SECOND ROUND OF STIMULUS CHECKS!?!
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So as I'm sure you know by now, the US government recently passed a 2.2 trillion dollar stimulus bill that includes hundreds of billions in loans, grants and other types of support for small and large businesses. But the most important part that you probably care about is the $1,200 stimulus checks that most Americans will be receiving. And while at the time of making this video not a single person has received a check, the US government has already started discussions on the second round of direct payments to American workers. So today let's look at what this next stimulus bill could look like and how it will affect you and your financial goals.
While it is unclear at the moment exactly what these payments would look like, several ideas have been tossed around by members of Congress, various senators, and even the president himself. The first and most obvious is an additional $1,200 check just like the first round to American workers. However, it has been mentioned that the qualifications to receive this check could be expanded as there were a number of loopholes in the first round of checks. For example, many college-age students are still claimed as a dependent on their parents' taxes but are over the age of 16 and therefore their parents do not receive the additional $500 in their stimulus check. This means that these college students who are mostly out of the job as a result of their universities closing do not receive any payment as a part of the most recent stimulus check.
Another form of payment that could be included in the next round of stimulus checks was a new idea mentioned this past week by Minority Leader Chuck Schumer who wants what's called“ Hazard pay” to be included in the next stimulus bill. This would increase pay for essential workers, including those in the healthcare field, in sanitation and even individuals who work at grocery stores. The proposed fund would increase pay up to $25,000, or $13 an hour, from the start of the crisis to the end of the year.
So as far as you as an individual, it's very likely that you may receive an additional payment and depending on your line of work, you could even see a hefty pay raise that could even back pay to the beginning of this health crisis. But where is all of this money coming from and what are the economic repercussions of handing out so much money left and right.
So the most obvious issue with pumping 2 trillion dollars or more into the economy that has been brought up by Economists across-the-board is the issue of hyperinflation. However, I would say the chances of extreme hyperinflation where a roll of toilet paper cost 2.6 million dollars is extremely unlikely to occur here in the US. In the end, you may see some minor price changes in your everyday life but I would say take advantage of these stimulus checks in every way you can. The US government is probably going to pass their stimulus bill regardless of how you feel about it so you might as well make yourself feel a little better by taking advantage of these stimulus bills in any way you can.
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