With the arrival of $600 stimulus checks on the horizon, many are left feeling unimpressed. After nine months of this pandemic, the U.S. government has decided to provide additional financial support, but don’t get your hopes up—it’s just $600 per person. When you add this to the initial $1,200 distributed in April, it amounts to $1,800 over nine months, which breaks down to a mere $200 a month. This is hardly sufficient during a global health crisis that has led to widespread unemployment.
Understandably, there’s been widespread frustration over this meager amount, and some media outlets even had the nerve to offer “advice” on “how to spend your stimulus checks,” as if $600 were a fortune that needed careful management. Treasury Secretary Mark Johnson announced on CNBC that these funds could reach bank accounts as soon as next week, while asserting that people would go out and spend the money, thereby stimulating the economy. This notion is laughable, as many individuals will simply use the funds to cover essential bills like rent and mortgages.
Moreover, not everyone will qualify for the full $600. According to CBS News, individuals earning up to $75,000 will receive the full amount, while couples with incomes up to $150,000 will receive $1,200. Those earning above these limits will see their checks reduced by $5 for every $100 over the threshold, based on 2019 income figures—long before the pandemic impacted employment.
In the meantime, memes have circulated online humorously depicting how people might spend their checks. However, the stark reality remains: $1,800 over nine months is a joke, especially when state leaders seem to be making arbitrary decisions about managing the pandemic. The options appear to be either keeping businesses open, risking increased COVID spread, or enforcing shutdowns without providing adequate financial relief for those who are out of work.
As of October, the U.S. unemployment rate stood at 6.9%, a significant rise from 3.5% in February before the pandemic began. Included in the stimulus package is an extension of the eviction moratorium, which has been pushed to the end of January. This only means that individuals cannot be evicted until January 31, 2021, but they are still responsible for paying rent. Estimates suggest that renters affected by the pandemic may owe as much as $25 billion in overdue rent alone.
On a brighter note, the incoming administration of Joe Biden is advocating for more substantial stimulus checks in the next COVID relief package. The anticipation for January 20, 2021, cannot come soon enough.
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In summary, the announcement of $600 stimulus checks has left many feeling disappointed, as this amount falls short of what is needed to support individuals during the ongoing pandemic. While there are some positive signs for future relief packages, immediate financial support is still insufficient for millions of Americans facing economic hardships.