Democrats from the House of Representatives have introduced legislation that would pay eligible Americans $2,000 a month until U.S. unemployment numbers return to pre-covid-19 levels. Under the proposal, any American citizen 16-years or older making less than $130K per year would receive monthly funding from the federal government.
Also read: Minting Basic Income – US Lawmaker Asks Treasury to Issue Two $1 Trillion Coins With No Debt
The Emergency Money for the People Act
U.S. representatives have been pushing for a universal basic income (UBI) plan for quite some time now. Since the start of the coronavirus outbreak, politicians worldwide have promoted UBI as a solution to deal with the financial hardships. Just recently, news.Bitcoin.com reported on Spain’s plans to create a UBI program. A few weeks prior, Michigan Democrat Rashida Tlaib proposed that the U.S. Treasury could issue two $1 trillion platinum coins with no debt. If the Treasury adopted this concept, Tlaib’s plan noted that the Treasury could then send $1-2K to every American on a monthly basis until the covid-19 hardship ends. Following Tlaib’s proposal, bipartisan members of Congress passed the largest stimulus relief bill in American history. U.S. President, Donald Trump then signed the Coronavirus Aid, Relief & Economic Security (CARES) Act into law, which gives American residents a one-time payment of $1,200 per taxpayer.
After the CARES Act was signed into law, Democrats from the House of Representatives say that the funding is not enough to help the American people. This week U.S. taxpayers who use the IRS direct deposit system started getting their one-time payments from the Treasury Department. Democratic Representatives Tim Ryan (Ohio) and Ro Khanna (Calif.) have proposed a bill called the “Emergency Money for the People Act” that aims to provide citizens with $2,000 payments per month. The checks would be sent to Americans who are 16-years or older making $130,000 or less per year. The payments could last for six months or up until U.S. unemployment statistics go under pre-covid-19 levels.
“As millions of Americans file for unemployment week over week, we have to work quickly to patch the dam — and that means putting cash in the hands of hard-working families,” House Democrat Tim Ryan explained to the press.
While Stimulus Checks Are Deposited, Thousands of Americans Can’t Access Their Online Bank Accounts for More Than 24 Hours
Meanwhile, U.S. citizens have been complaining about the stimulus payment system this week. For instance, some people were upset that the government made it so debt collectors can take the one-time payment, if the resident owed money to lenders. U.S. officials gave banking institutions the green light to repatriate stimulus funds to pay off an individual’s debt. Additionally, thousands of Americans have been complaining about being able to access their online banking account. Some have complained that they cannot access their bank accounts online for over 24-hours. The host of the Youtube channel Timcast, Tim Pool mentioned the issues yesterday on Twitter. “Is anyone else not able to log into their bank accounts?” Pool asked his 446,000 Twitter followers. “So far three banks I’ve checked on are unable to log in,” Pool added.
People who responded to Pool’s question were also experiencing the same banking issues. “Looks like everyone’s checking their accounts for Trump-Bux,” one person responded. A few individuals said they were unable to log into their banking account for 1-2 days so far. Not only are American residents on lockdown and cannot visit a bank branch in person, U.S. citizens also can’t even access their bank online at times.
“All day I’ve had problems [trying to log into my bank account]. When I finally got in, I was not sufficiently stimulated,” another individual tweeted.
Americans Don’t Want Stimulus or UBI — They Want Their Jobs Back
The American economy is in shambles and citizens are starting to get restless with the lockdowns. There have been protests in states like Michigan, North Carolina, Ohio, New Hampshire, Kentucky, and Virginia as people are extremely upset about the shutdown economy. People on social media and forums have been complaining about the situation relentlessly. On freedom advocate wrote:
We don’t want stimulus or universal income, we want our jobs back.
For years now free market advocates and cryptocurrency proponents have known the monetary system designed by the oligarchy is immoral. The financial incumbents and politicians today are blatantly ruining the economy by shutting down businesses nationwide. U.S. lawmakers have halted specific parts of the supply chain and are causing inflation by printing massive amounts of money from thin air. Right now, more than ever before, cryptocurrency advocates and those who want more freedom are advocating the use of non-nation state issues currencies like bitcoin, precious metals, and barter and trade techniques. At the same time, the American bureaucracy’s propaganda is filled with sensationalism, socialist ideas like UBI, and the ultimate devastation of the American economy.
What do you think about the new UBI plan proposed by House Democrats? Let us know in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Twitter,
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.