The Intelligence from The Economist Cheques, imbalances: America’s fraught stimulus
Dec 29, 2020
Joining the discussion is Andrew Miller, The Economist's culture editor, who brings insights on both past and present events. He delves into the complexities of America's recent stimulus package and its implications for the Biden administration. The conversation shifts to the historical Sydney Street siege, spotlighting figures like Peter the Painter and the media frenzy surrounding it. Lastly, Miller explores the cultural significance of the color black in art, tracing its transformative journey through history.
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Stimulus Bill Details
- The new stimulus bill includes $600 checks, half the size of March's.
- It also adds a $300 weekly federal unemployment benefit for 11 weeks.
Trump's Stimulus Hesitation
- President Trump delayed signing the bill, criticizing the check amount.
- Despite being negotiated with his administration, he wanted larger checks.
CARES Act Impact and Reversal
- The CARES Act significantly reduced poverty initially, but gains reversed after its expiration.
- Current indicators show increased hardship, like food insecurity and rent payment concerns.