5 Fast Facts for Wisconsin’s Paychecks
October 7, 2020
Second Stimulus and our Paychecks
American's are trying to #bounceback our economy, and yet Congress still hasn't been able to pass a second stimulus. Now, Trump just said he doesn’t want a big negotiated bill, he wants a “stand-alone bill for $1,200 stimulus checks to Americans and additional funding for airlines and small businesses.”. Here's where the (potential) package stands and how we got to this situation:
- There’s a big disagreement over how much stimulus should be given. It's like when you and your spouse KNOW you want to go out for lunch but WHERE to eat is the big question. Both sides agree on more direct cash payments, but Democrats and Republicans were negotiating over the amount of new funding for state and local governments, K-12 schools, and a bunch of potential tax changes.
- Dems are pushing the $2.2 tril HEROES act, a discount from their initial $3 tril, and are eager to close. Much of this is just business and old fashioned negotiations at work!
- Republicans are saying “What about the long term?!” - GOP Senators, with the national debt and taxpayer bill in mind, think the price of the Dem stimulus is too high and they are quick to pour some cold water on Democrat’s plans. They did raise the price of the (potential) stimulus to over 1 Trillion but now negotiations have stalled. So, Trump is changing tactics.
- What does it mean to me? Well, the stimulus would definitely boost personal income, just like it did with the first stimulus. This means that regular paychecks will have more cash in hand to pay bills and take care of their families.
- What can I expect from a Stimulus? - For sure we’d get more direct payments (think $1,200 or more.) The rest is up in the air. Let’s hope politicians can negotiate in good faith for the benefit of all Americans!