With the surge in the omicron valiant, some economists have been worrying that without extra stimulus check payments, the recovery might stunt. The country has been facing the full brunt of the latest variant, and most hospitals are bearing the strain of patients crowding around beds, with fears of businesses slowing down putting the government on a think tank.
Stimulus Check Possibility Amidst New Variant
With talk about a new stimulus check, it must be mentioned that so far, the newest variant hasn’t led to an increase in the unemployment rate in the country. The most recent claims of unemployment had a minor increase to it, but the levels are still way lower than what was seen before the pandemic.
Some of the small businesses have also voluntarily shut their doors with customers and staff getting infected with the virus. Major associations in the private sector along with advocacy groups like the US Chamber of Commerce and the Business Roundtable have not yet released any statements as to whether any more stimulus payments should be passed.
The White House has gone on record and argued that the funds from the American Rescue Plan should definitely ensure that all the states have the resources on hand to support struggling workers, families, and businesses. The Center for a Responsible Federal Budget has also reported that close to 86% of the funds from the $5.7 trillion stimulus check funds have either been committed or spent already.
Back in December, Jerome Powell, the Chairman of the Federal Reserve, had spoken regarding his concerns about the possibility of new Coronavirus variants and how it could harm the economic recovery of the country. It is time, therefore, to analyze if a stimulus check payment is what the government and the people need.