A new nonpartisan study suggests that families that earn more than $75,000 per year in total should not receive another stimulus payment, which President Joe Biden has proposed, The Washington Post reports.
The nonprofit research organization Opportunity Insights found that families that earn more than that amount tended to save the recent $600 stimulus payment, and that they would likely do the same with a second check, which negates the purpose of trying to stimulate the economy or helping those who are struggling to make ends meet during the coronavirus pandemic.
“Targeting the next round of stimulus payments toward lower-income households would save substantial resources that could be used to support other programs, with minimal impact on economic activity,” the researchers note.
John Friedman, Brown University economics professor and the co-director of Opportunity Insights, added to the Post that “We’re seeing a pretty similar effect in how low-income households spent the stimulus in the first and second rounds and a smaller spending impact for high-income households. Low-income households have suffered by far the biggest economic shock. They need the help the most.”
Biden said recently that he’s “open to negotiate” his plan for another round of stimulus payments during remarks on his economic policy on Monday.
“For example, you know I proposed that we — because it was bipartisan, I thought it would increase the prospects of passage — the additional $1,400 in direct cash payment to folks,” Biden said, according to Fox Business. “Well, there’s legitimate reason for people to say, ‘Do you have the lines drawn the exact right way? Should it go to anybody making over X-number of dollars or why?’ I’m open to negotiate those things.”
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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