Stimulus Check News 2nd Stimulus
Stimulus package News
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White House Economic Advisor Says Another Stimulus is “Very Likely”
White House Economic Advisor Kevin Hasset has said that experts are studying whether another stimulus deal is necessary to slow the economic damage of COVID-19
I looked into how officials determine the health of an economy and it is largely based off of three factors:
Growth
High employment
Price stability
Growth
Growth of an economy is largely dependent on a country’s GDP - gross domestic product. GDP is defined as the market value of all goods and services produced by the economy in a given year. A side note here is GDP is only counted for goods and services produced for the final user. For example the sale of peanut butter to you to make a PB&J counts towards GDP but the sale of peanut butter to a company that will use it to make peanut butter cookies does not count.
High Employment
To determine if an economy has high unemployment economists use an employment ratio of the total number of unemployed individuals looking for work divided by the total population of people who can work.
As of last week 26 million Americans have filed for unemployment in the last 5 weeks.
Price Stability
This factor is determined by the consumer price index which is determined by the increased costs of a hypothetical basket of goods the average household purchases. The goal is to have a stable, slowly increasing price index. We don’t yet have the data on this for April 2020
So based on these factors it looks like we’re not doing so hot and the challenge now for officials is to determine whether the first stimulus payment had a positive impact, if another payment is needed, and for how much.
Hasset was Quoted By the Hill Saying “I expect it is very likely there will be a phase four deal and we’re going to be speaking with the president throughout the week about what he thinks should be in there, I know that Senator [Mitch] McConnell and Speaker [Nancy] Pelosi are working on that as well. So, I think the odds of there not being another round, at least another round of legislation are pretty low,”
President Trump was also quoted earlier this month saying another round of stimulus checks is under serious consideration.
However Trump has also said he likes the idea of payroll tax cuts instead of a stimulus.
This statement has received some pushback from representatives to bring up the current goal is to keep people home and pay bills until this is over.
So what does this mean?
The economic advisor Hasset seems to be quite confident that there will be another economic stimulus and more and more representatives are getting on board with the idea of another stimulus payment to individuals as part of additional packages.
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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.
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