In March, President Biden signed the $1.9 trillion American Rescue Plan. While the plan temporarily expands many safety net programs, such as unemployment insurance, food stamps and housing assistance, two of its programs shift the paradigm of economic relief toward direct cash assistance: the third round of economic impact payments and the expanded Child Tax Credit (CTC).
The economic impact payments of $1,400 per person reached over 150 million households and virtually all were paid within a month of the plan’s passage. This was extremely popular: Eighty-one percent of adults supported payments of at least $1,400, compared to 62 percent […]
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