Proposed Bill Would Give Americans $2,000 A Month Until Economy Recovers

[figmentofmyass]

Are the people who proposed this credible characters? Never heard of either of them.

apparently they are the same representatives behind the first $1200 stimulus payment. that says something.

house reps are lesser known than senators because there are so many of them---435 vs 100. i don't know these two by name, but i recognize several of the bill's co-sponsors as well known political veterans.

I found the one off $1200 pretty weird. It would've been better to drip feed the same amount on a tiered basis but perhaps that's too close to UBI for their liking. Maybe they thought the idea of a one time windfall was less Unamerican.

i feel like there was an assumption at that time that the lockdowns might only last a few weeks, then life would return to normal. now everyone is grappling with the reality that it won't.

You cant really call it an UBI if it is just a temporary. UBI is a regular pay that happens every month.

okay but the way this is framed, it's not temporary. it renews every 6 months until employment levels return to pre-coronavirus levels, which will take years, if ever.

i also have a feeling that if people get monthly payments for the next year or two, there's no going back. if people get a taste of UBI as an alternative to working horrible paycheck-to-paycheck jobs that only enrich corporate executives/shareholders, they're not gonna go back to their old lives. there will be a serious push for social changes.

that's the biggest reason for conservatives to oppose this now---it will permanently change how the population views entitlements going forward.

[figmentofmyass]

$2k a month seems to be a popular idea.

a different group of house democrats has proposed another bill promising $2k monthly payments to americans through the end of the pandemic, and $1k/month for a year after:

WASHINGTON, D.C.  – Today, Congresswomen Rashida Tlaib (MI-13) and Pramila Jayapal (WA-7) unveiled the Automatic BOOST to Communities (ABC) Act, legislation to immediately provide a $2,000 payment using BOOST debit cards to every person in America as critical relief during the COVID-19 crisis, followed by $1,000 recurring monthly payments for one year after the end of the crisis to help our country and families recover. The ABC Act would be funded directly from the Treasury with no additional debt issued by minting two $1 trillion coins, and additional coins as necessary.
https://tlaib.house.gov/media/press-releases/tlaib-jayapal-introduce-groundbreaking-bill-deliver-universal-recurring

just mint a couple more $1 trillion coins. why not?

as an interesting side development, the bill necessitates the creation of a fed-issued digital dollar, which would replace debit cards in the stimulus program by 2021: https://www.coindesk.com/digital-dollar-reintroduced-by-us-lawmakers-in-latest-stimulus-bill

meanwhile, a fed official said today that ongoing small business bailouts may require $500 billion spending per month: https://www.reuters.com/article/us-health-coronavirus-fed-bostic-idUSKBN21Y2MG?taid=5e9906f65a107f0001b4b6fb

no matter how you cut it, there's a lot more helicopter money coming. it's only a question of what form it takes.

[royalfestus]

With this amount of new USD money in the economy, I believe the BTC and other main cryptos will fly us quickly.

I hope that you understand that you can't give money that you do not have. This means they will have to make money. So they will print money and give it away for people to spend.

They'll dillute the dolladr and make it worth even less and that 2000 that people will think is a lot will kick them in the ass a year later when they'll have to pay $20 for a pack of cigarettes.

This is not just happening in America but even to some countries who gives financial assistance to all senior citizens and persons with disabilities and even to those citizens who are not able to go their work because of covid 19. This means printing more money until this crisis comes to an end.

America has more casualties than any other country and this put more pressure on them than any other government, the Government had also enjoyed support of everyone to put a palliative measure for the citizens. The pressure will reflect on the country's economy than any other country and the currency will lose a lot of value. Every Government is just trying all available ideas, no exact solution for now and Vaccine will be more reliable

[bakasabo]

America has more casualties than any other country and this put more pressure on them than any other government, the Government had also enjoyed support of everyone to put a palliative measure for the citizens. The pressure will reflect on the country's economy than any other country and the currency will lose a lot of value. Every Government is just trying all available ideas, no exact solution for now and Vaccine will be more reliable

Recently I've read that president Trump proposed to give once-only $1,000 cheque and this offer was ridiculed by former head of IMF. That time Italy was leading with casualties amount. Now, sadly, America is leading and the amount and everything turned to $2,000/monthly. Cant imagine how long it with take for economy to recover from all that...

[Ibizugbe1]

The nation will need to lay down and sacrifice for her citizens as they deal with a on-human enemy. Whatever is done to mitigate the suffering of the power this period is good provided it's done in good faith. And I hope people will be wise enough to know that inflation is imminent from printing money from the thin air. Wise fund management is needed.

[jacafbiz]

I don't see how this would pass, why do I need to seek for job again when I know at the end of the month a big brother is going to airdrop $2k into my account, $2k per month doing nothing, I think this would even slow down the recovery. Though never say never in an election time but I don't see how this would be sustained.

