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Friday, January 27, 2023

Stimulus Check Update- Will The States Issue More Payments?

Amongst every issue that has been plaguing the country, the citizens have been aptly affected by the lack of a federal stimulus check from the government.

The previous year saw many people being eligible for a stimulus payment of around $1,400- which was under the American Rescue Plan- something lawmakers approved of in March. The Child Tax Credit also received quite a massive boost in 2021- which not only increased its value of it but also led to monthly installment payments that hit the bank accounts between the months of July and December.

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But, it has been noticed that the legislators have not really approved any form of a stimulus payment this year for a big reason- the market for labor is quite strong, and as such, the economic conditions don’t really need it. Some economists believe that another federal stimulus payment could make inflation worse. 

Will The States Issue Stimulus Check Payments in 2023?

Now, while the federal government has washed its hands from any federal stimulus check payment, the states have picked up the slack. But the main question that rests is- will this practice continue even in 2023?

The previous year and the current year did see a large number of states having excess funds in their budgets- which were used to supplement the stimulus payment sent to the citizens of the state. Yet, one can’t state with certainty if the process will still continue even in 2023. Also, if the states don’t end up with any surplus in their budget, it would be pretty difficult to issue some money to the residents. In certain situations, the state could use the money in a completely different venture. 

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Therefore, one should not give up the possibility of another stimulus check from the government. The chances may be slim, but economists believe that in the event of a possible recession and unemployment, the federal government would have to issue funds to solve the issue.

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