Americans are officially two months into wearing the same sweatpants, but there is only so much bread $1,200 can buy.
On a macro scale, America is struggling. The Washington Post reported last week that the country now has 22 million unemployed, wiping out a decade of employment gains and forcing American families into dire straights.
Industries across the board are hurting like never before, with the manufacturing industry posting its biggest hit since 1946 and home construction suffering through its biggest decline in 40 years. The hospitality industry, well, let’s not go there because there’s only so much bad news one can take.
It is becoming increasingly obvious for many Americans that a one-time stimulus check isn’t enough, and some lawmakers are pushing to give Americans $2,000 a month tax-free to fire the economy back up.
Two of those Democratic lawmakers are Ohio congressman Tim Ryan and California Rep. Ro Khanna, who recently introduced the Emergency Money for the People Act, which will provide almost every American $2,000 per month until employment levels reach pre-coronavirus levels.
In an editorial in Market Watch, Ryan claimed that if passed, every American age 16 and older who earns less $130,000 per year will receive this money tax-free.
If passed by Congress in its current state, Americans would receive the following, as transcribed by Forbes.
- Eligible Americans would receive $2,000 in cash per month guaranteed for at least six months.
- These monthly cash payments would continue until the employment to population ratio for people ages 16 and older is greater than 60%.
- The monthly cash payments would not count as income.
- The monthly cash payments would not adversely impact anyone’s ability to qualify for an income-based federal or state assistance program.
Who is eligible for the plan as it stands?
- Every American adult age 16 and older making less than $130,000 annually would receive $2,000 a month;
- Married couples earning less than $260,000 would receive at least $4,000 per month;
- Qualifying families with children will receive an additional $500 per child, with funds capped at a maximum of three children.
- College students and adults with disabilities who are still claimed as a dependent would be eligible. The individual would receive the monthly payment and their parent or guardian would receive the dependent credit.
- Individuals who are unemployed or who had no earnings would be eligible.
The money will also be made available in more ways to avoid the perpetual hang-ups of our current governmental mechanisms. Payments could come in through direct deposit, check, pre-paid debit card, or mobile money platforms such as Venmo, Zelle, and PayPal.
While it is currently unclear whether the Emergency Money for the People Act will be signed into law, Rep. Ryan says it “should be signed into law immediately.”