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Wednesday, August 10, 2022

Developments On 4th Stimulus Check: The Federal Government Continues Hobbling

The end of 2021 saw any chances of a 4th federal stimulus check fading, as the ruling Democrats ran into stiff opposition from the Republicans. The US economy managed to endure the worst pandemic in modern history and saw a firm turnaround in the last two quarters of 2021.

But the unemployment rate continued to remain high, though there remains little chance of any more federal stimulus checks. The states have moved in, helped by an unexpected surplus budget enjoyed by many states at the end of 2021. Most states are also sitting on the generous funds received by states and local governments under the American Rescue Plan Act signed by President Biden in March 2021.

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Along with the Economic Impact Payment, or the third stimulus check, the Plan also contributed generously to businesses and local, tribal, and state governments.

States To Make Up In Part For The Federal Stimulus Checks

Most states could start giving out stimulus checks to their residents in the form of tax rebates, gas cards, and direct transfer of funds.

But federal relief support measures continue to trickle in, including the payments for recipients of Social Security relief measures. Social security is paid to retired persons and people who, owing to their disabilities, cannot continue working. The funds will come in soon, but it has not accounted for the high inflation rate, the highest in 40 years.  This is despite the Senior Citizens League writing to Congress for a single stimulus check for citizens under Social Security.

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But even seven months after Rick Delaney, the chairman of the TSCL, wrote to Congress, it is yet to address the issue. While Congress hasn’t vetoed the proposal, it has been put on the back burner. But it is clear that it would not be prudent to consider a fourth stimulus check at this stage in the federal administration. 

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