While Americans are still receiving their third stimulus payment, talks have begun on a fourth round of direct payments for Joe Biden’s billion-dollar infrastructure proposal. Recently, a coalition led by Senate Finance Chairman Ron Wyden and more than a dozen top Democrats sent a letter to President Biden asking for much-needed help for American families.
Coalition of US bureaucrats wants to hand out more incentive payments
Senate Finance Chairman Ron Wyden and 21 Democratic senators want President Joe Biden to initiate a fourth round of stimulus payments. The final incentive payment of $1,400 was made. The $8,000 per person or more for Americans with dependents will continue to be distributed.
US senators have sent Biden a letter calling for more regular, targeted and automatically stabilised direct payments to US citizens. The coalition emphasizes that it wants direct payments to be included as a key legislative priority in President Biden’s upcoming stimulus package.
Four days ago, Bitcoin.com News reported that Joe Biden was urging Congress to approve his infrastructure plan to rebuild a better America. Originally estimated at about $2.25 trillion, Biden’s proposed package appears willing to compromise.
However, with the letter that leading Democrats sent to Biden, and if he agrees to add direct payments, the incentives could be much greater. The letter notes that senators are concerned about the gap that hangs over the unemployed if the extension of unemployment insurance is approved on the sixth. September is over.
The letter, signed by Bernie Sanders, Elizabeth Warren, Edward Markey, Sherrod Brown, Debbie Stabenow, Richard Blumenthal and others, states that the senators believe there are many reasons to continue the payments. A group of senators believe that President Biden should show courage and immediately help the ailing American people.
The letter states:
It’s time to show courage. As you prepare your Build Back Better plan for long-term economic recovery, know that we are prepared to work with you to support regular direct checks and extended unemployment insurance benefits to help Americans still struggling with the pandemic.
CPI rises to 2.6%, politicians and economists agree on stabilizing the economy with automatic payments
However, this week data showed that annual consumer price inflation in America rose to 2.6%, the highest level in two years. Following the money creation in 2020 and 2021, numerous reports in mid-March showed that Americans were beginning to worry about inflation and loss of purchasing power. A study found that 77% of Americans are concerned about rising inflation, and an inflation rate of 2% to 2.6% is considered a myth according to a number of statistics.
According to Bitcoin.com News, U.S. bureaucrats and central bankers often don’t seem to care about inflation, and the letter to Biden highlights this fact. Indeed, the newly appointed governor of the Federal Reserve Board in Washington, Christopher Waller, is not too worried about rising inflation. I think it will be temporary, Waller said in an interview on CNBC.
The letter to President Biden calling for more direct payments also cites a poll showing that 65 percent of Americans support regular cash payments during the pandemic. The letter, supported by 21 senators, also noted that 54 percent of Republicans and 60 percent of Independents support the idea. The Democrats also have the support of economists, as the letter notes that 150 economists support the idea of automatic stabilizers.
What do you think of the fourth encouragement test? Let us know what you think in the comments below.
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