Despite concerns, early data shows the extra monthly income has gone to support family budgets and has had little effect on the U.S. labor market.
"I'm not sure the current political environment would support sending $2,000 or $3,000 checks to every person every year, but I do think there's political will behind providing more benefits for families raising kids, especially when we saw how hard it is when you have to be home with the kids and home schooling when that was necessary," said Gregory Acs, vice president of income and benefits policy at the Urban Institute, a nonprofit policy research organization.
In the week after the first monthly payment in July, it found that 29 percent of households used the extra cash on food, clothing, utilities, school supplies and books, tuition or their rent or mortgage. An additional 10 percent put it toward a vehicle payment, household debt or savings. "These payments have given parents a sense of financial security and relief," said Jacob Goldin, a law professor and economist at Stanford University, who helped organize a letter to Congress signed by more than 460 economists advocating making the benefit permanent."There's real reason to believe that this assistance will translate into higher social and economic mobility, make it easier to find jobs, for the parents as well as the children down the road.
While York and other critics argue that the payments incentivize people not to work, Zachary Parolin, a researcher at Columbia University’s Center on Poverty and Social Policy,examining the effects of the tax credit on employment outcomes using the early data returns since the first payment went out.
Advocates and economists note, however, that a positive impact is already evident, pointing to data that appears to show a major dent in the nation's childhood food insecurity and poverty rates since monthly payments started going out in July. Reversing those rates could cause nationwide economic benefits.
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