15th July is the starting day for the new operating scheme for the CTC stimulus checks. Millions of families in America are eligible for these monthly payments. However, the payments are also the beginning of a new era in the recovery of the US post-covid-19.
The Latest News On The 4th Stimulus Check
The new era, started by the CTC stimulus checks, also decreases the possibility of getting another direct deposit lump sum stimulus check. But why are they apparently not in consideration anymore?
To date, the government of the US has issued three rounds of stimulus checks, each with different amounts. The latest one was worth $1400 of relief and was sent out starting 11th March. The combined cost of all the provisions to provide relief to the economy, including the three packages of stimulus have been expensive: approximately $1Tn. While the population received the checks gladly, it is doubtful if the country’s treasury can afford such enormous amounts of money regularly.
All the money pumped into the country’s economy has been seen in inflation. It has seen an increase of 5.4%, which is the fastest growth rate in a period of one year since 2008 August. Republicans have already vehemently opposed further relief of the sort, targeting the growing rate. Moderate Democrats like Joe Manchin and Krysten Sinema can also be in opposition to such plans.
Concerns have been sounded over the stimulus checks’ effectiveness in rebooting the economy after the pandemic. However, experts have stated that any direct stimulus into bank accounts can only benefit the long term. There is also a growing market for jobs with an estimated 9.2Mn empty positions. So allocating more stimulus might be unneeded considering the number of jobs.
Moreover, hopes are high that the CTC expansion is going to be made permanent in the course of time.