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Saturday, May 20, 2023

Stimulus Check Will Depend On The Recent Unemployment Rate

The rate of the unemployment data prevailing in the United States of America was released by the Labor Statistics Bureau on the 3rd of July. It was with regard to the month of June. The data will be very useful in mapping the economic recovery of the country in the future that is to be framed by Joe Biden, the country’s President. The data will also decide on the fate of the next round of the stimulus check.

Stimulus Check Demands

The willingness of President Biden to provide some financial aid was clear despite him not holding the office of the President. That took place in the month of July when he talked about the American Rescue Plan for the first time. The total amount of the relief plan was 1.9 trillion USD. The stimulus check amounting to 1400 USD was also included in the relief plan of President Biden.

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Not only that but it also consisted of payments like unemployment benefits and child tax credits. When that took place the unemployment of the country had been 6.7%. That was both from the month of November as well as December. And when another round of stimulus checks was given out in the month of March, the unemployment rate of the country had been 6%. And as per the latest report, the unemployment rate released recently is 5.9%. 

When the coronavirus pandemic took place, numerous experts gave the suggestion on the availability of the stimulus checks to be made to the people of the country. They stated that these would help in assisting the economic recovery of the country. More than 150 economists formed a group and came forth to place their demand for the checks. They stated that the payments were to be made available until the economy recovered completely. They also included Jason Furman, the economist who worked during the presidency of Barack Obama.  

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