Second stimulus proposed is a $5,000 deferral of SSI benefits

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A report in the Washington Post, however, has pointed to another proposal, one being made by the American Enterprise Institute and Hoover Institution and said to be under review by senior economists at the White House. In it, they say, households would receive cash, but not in the same way as they did with the previous stimulus checks. It would instead be a voluntary loan check of a value potentially up to $5,000, and that would be in exchange for their retirement benefits via social security being delayed for up to three months.

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The first payments at that point (after the age of 61), expected to be no more than three months’ worth, would cover the amount, before normal benefits resume thereafter. By electing not to take this ‘advance’ would mean retirement benefits remain unaltered.

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The key difference with this proposal is that it would not add to the US national debt. If people need the money then they would receive it now to get them through the crisis but, unlike the first round of stimulus checks, the repayment of this is already factored in a few years down the line. The argument put forward by Rauh and Biggs emphasises that the loans would be ‘collateralised with obligations owed by the federal government, interest rates could be much more favourable than a household or small business might find in the markets today'.

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