The coronavirus pandemic is still spreading and has already affected more than 1 million Americans as of June 2020.
Two months ago, numerous states across the country were forced to go on lockdown to help stop the spread of the virus, and it resulted in more than 40 million Americans registering for unemployment benefits.
Because of this effect, numerous lawmakers have created proposes that can help Americans to get back up and to help soften the blow in America's economy.
Universal Basic Income
Democratic Senators Bernie Sanders, Kamala Harris, and Ed Markey wrote a bill called the Monthly Economic Crisis Support. It could give American families who are affected by the coronavirus pandemic up to $10,000 cash assistance from the government.
Aside from that, single people can get up to $2,000 a month and couples who are living together could get up to $4,000 a month. It also stats that each child in a family will be given $2,000 a month, up to three children. In total, some families could qualify to get $10,000 a month but there are families who could qualify for less especially those with only one or two children.
The bill also states that any worker or family that is making under $120,000 would be eligible for the monthly financial support from the government, however, the payments would slowly phase out for those who are making over $100,000 a year.
The monthly payments would continue until the pandemic is no longer detected and the economy of the country will slowly recover. This move is what the Democrats proposed to help fight the slowing economy and to help Americans recover from the 2020 recession.
When the pandemic started, the government sent out $1,200 one-time stimulus checks to every American earlier this year because the pandemic forced businesses to close down, but the checks were understandably put into bills, rent, and other amenities.
Also Read: America's Stimulus Checks: When Will It Arrive and Who Are Eligible?
Money that is spent on items considered as non-essential has decreased, with the retail sector of the economy plummeting with 20.5 million job losses in April and the sales decreasing dramatically too. The monthly money concept is not a new concept, it was one of the topics that businessman Andrew Yang introduced during his presidential campaign under the Democratic party.
The Universal Basic Income can help people purchase non-necessities, buy groceries, pay their bills, and help them save money. However, the bill is yet to pass Congress. The proposed bill shows the willingness of the Democratic lawmakers to solve the issues of the American public.
Experts suggest that most of those who have lost their source of income was making less than $40,000 a year and 40% of Americans can't afford an emergency expense of $400 or more.
The pandemic had forced people to face a future without a job, enough money to pay for medical bills, and enough money for savings. The bill proposed by Senators Sanders, Harris, and Markey can help make the lives of the American workers easier and it can also help the economy itself against deepening recession.
Stimulus checks
The Trump administration has sent out $1,200 stimulus checks two months ago to all qualified Americans. Single adults who have a gross income of $75,000 a year or less on their 2019 tax returns will receive a stimulus check of $1,200.
All married couples who filed jointly will receive a stimulus check of $2,400 and families will get an additional $500 for each child that is under 17-years-old.
Related Article: Coronavirus Stimulus Check: Is the Second Round of Financial Aid Still Amounting to $1200?
