Democratic Congressmen Tim Ryan of Ohio and Ro Khanna of California introduced legislation this week that would pay all qualifying Americans aged 16 or older $2,000 every month.
Families would also receive an additional $500 for each child, up to three per household.
"I'm not really sure that the anxiety level on the ground is yet understood by some people in Washington, DC," Ryan told Cheddar Friday. "People are struggling. People are afraid...There's no end in sight."
Millions of Americans have already received a one-time $1,200 federal stimulus check, as part of a $2 trillion package signed into law by President Donald Trump in March.
"A $1,200 one-time check, while we're all thankful for that, that is nowhere close to where we need to be," Ryan said.
The congressman is not only concerned with the 22 million Americans who lost their jobs in the last month but also the ones working long hours at grocery stores and in hospitals to keep up with soaring demand. Ryan says that women are being disproportionately affected.
"Let's help people where they are on the ground. They're getting burned out," he said. "The last thing we want them to do is to fall back on their mortgages, fall back on auto payments."
Although Ryan did not offer many details about funding for the ambitious plan, he contended that funding questions more often arise when discussing working-class bailouts rather than bailouts for other groups.
"No one was asking, 'How much did the tax cut cost a few years ago,'" Ryan said. "We will have to borrow this money, but the interest rates are the lowest they've ever been in a long, long time."
Economists have been arguing lately whether the next economic recovery has the potential to be V-shaped, U-shaped or L-shaped. Ryan thinks whatever shape the recovery takes, it begins with protecting the consumer.
"If we want to get out of this recovery… you're gonna need consumers with money in their pocket," he said. "Let's tilt the scales a little bit to working-class people. To me, this is the cleanest, most efficient and effective way to help."
Ben & Jerry’s co-founder Jerry Greenfield is leaving the ice cream brand after 47 years. He says the freedom the company used to have to speak up on social issues has been stifled
The Federal Reserve cut its key interest rate by a quarter-point Wednesday and projected it would do so twice more this year as concern grows at the central bank about the health of the nation’s labor market. The move is the Fed’s first cut since December and lowered its short-term rate to about 4.1%, down from 4.3%. Fed officials, led by Chair Jerome Powell, had kept their rate unchanged this year as they evaluated the impact of tariffs, tighter immigration enforcement, and other Trump administration policies on inflation and the economy. The only dissenter was Stephen Miran, the recent Trump-appointee.
After a late-night vote and last-minute ruling, the Federal Reserve began a key meeting on interest rate policy Tuesday with both a new Trump administration appointee and an official the White House has targeted for removal.
The Trump administration has issued its first warnings to online services that offer unofficial versions of popular drugs like the blockbuster obesity treatment Wegovy.
Albania's Prime Minister Edi Rama says his new Cabinet will include an artificial intelligence “minister” in charge of fighting corruption. The AI, named Diella, will oversee public funding projects and combat corruption in public tenders. Diella was launched earlier this year as a virtual assistant on the government's public service platform. Corruption has been a persistent issue in Albania since 1990. Rama's Socialist Party won a fourth consecutive term in May. It aims to deliver EU membership for Albania in five years, but the opposition Democratic Party remains skeptical.
The Trump administration has asked an appeals court to remove Lisa Cook from the Federal Reserve’s board of governors by Monday, before the central bank’s next vote on interest rates. Trump sought to fire Cook Aug. 25, but a federal judge ruled late Tuesday that the removal was illegal and reinstated her to the Fed’s board.
