Donald Trump was recently elected as the 47th president of the United States. He will likely make changes to the economy, such as to Social Security and stimulus checks.
Since Trump’s first term as president, both parties have argued about the current state of stimulus payments, such as how often they should be made. For the next four years, lawmakers will keep debating how to give these payments to people across the country.
Stimulus checks were a significant cornerstone during COVID19
During his time in office, Donald Trump was very important in putting in place stimulus payments that were meant to help the economy recover from the COVID-19 pandemic.
Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law in March 2020. This law allowed direct stimulus payments to individuals.
These payments gave each person up to $1,200, plus extra money for people who depended on them.
The goal of these payments was to help millions of Americans right away with their money who were losing their jobs, being furloughed, or having their businesses close because of the pandemic.
In December 2020, Trump also signed a second stimulus package that included direct payments of $600. These payments were later increased by the Biden administration.
These payments were marketed by Trump’s administration as a quick way to put cash into the economy and encourage people to spend during a historic economic downturn.
A lot of people liked the stimulus checks, but there was political debate about how much and how often they should be sent. At one point, Trump himself pushed for bigger checks.
Debates surrounding future stimulus check payments
As the U.S. economy recovers from the COVID-19 pandemic, lawmakers, economists, and the public are split on whether direct payments to individuals should be kept, increased, or decreased as a regular policy tool.
People who want to keep the stimulus payments going say that direct financial help is needed to fix the current economic inequality, especially since inflation, rising housing costs, and stagnant wages are still problems.
Some more extreme people want regular stimulus checks or even a universal basic income (UBI) to help low- and middle-income Americans all the time.
But some people say that stimulus checks are not as important now that the economy is getting better. Some people think that stimulus payments should not be used all the time, but should only be used in emergencies like economic downturns or national emergencies.
They say that getting direct payments on a regular basis could cause inflation or make people not want to work, which would make people less likely to join the job market.
To quote Dr. Jim Ronan, a political science professor at Villanova University, “it would likely take a significant event for a Trump Administration to support a stimulus package.”
In the past, Republicans have been more wary of stimulus payments and other direct government aid. They have stressed the importance of fiscal conservatism, cutting government spending, and supporting solutions that work in the free market.
No confirmed plans from Trump
Trump has not said anything about plans for upcoming stimulus payments across the country, but states are still giving payments to their residents.
A number of states have made their own “stimulus” or “relief” payments to help people who are having trouble with their finances, like those caused by inflation.
Often, these state-level stimulus programs are aimed at specific groups, like low-income households, frontline workers, or families with children. They are meant to help those who need it.
The main idea that has come up in discussions about stimulus payments is that the average American family is having a hard time paying their daily bills and wants more help from the government.
Many people are worried about the rising cost of living and the need for more economic help. The new Trump administration will have to deal with these issues.
There may also be political pressure to bring manufacturing jobs back to the U.S., which was something Trump talked a lot about in his first term. Reshoring jobs, on the other hand, would be hard to do and expensive in an economy that is becoming more globalized.