[DooMAD]

I don't see how this would pass, why do I need to seek for job again when I know at the end of the month a big brother is going to airdrop $2k into my account, $2k per month doing nothing

Because there will be fewer jobs to seek if large numbers of businesses go under.  Think about it.  If you combine the issues of companies being forced to close for a prolonged period of time, and then on top of that, some people being laid-off or "furloughed", reducing their household income and giving them less money to spend once companies can open for business once again, it's not a comfortable position for businesses to be in.

[figmentofmyass]

I don't see how this would pass, why do I need to seek for job again when I know at the end of the month a big brother is going to airdrop $2k into my account, $2k per month doing nothing, I think this would even slow down the recovery. Though never say never in an election time but I don't see how this would be sustained.

there is undoubtedly more money printing coming. if the alternative is corporate bailouts, i'll take stimulus over bailouts any day. pelosi and trump say they are both open to more stimulus payments. a growing number (62+) of senators/congressmen want to make those payments recurring.

$2k/month isn't really shit in most parts of the USA. for many people, it wouldn't even cover their housing---definitely not a replacement for a job. on the other hand, it might be enough to keep the housing market from totally collapsing from rent/mortgage defaults. a more direct route to that end would be rent/mortgage forgiveness, which is now also on the table. stimulus payments would have the added bonus of stimulating consumer activity, which would obviously help keep businesses afloat and prop up the economy.

deflation (drops in prices due to economic collapse) will soon set in if something isn't done. they need to either reopen the economy and risk letting the virus ravage the health care system, or print money to plug the bleeding. the former option is obviously favored by fiscal conservatives, but the reality is it may end up costing taxpayers even more if the health care situation worsens as a result.

[panganib999]

This would be just good if it would be passed because the same thing have happened here in our country wherein our government have provided a financial assistance for all the poorest of the poor up to the middle class people that are affected by the pandemic which brought quarantine, works to be temporarily postponed so no work no pay will be implemented and the financial aid is a help for those people to survive up until the workplaces are open to provide jobs that will be a source of income.

Actually it is not bad to pass that bill since it is a certain need of people that are needed to be attended so why worry or think about passing the bill if it will benefit many people? Although it is pricey because it is up until the economy recovers, maybe the bill could undergo certain revisions pursuing only those who are only in need to have that financial assistance.

[Vishnu.Reang]

These lawmakers never fail to surprise me with their lunatic ideas. I just hope that the bill won't pass. $24,000 per year to every working age individual would mean that the federal debt will rise by at least $5 trillion in a single year. As of now, the United States Dollar is doing well when compared to the other fiat currencies. But if they do something like this, then that situation might change.

[hunter7519]

more helicopter money on the way?! everybody over age 16 would get $2k/month, no questions asked:

Washington, DC – Today, Representatives Ro Khanna (CA-17) and Tim Ryan (OH-13) introduced the Emergency Money for the People Act to provide additional cash payments for hard-working Americans who have been impacted by the COVID-19 pandemic. While the CARES Act was an important first step, its one-time payment does not provide nearly enough support for American families.

The Emergency Money for the People Act expands relief to more Americans and includes a $2,000 monthly payment to every qualifying American over the age of 16 for up to 12 months. It also fixes a bug in the CARES Act to ensure college students and adults with disabilities can still receive the payments even if claimed as a dependent. The Emergency Money for the People Act additionally recognizes that not everyone has a bank or a home address to receive a check –  so it allows individuals to get this money through direct deposit, check, pre-paid debit card, or mobile money platforms such as Venmo, Zelle, or PayPal.

Under the Emergency Money for the People Act, monthly cash assistance payments would be guaranteed for at least six months and would renew for another six months unless the employment-to-population ratio for people ages 16 and older returns to the pre-covid crisis employment level of 60%. These payments would not count as income in order to protect eligibility for any of the income-based state or federal government assistance programs.

Reps. Khanna and Ryan proposed the first cash infusion plan a month ago, which the Administration and Senate Republicans embraced, and was passed into law with the CARES Act. But as a record-number of Americans have filed for unemployment in the past weeks, it’s clear a one-time payment will not be remotely sufficient. In some places, this doesn’t even cover a month’s rent.

https://khanna.house.gov/media/press-releases/release-representatives-ro-khanna-and-tim-ryan-introduce-legislation-send

could this pass? 17 co-sponsors and counting. i never thought UBI would be on the table so soon, but with the economy on the verge of collapse, unemployment skyrocketing, social unrest around the corner.....it doesn't seem impossible anymore.

thoughts? what are the limits of money printing?

The proposal is still under consideration, but I strongly doubt it will happen.

Then again, I strongly doubted the initial $1200 payment was going to happen, but it totally did.

It’s not as bad an idea as it seems at first appearance. It’s expensive, sure, but this is effectively a world war (it will kill a world war’s worth of people and every nation is fighting the enemy together, because we all collectively have no choice), so the appropriate question is not “is this more expensive than your average Tuesday” but more “is this more expensive than World War II was?”

It seems reasonably obvious to me that if you order people not to work, you must also provide them a way to feed their families.

You cannot do one without the other or there will be riots, and not without justification.

