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Tuesday, December 7, 2021

Stimulus Check Update: Fourth Payment In The Works?

With the month of October about to end in just a week, the chances of another stimulus check being passed this month are null. Although there could be an inkling in the form of a reconciliation bill from the Democrats, it would definitely not be including a fourth direct payment- at least for this month.

With several issues raised by conservative Democrats like Senator Kyrsten Sinema and Joe Manchin over the expansion on the Child Tax Credit payment beyond a year, it seems pretty implausible that those who have been leading the legislation for the bill would lose out on support just to pass another payment.

Outlook On A Fourth Stimulus Check In 2021

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With inflation on the cards, the Republicans are quite likely to go all out against the issue of another stimulus check payment, made solely on the basis that it could lead to a further increase in prices. Yet, there aren’t many economists who have supported this claim, with several 

worrying that the economic recovery could get jeopardized if the economy were to lose steam with the workers spending less money- as they earned less too. 

This month was already witness to a report from the Bureau of Labor Statistics which claimed that there were around 6 million unemployed people who weren’t searching for jobs- and thus were not a part of the rate of unemployment. The figure for this back in February of 2020 was 959,000.

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When one factor in the six million individuals who haven’t yet looked for jobs, and the seven million that are unable to find a job, the rate of unemployment seemingly goes very high. This, economists believe, would serve as the perfect catalyst for another stimulus check to prevent the economy from regressing. 

After the pandemic took hold back in 2020, there were massive layoffs in the employment sector- which led to the government passing the CARES Act- the first stimulus check worth $1,200. 

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