Read on Twitter
short thread on $1,400 checks -- THE FULL CHECKS
facts:
- Biden wants $1,400 per person (woman, man, and child).
- when added to $600 in December = $2,000.
- Biden promised $2,000 if Dems won Georgia. they did!!!
- never said some people with $600 won't get $1,400.
facts:
- Biden wants $1,400 per person (woman, man, and child).
- when added to $600 in December = $2,000.
- Biden promised $2,000 if Dems won Georgia. they did!!!
- never said some people with $600 won't get $1,400.
so far so good. now who gets $1,400?
Biden plan:
single people less than $75k income in 2019 and couples less than $150k get $1,400 per person.
More 'targeted" - the Skimpy plan:
single people less than $50k income in 2019 and couples less than $100k get $1,400 per person.
Biden plan:
single people less than $75k income in 2019 and couples less than $150k get $1,400 per person.
More 'targeted" - the Skimpy plan:
single people less than $50k income in 2019 and couples less than $100k get $1,400 per person.
ah, but $25k, $50k isn't that much? SAYS NO ONE. and we got have this thing call massive income inequality.
as a result, Skimpy plan would mean nearly FORTY MILLION AMERICANS who got $600 won't get $1,400.
gee sounds like a lot of people to me. people who will be PISSED!
as a result, Skimpy plan would mean nearly FORTY MILLION AMERICANS who got $600 won't get $1,400.
gee sounds like a lot of people to me. people who will be PISSED!
notes:
- these are my calculation. not official ones. @jctgov is final word for budget scoring.
- my estimate of the total cost of CARES checks was very close to JCT's. I did mine before they published theirs.
- other good analysts disagree some. takes lots of assumptions.
- these are my calculation. not official ones. @jctgov is final word for budget scoring.
- my estimate of the total cost of CARES checks was very close to JCT's. I did mine before they published theirs.
- other good analysts disagree some. takes lots of assumptions.
notes (cont.)
- differences across analysts and some bad R talking points stem from phase out to no check.
- Biden plan is not clear. IRS guidance on CARES and $600 had different top income for any check. families with kids could be somewhat higher. BUT peanuts on total cost.
- differences across analysts and some bad R talking points stem from phase out to no check.
- Biden plan is not clear. IRS guidance on CARES and $600 had different top income for any check. families with kids could be somewhat higher. BUT peanuts on total cost.
all that said ...
I'm a number cruncher. an macroeconomist who worked over a decade at the Federal Reserve and a year at Council of Economic Advisers.
I'm not a politician. I hate politics. writing is on the wall fewer people will get $1,400 than got $600. But won't be $0.
I'm a number cruncher. an macroeconomist who worked over a decade at the Federal Reserve and a year at Council of Economic Advisers.
I'm not a politician. I hate politics. writing is on the wall fewer people will get $1,400 than got $600. But won't be $0.
cc thanks to @kpomerleau and @ernietedeschi for a robust discussion of the income phaseout across CARES/$600/$1,400 checks. sorry to anyone we put to sleep :-) PS @POTUS @econjared46 ya' might find my thread helpful.
oh wait. I forget to give you my tables that underlie my chart above. will post spreadsheet soon. it's got all my assumption in gory detail.
adding my earlier thread on why more targeting is a bad idea: https://twitter.com/Claudia_Sahm/status/1354127252120891392?s=20
@kpomerleau has very similar estimates of how many fewer people would get full checks under the $50k vs $75k cutoffs -his is about 45 million. mine is about 40 million. two independent, expert estimates. very close. https://twitter.com/Claudia_Sahm/status/1357338073726615552?s=20
adding @uscensusbureau stats on lost income: https://twitter.com/Claudia_Sahm/status/1357345513767530504?s=20
