As stimulus checks pour out of the IRS this week, many believe the payments of $1,200 for adults and $500 for children fall far short of what’s needed — and by a huge amount.
Instead, they believe that adults should receive an average of $2,727 each, and children up to $1,151, according to a study shared with Secrets.
“Nearly 90% of Americans believed it is appropriate for the CARES Act to include direct cash payments, but many believed the maximum $1,200 for individuals is too low,” said the study from College Finance.
And as the latest unemployment claims show a loss of over 20 million jobs since the coronavirus hit, shutting down retail, offices, and entertainment, people are also urging that the income cap for stimulus checks be increased.
The survey was released as congressional Democrats argue over a new round of stimulus checks, adding funds to a kitty used to help small businesses, and larger corporate loans and grants.
Overall, few felt that the $1,200 to individuals was enough. Older people and Democrats said it should have been over $2,800 each.
The average for children in the survey was $936, but parents with children at home said the payment should be an average of $1,151.
The survey also found a split over the potential cost of the package and the debt it is sinking America into. By nearly 2-to-1, Republicans are more concerned than Democrats.
“The stimulus package is, by far, the largest in modern U.S. history. With such a large sum being added to the federal balance sheet, nearly 41% of Americans reported being very or extremely concerned about the impact of the CARES Act on the national debt, with another 38% being slightly or somewhat concerned,” said the survey analysis.
It added, “The highest level of concern belonged to Republicans (almost 59%), compared to that of Independent voters (about 39%) and Democrats (around 33%).”
