Stimulus Check has been the backbone of the American people for the last couple of years. For the past decade, the U.S. economy has been in a state of near-perpetual recovery from the COVID-19 pandemic. The policy response to this event has been driven by two competing groups: those who feel that we need more stimulus to achieve full recovery, and those who believe that more stimulus will only exacerbate problems long after they’ve already been solved.
In this article, we will explore both sides of this debate and provide some context for what might happen if Republicans aren’t able to get their way on spending cuts sooner rather than later—namely, whether Americans will get their checks in 2023 or 2024 instead of 2022 or 2023 as planned.
Stimulus Check Money Uncertain
The stimulus check is a direct deposit of tax refunds into people’s bank accounts. The idea is that it will encourage people to spend their tax refund on goods and services, boosting the economy. You may have heard about this government program before, but do you really know what it is?
On February 17th, 2020, President Donald Trump signed an executive order that made the Stimulus Check program official by announcing its launch date: April 1st 2020 (yes, tax day). To qualify for these checks you must have filed taxes with TurboTax Self-Employed or another online service provider since December 31st 2019 at least once—that means those who file late won’t be eligible for one even if they were hoping for some free cash!
As you know, the government has the ability to stimulate economic growth through spending on infrastructure, education and health care programs. This can be done by raising taxes or cutting spending in other areas, but both options are unpopular with voters.
Economists agree that more stimulus is needed to achieve a full recovery from the recession brought on by COVID-19. However, if recent history is any guide, Washington will only have waited so long before delivering those funds that the recovery may be complete by that time.
The U.S. economy needs more stimulus to achieve a full recovery from the recession brought on by the COVID-19 pandemic.
The U.S. Treasury Department estimates that there’s a need for at least $5 billion in new government spending in order to jumpstart growth and get people back to work, but it seems unlikely that Congress will provide that funding of stimulus check given its current makeup.
As historian John Lewis Gaddis has said: “In America, nothing is inevitable.” The same could be said about economic growth—it won’t happen unless we make it happen ourselves!
The bottom line is that Americans may not see any economic stimulus checks in 2023. The federal government hasn’t been proactive enough in the past when it comes to stimulating the economy, but this time around things could be different thanks to a change in leadership and the political climate.