USBIG (the views expressed here are those of the author)