A large section of the American population has been clamoring for another stimulus check, but Congress hasn’t budged yet. Nevertheless, there has been a new study that does reveal why the introduction of another stimulus payment may not only be helpful, but also extremely vital for the population which is still impoverished, and suffering from the pandemic.
A study conducted by the Capital One Insights Center has discovered that although the three stimulus payments put out by this government and the previous government have done a lot in lifting the flagging US economy, this still doesn’t seem to be enough, and people will soon start suffering in the face of exhausting social benefits.
A 4th Stimulus Check Is Paramount
Unsurprisingly, the section of the population which has been facing the worst of the pandemic has been the people in the lower-income strata.
After the initial wave of the virus, the individuals have still been reporting an income loss of around 32-36%, with the rate of underemployment still 12% more among Hispanic and Black workers. It was previously documented that if the stimulus check of $1,400 under the American Rescue Plan was not put before the public, around 46% of the lower earners would not be able to pay for their basic amenities.
The survey has also discovered that middle-income earners have also been affected pretty badly- especially with growing concerns regarding child care, with around 30% of the population cutting back on their work. As for those with a considerably higher income, only 18% seem to be affected in a similar manner. It simply points to a necessity of a stimulus check amongst workers who have an annual payment of less than $100,000.
While the stimulus check payments did do a lot for the public, it is being feared that with inflation and the exhaustion of government assistance, the population will regress further.