Wednesday, March 3, 2021

Some of us won't be getting stimulus checks. It's still well worth it.

Can't say I'm especially pleased about this news. Here's a graphical illustration how this changes things compared to prior stimulus checks.
The new Senate bill is that sharply dropping yellow line, which means while the majority of Americans would get a full, larger stimulus check, there is that one segment between $160,000 and $174,000 that got checks the first 2 times, and now will get ZERO.

I don't see what the point of speeding up the phase-out is - there are many other areas to limit the cost of the bill that doesn't cut off as many people, and there are likely quite a few upper middle-class people that will be unhappy not to get a check. But if that's what has to be done for this package to get 50 votes and get through this week, it's worth it. We still have several million out of work with job growth stagnating (as shown in today's disappointing ADP report for February), and we need to keep our foot on the gas until a majority of us are vaccinated. And while it is small ball to speed up the phase-out, it would be even smaller and dumber for the House to make it into a big argument and delay this any longer.

Speaking of petty and stupid.... And the pettiness is not just Ron Johnson himself, but the outdated Senate procedural BS that is going to waste hours and days for...what?

I imagine the official US jobs report is going to be "meh" on Friday, and it'll reiterate that it's time to finish this off, and get the checks out (to most of us, anyway). Then keep pounding on COVID, and step up work on the next economic items - the higher minimum wage and a sizable infrastructure package.


  1. As a retired person with savings, SS and a small pension I don't see why I should receive one (even though I qualify for the highest amount). My income didn't take a hit like many have, I'd rather more went to those who really need it.

    1. Heck, my wife and I are in that income range where we get $0 after getting checks in Spring and in December. But we can live with it, and I'm not asking for sympathy.

      85% of American households are still getting checks, millions of unemployed are getting benefits and staying in their homes, and more funds are going out to get people vaccinated. That's more important, and a big step forward.