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Tuesday, January 25, 2022

Stimulus Check Update: How Has The Economy Changed

While the COVID-19, with proper justifications, will always be remembered as the time of suffering, it has also brought forth stimulus check payments. As it stands, experts will have you know that such a welfare system for the entire society has never been seen before in the country.

Most of the residents were peppered with payments from the government that was designed to keep them afloat while the economy was plummeting at a staggering rate. Not surprisingly, this has really led to some massive changes in the entire economy of the country. Some of the major features for this have been a decrease in unemployment and lesser levels of food insecurity- along with a far higher level of inflation. 

The Stimulus Check Payments That Helped the Economy

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The first stimulus check payment came under the CARES Act which was signed by President Trump on the 27th of March, 2020. After this, the IRS went on a drive, distributing payments worth $1,200. When the payments were sent, the rate of unemployment in the country stood at a grotesque 14.8%.

It was also reported in April that around 38% of the population would have a family member losing out on employment in the next month. By May, most of the households had already received their stimulus payments, but the rate of food insecurity didn’t really drop as fast as was expected. 

In December of 2020, Congress again passed out a Coronavirus Response and Relief Supplemental Appropriations Act of 2021, which saw a stimulus check payment of $600. This payment came at a very vital period- when most of the households were struggling to make ends meet. 

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The third stimulus check payment was passed under the new regime of President Joe Biden, which had a sum total of $1,400. Interestingly, most of the Republicans latched on to his election run claim where he promised $2,000. 

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