Washington Learns to Love ‘Money for Everyone’

Suddenly, it seems like everyone wants Uncle Sam to send Americans checks.

After all, a checks-in-the-mail stimulus is easy to explain, easy to execute and, for obvious reasons, popular with the public. It can pump money into the economic bloodstream faster than infrastructure projects or most other government programs. And unlike a payroll tax cut, which Trump had been pushing until Tuesday, it can provide help for vulnerable people who aren’t on a payroll. House Speaker Nancy Pelosi once helped get it done for another Republican president, George W. Bush.

The climate did not necessarily seem conducive to compromise. Bush had unilaterally announced a plan to send out checks to most Americans, but not to the working poor. Boehner wanted to stuff the plan with tax breaks for businesses, while Pelosi wanted spending programs for the needy.

Obama’s political advisers favored the politically attractive solution of sending every American a big check. His chief of staff, Rahm Emanuel, couldn’t wait for the “Ed McMahon moments” when voters would find Publishers Clearinghouse-style lottery winnings in their mailboxes. But Obama’s economic advisers warned that the recipients of one-time windfalls were more likely to save the money, and less likely to stimulate the economy by spending the money.

It is no coincidence that in early March, Jason Furman, Obama’s former top economist and a key architect of the Obama stimulus, was one of the first voices calling for a coronavirus stimulus that simply sent $1000 checks to all Americans—and he now thinks the checks should be even bigger, with additional checks to follow if the economy fails to revive.

America learns to love Andrew Yang’s presidential platform: UBI “The Freedom Dividend” AndrewYangWasRight YangGangForever

It appears that the admin understands that plummeting payrolls will be bad for the economy. Hence, cash to citizens. Doesn’t it make you wonder how much faster the economy would grow if workers made more money all the time? Like maybe $15/hr at minimum? Hmmm...

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