President Joe Biden has promised to “act fast” in delivering another dose of pandemic relief, including $1,400 checks for millions of Americans. That doesn’t mean all the recipients will be in a hurry to spend the money.
By comparison with the first round of stimulus checks that went out last spring, the payments from Biden’s $1.9 trillion aid bill are much more likely to be saved rather than spent, according to a new survey by Morning Consult commissioned by Bloomberg News.
The survey results are fodder for an intensifying debate about whether government money is going to people who don’t immediately need it. Some of Biden’s Democratic allies are making that case and calling for a more targeted approach as the administration steers its bill through Congress. They want to lower the income ceiling for people to qualify for the full $1,400, currently set at $75,000 for individuals and $150,000 for couples.
But there are potential advantages to a slow-burn stimulus. It could spread out government support over time and avoid the kind of consumer spending stampede that’s led some economists to warn of inflation risks. Federal Reserve Chair Jerome Powell said Wednesday that he doesn’t expect a sustained surge in prices when the economy reopens, even though Americans have built up some savings.
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