The COVID-19 pandemic has lingered on longer than expected and continues to wreak havoc on the economy. The uncertainty surrounding the pandemic has made a 4th stimulus check necessary for a large section of the population.
But the federal government continues to be preoccupied with the infrastructure and the social spending bill. Any further issue of stimulus checks has been placed on hold for now.
The pandemic has destroyed the supply chain and severe shortages continue to plague large parts of the country.
The end of the unemployment stimulus check-in in September has thrown around 9 million people out of a regular source of income.
At this stage, only the support of the state government is forthcoming as they come up with their version of the stimulus check. California was the first state off the block with the Golden State Stimulus Check.
Signs Of A Economic Revival But The Sluggish Pace Makes Another Stimulus Check Necessary
The multiple relief measures in the form of stimulus checks were designed to ease the burden on the low-income groups and it came as a big help to most citizens. Over 169M people benefitted from the 3rd stimulus check of $1,400. People were even able to set some aside for a rainy day.
The third-quarter growth rate in 2021 was hampered by the supply chain logjam. The gross domestic product of the country has managed to inch past pre-pandemic levels.
But broad sections of the economy were hit the hardest. The pandemic has affected certain industries more than others. The hotel and tourism industry, on which states like California were dependent, was hit the hardest.
The sudden opening of the economy has hit product supply and led to a high rise in prices. The crisis is far from over and the situation remains unpredictable with newer variants of the virus striking again. Senators have written to the President that citizens should not always be at the mercy of legislative timelines or ad hoc support measures.