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If you’ve been reading up on the next stimulus bill, which we should expect to appear sometime next week, you’ve probably seen many articles about how Senate Leader Mitch McConnell (R-KY) mentioned that it might only go to Americans making less than $40,000 a year.
While it’s unclear where the income limit will be, a “person familiar with the talks” told Bloomberg that “a cap at that level is not seen as likely.”
Let’s look for hints as to why this is the case:
Why $40,000?
$40,000 seems like such an arbitrary number - why does it keep coming up?
According to Federal Reserve Chairman Jerome Powell, 40% of U.S. households earning less than $40,000 lost their jobs in March. It’s a staggering figure that looms even larger when you look at our unemployment charts.
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