[fiulpro]

There is a reason why its still proposed and not yet evaluated and in action , there is no way that everyone can receive 2000$ per month till the economy recovers. When they don't even have enough to buy masks and PPE for the Frontline workers?
This is absurd and they are mocking the whole system itself . We don't have any idea when this corona pandemic will subside but we do know one thing and that is *it is not going anywhere for a year or two* , how do they expect to pay 2000$ per person , per month for millions of them out there ? This is what a scam means .
They would either burn their whole economy down or make false promises and become the laughing stock of the whole nation , both of them is pretty sad . Don't give people false promises when you are just cooking up a recipe for self destruction of the economy yourself.

[Del137]

Where they will get enough money for this? 10% inflation by the end of the month?

[dejuan]

the fact it is discussed shows craziness of US

[btc_angela]

There is a reason why its still proposed and not yet evaluated and in action , there is no way that everyone can receive 2000$ per month till the economy recovers. When they don't even have enough to buy masks and PPE for the Frontline workers?

I think they have the budget to buy those essentials like face mask, however, Trump is not recognising or if he did, it is late already as the US suffers worst than expected. He was even seen wearing face mask for the first time and it's a good sign that he is taking the matter seriously now.

This is absurd and they are mocking the whole system itself . We don't have any idea when this corona pandemic will subside but we do know one thing and that is *it is not going anywhere for a year or two* , how do they expect to pay 2000$ per person , per month for millions of them out there ? This is what a scam means .
They would either burn their whole economy down or make false promises and become the laughing stock of the whole nation , both of them is pretty sad . Don't give people false promises when you are just cooking up a recipe for self destruction of the economy yourself.

But I would agree that $2K is not sustainable in the long run specially if there is no cure in the next 1-2 years.

[DooMAD]

the fact it is discussed shows craziness of US

Except it's not crazy in the slightest.  Other countries actually went ahead and implemented similar schemes.  Just look at their neighbours to the north as an example.  Arguably, their economy is doing much better than the US as a result. 

The crazy part is where so many people equate such policies with Communism because they are so heavily indoctrinated to believe such stupid things. 

[justdimin]

In USA? Are you guys crazy? Whoever put this out as a bill has literally no idea who controls the senate and doesn't have a clue about republicans and corporate democrats. I mean this is the type of thing that wouldn't pass but not only wouldn't pass, but would require a lot of work to be in even voting. They only allowed that 1.200 check once and that was with giving out hundreds of billions of dollars in bail out to companies and gave this 1.2k small amount to each person so they wouldn't care about the huge bail out to companies.

Now you are telling us that government should give 2k and help out people who are in dire need of it? They would give out 10 trillion dollars to banks and their buddy companies before they give 100 billion to people who need money, that is how terrible politicians are.

[Yatsan]

It seems like that bill will still undergo a very long process knowing USA, they have lots of bills and cases that are still hanging so the possibility of that bill to pass is still too far to happen and it might take long that the pandemic was already over it is still remain a proposed bill. Added by the fact that it is quite impossible to fund $2,000 to the beneficiaries affected by the pandemic until the economy recovers.

We all know that all affected countries around the globe are undergoing financial crisis and that was all because of economic declination brought by this covid-19 pandemic. $2,000 was already a big amount and USA was a real big country that it would take tons of money to fund all the Americans until such time that the economy will recover. If that proposed bill will pass, it will be a great help for the people but still the big question is how could it be possible to fund that amount? and when will the proposed bill will be passed as a bill? It is still an underlying question.

But actually such thing of providing financial aid to those who are directly affected by the pandemic have already been done here in the country where I reside. I just don't know if USA can carry out doing the same thing being a country having a big population.

[Salauddin1994]

It is almost impossible for Americans to pay 2,000 a month until the economy recovers, given that each country's economy is currently in a state of disarray. Since most of the countries in the world trade in dollars. That is why America is dominating all other countries economically. He is imposing economic sanctions on any country if he wants. It is a tool of America's economic warfare, through which he cripples his disliked country. The Iranian country of Persia is the latest victim of the sanctions.

[exstasie]

The proposal is still under consideration, but I strongly doubt it will happen.

Then again, I strongly doubted the initial $1200 payment was going to happen, but it totally did.

It’s not as bad an idea as it seems at first appearance. It’s expensive, sure, but this is effectively a world war (it will kill a world war’s worth of people and every nation is fighting the enemy together, because we all collectively have no choice), so the appropriate question is not “is this more expensive than your average Tuesday” but more “is this more expensive than World War II was?”

The difference now is the national debt vs. GDP has already surpassed the height of WWII, and that happened back in April. Where does it end? The obvious worry is the US is going to follow in Japan's footsteps.

It seems reasonably obvious to me that if you order people not to work, you must also provide them a way to feed their families.

You cannot do one without the other or there will be riots, and not without justification.

Well that's why the Republicans are pushing for incentives on the supply side like a back-to-work bonus, payroll tax cuts, etc. They can't keep doling out entitlements and preaching fiscal responsibility with a straight face.

The ongoing payment thing will never pass the Senate. I think we'll see a compromise in the form of another $1,200 payment, just like the first one. That'll be it until and unless things reach crisis levels again.