Even though the stimulus checks are just starting to come in, I still hear the question thrown around. Is this money going to be enough? In current times it is hard to think that $1,200 is going to fix everything. I believe that we are just scratching the surface when it comes to the amount of help people will need. The bill moving through Congress is more than twice as large as the stimulus package passed in 2009, but it will soothe a shutdown economy for only a few months.
If you want to shut down an economy to fight a pandemic without driving millions of people and businesses into bankruptcy, you need the government to cut some checks. The coronavirus response deal that the Senate passed late Wednesday will get a lot of checks into the mail, but it will soothe only a few months of financial pain.
If the outbreak and the disruptions continue through summer, lawmakers will need to spend even more.
The bill, a compromise between the Trump administration and Republican and Democratic leaders in Congress, includes loans and grants for corporations and small businesses, increased unemployment benefits for workers laid off or working fewer hours amid the outbreak, and direct payments to low- and middle-income individuals and families. Negotiators estimate its cost at $2 trillion.
Taken together, those measures form a novel, temporary expansion of the federal government’s role in the economy: It will be essentially paying millions of Americans not to work, and thousands of businesses not to shut down even if they have no customers, in order to slow the spread of the pandemic. Its cost is more than double the roughly $800 billion stimulus package that Congress passed in 2009 to ease the Great Recession. Yet it still may not be large enough, given the enormous economic challenge the United States faces today.
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