The Largest Stimulus Package in U.S. History
By The Policy Circle Team
Congress voted Wednesday to approve the latest COVID stimulus relief package. At $1.9 trillion, it’s the largest spending package in American history. The legislation, passed via budget reconciliation, will now head to President Biden for signature on Friday. Stimulus checks are scheduled to begin going out before the end of the month.
The bill approves $1,400 stimulus payments for individuals making up to $75,000 and couples making $150,000. It will also extend weekly $300 unemployment insurance until September. Other highlights include:
- An increased child tax credit in 2021 of $3,600 for children up to age 5 and up to $3,000 for ages 6–17.
- $125 billion for K-12 schools and nearly $40 billion for higher education to help schools reopen.
- More than $25 billion through a Small Business Administration program that would assist restaurants, bars, and other food and drink providers.
- $7.5 billion for vaccine distribution and $48 billion for testing and contact-tracing efforts.
What’s not in the bill? The President’s proposed minimum wage hike, leaving the fight to pass a $15-an-hour minimum wage to likely play out in the upcoming midterm elections.
Economic Impact
Moody’s Analytics Chief Economist Mark Zandi recently gave some predictions of what the relief package could mean for the economy – “a booming economy with the pandemic winding down, a boatload of fiscal support” and a labor market on the rebound. This prediction for “global economic recovery in sight” was echoed by the Organization for Economic Cooperation and Development (OECD).
With the prospect of a spending shift as people begin to eat out and travel again, some businesses that survived the pandemic are worried they might face additional hurdles in the coming months. Federal officials acknowledged that annual inflation is likely to jump in the coming months, as the economy picks up, with Zandi warning an inflation comeback could “affect every corner of the market – from big tech to cyclical trades.”
Take Action
- Want to calculate what you might receive? Use this tool to determine your stimulus check qualification or this tool to determine your child tax credit amount.
- For more on the economy, take a look at The Policy Circle’s Economic Growth Brief.
- Continue to support small and local businesses as more reopenings happen.
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