OPINION | This article contains commentary that reflects the author's opinion.
According to a report from the Daily Wire, President Trump said that he is considering a second round of direct payments to Americans.
During his daily White House briefing, Trump said, “I like the concept of it,”
“I like money going directly to people. It’s not their fault that this happened.”
Most Americans are expected to start receiving direct payments ars apart of the $2.2 trillion stimulus package that was signed into law by President Trump.
Trump also noted that the White House was looking at “a different way of doing it” than how Pelosi had proposed previously.
According to the bill passed by congress, individuals are eligible for payments up to $1,200, but the amount declines for those who have a gross income of over $75,000 a year.
The benefit doesn’t apply for individuals with incomes over $99,000.
Roughly 120 million U.S. taxpayers will qualify to receive the direct payments.
More from The Daily Wire:
The investment bank’s previous report, headlined “A Sudden Stop for the U.S. Economy,” had predicted only a 24% drop in the GDP for the second quarter (which includes April, May and June). That report predicted the unemployment rate jumping to 9%.
“This not only means deeper negatives in the very near term but also raises the specter of more adverse second-round effects on income and spending a bit further down the road,” the Goldman Sachs analysis noted.
The unemployment rate skyrocketed, with a record-setting 3.3 million initial jobless claims for the week ending March 21, nearly five times the highest on record. For the week ending March 28, 6.6 million workers filed for their first week of unemployment benefits, according to the Department of Labor, setting another record.
But the latest forecast offered a glimmer of hope, predicting a “V-shape” recovery in which the plunge will be followed by a spike. “Our estimates imply that a bit more than half of the near-term output decline is made up by year end and that real GDP falls 6.2% in 2020 on an annual-average basis (vs. 3.7% in our previous forecast),” the forecast said.
Goldman Sachs also said the $2.2 trillion economic relief package passed by Congress last week should help alleviate longer-term problems. “Both monetary and fiscal policy are easing dramatically further, which will tend to contain these second-round effects and add to growth down the road,” the said.
