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Tuesday, July 5, 2022

Stimulus Check Update: The Fourth One Would Be Critical For Everyone

The United States is facing inflation, slower job gains, and a handicapped supply chain. This is the perfect time to push things up by sending a round of stimulus check to the Americans.

Three rounds of the stimulus check were sent to critical and low earners but according to the researchers at the Capital One Insights Center, these deeds didn’t go far enough.

Surveys Were Conducted To Test The Efficiency Of The Stimulus Check

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Various surveys were administered to groups of Americans every 4-8 months to learn about the impact of the virus from how they utilized their stimulus check to their view of the US recovery.

The respondents fell into three annual income groups, less than $25k, $25k to $100k, and over $100k. Lower earners were much more likely than other groups to have spent the final stimulus payment on bills, the study found.

Many Americans are suffering from the wraths of mortgage, credit card bills, and other utility bills. 46% of the people who are low-earners have come up short while paying for their expenses without the aid of the stimulus check.

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After the third stimulus check, which was the $1,400 payment under the American Rescue Plan, that balancing act became tougher for many lower earners. Nearly a third of low earners reported that they had to borrow money from friends and family to take care of their bills.

The cost of childcare added to the struggles and 50% of the people in the low-income brackets had to cut back on working to take care of their children.

It is quite unlikely that Congress will follow up with another round of stimulus check as the Democrats and Republicans are sparring over Biden’s administration now.

The Senior Citizens League is mounting a campaign to urge Congress to pass the fourth round of stimulus checks that would send $1,400 payments to Social Security recipients only after they warned that the cost of goods and services were rising, back in September.

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