COVID-19 Relief at Last

For the past year, the COVID-19 pandemic has severely undermined the productivity of the American economy. Due to travel and social restrictions instated in response to the pandemic, many Americans have either found themselves struggling to support their businesses or out of work entirely. 

In a recent analysis conducted by Dr. David M. Cutler and Dr. Lawrence H. Summers, it was calculated that the COVID-19 pandemic has cost the US around $16 trillion, or around 90% of the annual GDP, when accounting for lost GDP and health losses. For clarification, health losses accounted for premature deaths, long-term health impairment, and mental health impairment. On a smaller scale, the pandemic has cost the average family of four around $200,000. Understandably, Americans have called on the government to help.

The most straightforward approach that the government has taken to help its citizens has come in the form of stimulus checks. On March 11th, President Joe Biden signed into effect a $1.9 trillion COVID-19 relief bill. Doing so has allowed for a boost in unemployment insurance, increased vaccine funding, and general state/local governmental relief. Most notable, there will now be a third wave of stimulus checks worth up to $1,400 given to American citizens that qualify for the assistance.

President Biden’s recent decision has been met with a great sigh of relief. Prior to his official inauguration, many were upset with how long it was taking under the Trump presidency to get such a bill signed into effect. Regardless of how long it took however, the stimulus checks are estimated to reach around 90% of American families. In these times of financial struggle, this is incredibly important.

Written by Eugene Lee.

Edited by Naomi Santiago.

Sources:

https://jamanetwork.com/journals/jama/fullarticle/2771764

https://www.cnbc.com/2021/03/11/biden-1point9-trillion-covid-relief-package-thursday-afternoon.html

https://www.cnn.com/2021/03/13/politics/stimulus-payments-sent/index.html