- A group of 153 economists calls for additional direct cash payments to Americans to help stimulate the economy
- Payments under the CARES Act helped boost spending among lower income households, mostly for essentials
- Supplemental unemployment funds set to expire at end of July
A group of 153 mostly left-leaning economists has signed a letter calling for additional direct cash payments to Americans as a way to speed up the nation’s economy recovery and improve consumer spending.
The economists argue that direct stimulus payments issued to Americans in April under the CARES Act helped boost spending among lower income households, with most of the money going toward essentials. The group suggests that direct payments may continue automatically until factors such as the unemployment rate improve enough to suggest an economic recovery.
The open letter says the economic fallout from the COVID-19 pandemic is certain to continue even as businesses begin to reopen and employees return to work. Congress approved a $600 weekly supplement to unemployment payments, but this funding is set to expire at the end of July.
