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Saturday, May 28, 2022

A Fourth Stimulus Check Necessary As Other Support Measures Dry Up For Most Americans

With the unemployment benefits being stopped on Labor Day, the Child Tax Credit payments are the only regular stimulus check. Millions of Americans have already received their third CTC check and will get three more by the end of the year. But the possibility of a 4th stimulus check appears dim.

Residents of the Golden State will be getting between $600 and $1,100 this week. The extra federal support to the states has given several states the necessary freedom to declare their checks.

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This extra money was just sufficient to help many American households through the economic turmoil caused by the pandemic. Even in the absence of a 4th stimulus check, many households that have welcomed a baby in 2021 will get around $1,400, though they will receive the amount the following year.

The only other stimulus checks that Americans can expect are from plus-up payments and unemployment compensation tax refunds for 2020.

Stimulus Checks Necessary Till Economic Turnaround Benefits All

The economy continues to experience a severe downturn and unemployment continues to hover around the 6.2% mark, way higher than the pre-pandemic rate of 3.5%.

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Around 2.88 million people have signed their support for the online petition by restaurateur Stephanie Bonin, calling for a recurring 4th stimulus check. Several progressive senators have also voiced their support along similar lines.

The demand is justified given the fresh variant of the virus which threatens to again overwhelm the system unless immediate measures are taken. And measures include taking care of the people who have been forced to resort to desperate measures to care for their families during the period of the pandemic.  

The petition has rightly noted that the recovery hasn’t benefitted most Americans. Many sectors remain in the grip of recession such as the tourism sector. Only recurring stimulus checks at this juncture can help Americans move out of this tight situation.

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