The impact of the coronavirus stimulus checks have been felt throughout the economy, a new report shows.
The number of Americans who didn’t have enough to eat dropped by more than 40% from December 2020 to April 2021, and those who had problems paying their bilis declined by 45% during the same period, as Congress passed $2,000 in new direct payments, according to the University of Michigan, citing the U.S. Census Bureau’s Household Pulse Survey.
And the first $1,200 round of stimulus payments in the $2 trillion CARES Act accounted for a 0.6% boost in the U.S. economy, according to the Congressional Budget Office.
An estimated 85% of households received payments, according to the Household Pulse Survey. That included 92% of those making less than $75,000 a year and 50% of those making more than $150,000.
There are calls for more stimulus checks due to the coronavirus pandemic-induced recession. Some lawmakers have said that the government should send $2,000 checks every month until the economy fully recovers.
Even as companies added 559,000 employees last month, there are still 7.6 million fewer workers than in February 2020.
The Peter G. Peterson Foundation, which focuses on fiscal issues, said those making under $75,000 were more likely to use their stimulus payments on expenses or to pay off debt. Those making $150,000 or more were able to save a substantial part of their checks.
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Jonathan D. Salant may be reached at jsalant@njadvancemedia.com. Follow him at @JDSalant.
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