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Saturday, May 28, 2022

Fourth Stimulus Check: What’s Pushing The Regular Payments?

The IRS has already paid around 169 million individuals with the third stimulus check, and back on July, 2 million people received $1,400. However, there have been several legislators who have argued for another round of stimulus payments which would consist of regular payments sent until the pandemic gets over.

Currently, the federal response to this pandemic has led to a payment of $3,200 to most eligible adults. Almost $1,200 has been paid under the Coronavirus Relief and Economic Security Act which took place in March last year, which was soon joined by a December bailout of $600. Around $1,400 was sent a few months back, based on the US rescue program. 

A Fourth Stimulus Check Imminent

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Despite the stimulus check payments making their way, millions of citizens have remained under stark financial difficulty, which has simply been exacerbated by the new Delta variants which have caused new economic headwinds. Around a major quarter of the American public has been struggling to pay their household expenses- which has come through a new census data that would be surveying people in the last couple of weeks in August. 

Currently, the rate of unemployment stands at 5.2% which is certainly higher than the levels seen before the pandemic- 3.5%. Now, while several companies have been making the rounds and hiring people, close to 5.3 million people have been paying more than they did last year before the pandemic. According to data received from Oxford Economics, it has been noted that the global economic growth would not be as high as expected- 6.4% to 5.9%. 

To put it succinctly, there is an immediate need for another stimulus check. A major sector of the population hasn’t found its way to luxuriously cross through life amidst the pandemic.

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