Efforts in Minnesota and Washington D.C. to support and stabilize the U.S. economy have started in the right direction with most of the money going to workers who are consumers that make up 70 percent of the economy.
The federal government would issue checks of $1,200 to each person and $2,400 to a couple with an additional $500 for each child, under a plan by Sen. Majority Leader Mitch McConnell. The checks could be in Americans’ hands in two weeks. The sooner the better.
In Minnesota, Gov. Tim Walz has extended unemployment benefits to those laid off due to the coronavirus. Those payments provide about half a worker’s pay up to $740 per week. And plenty of people are taking advantage of that. Unemployment filings went from 18,000 a week ago to 95,000 through Thursday. Those who lost pay due to having to stay home with children will also be eligible for the payments.
Congress also has plans for about $208 billion in business stabilization funds to help those business like airlines and the travel industry shore up a crumbling bottom line. The plan also calls for $300 billion to support small business to keep employees on the payroll.
These supports also makes sense....
It’s important to infuse the economy with needed cash as businesses and employers are suffering dire economic circumstances through no fault of their own.
The Free Press of Mankato, March 23