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Friday, July 1, 2022

Stimulus Check And Its Impact

Stimulus Check has been the talking point of America recently. Ever since the program was taken up by the government, it grabbed headlines. The administration of Joe Biden designed the checks. At a time when the entire country was forced to shut down, these checks were a boon. 

The money received from the checks provided financial respite. Citizens could now concentrate more on productivity without having to worry about money. This helped a lot of families to recover from their losses. There were three sets of checks in all from the federal government. 

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The three sets of checks amounted to a total of $3200. Eligible citizens received money thrice: $1200, $600 & $1400. Let us look at the possible outcome of the stimulus check on the US economy below. 

Stimulus Check: A Case Study 

The checks were issued at a time when the rate of unemployment was sky-high. Following the nationwide shutdown, most citizens lost their jobs. Despite receiving a significant amount of funding, the rates of unemployment did not decrease sharply. The households still lacked in securing foods and other essentials. Most of the households suffered from food and essential commodities insecurity in December. 

Almost thirty-five percent of the total population was having difficulty in managing the household. Most families had a tough time arranging for food and daily necessities. The second set of stimulus money did not seem to change the situation much. The percentage remained unchanged by the time January came to an end. 

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Stimulus Checks are still being heavily demanded by the Americans. The possibility of the government sanctioning one, is, however, less likely. The Democrats are highly pushing for an infrastructure bill worth $3.5tn. The rate of unemployment and the frequency of new vacancies have stayed at par. This might compel the federal government for the fourth set of stimulus checks. 

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