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Thursday, January 27, 2022

Moving Towards A 4th Stimulus Check: Economy Could Be Hit By Omicron But Will The Administration Act?

An economic slowdown seems imminent as the latest variant of the COVID-19 virus is set to hit American shores. First detected in Africa in November, the latest variant is resistant against the present vaccines, further increasing concerns. Americans continue to go through tough economic conditions and say that another stimulus check can alleviate their woes.

The online petition for a 4th check has collected nearly 3 million signatures, but the federal administration is occupied with the infrastructure and the social bill.

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The new variant of the virus has further r aggravated concerns and could further worsen the economic [A1] prospect, already reeling under a supply chain issue.

People expressed greater concerns over the new variant of the virus. This could lead to the further unwillingness of workers to join the workforce.

New Variant Of Virus Will Affect Economy Requiring A 4th Stimulus Check

This could further slow down recovery and aggravate supply-chain disruptions. The new variant has also become a matter of grave concern for WHO and CDC. The rise of the new variant has led to the instruction to people to take the booster dose.

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But despite concerns, a fourth check isn’t on the cards. While Democratic lawmakers are open to the proposal of a fourth stimulus check. Minority leader Mitch McConnell said that the economy doesn’t need a fourth stimulus check.

Connelly says that the infrastructure funds will lead to another round of borrowings and tax some people.

The only federal support is in the form of the monthly stimulus check is the child tax credit advance stimulus checks. Even that will stop after the December stimulus check. the rest of the payment is an adjustment against the 2021 income tax returns to be filed in 2022.

People will now have to hope that the state comes up with checks on their own with the federal funds that each state has received. Only California has given a stimulus check to its residents. Other states have given checks only to select groups like teachers and other frontline workers.   

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