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Saturday, October 1, 2022

Stimulus Check Update: What’s Pushing It?

It has been reported that the IRS has already sent close to 169 million stimulus check payments under the third round of stimulus aid. Incidentally, almost 2 million people have already received the payment in a check worth $1,400. But there have been several legislators that have been asking for another stimulus payment which would mean sending recurring payments to deserving citizens until the pandemic got over. Currently, the response to the federal government to the economic crisis has been a payment of $3,200 to eligible adults. Interestingly, despite this assistance from the government, people in the country have still found it difficult to deal with suffering. 

Need For Another Stimulus Check

The rate of unemployment currently stands at a rate of 5.3%, which is considerably higher than its levels before the pandemic at 3.5%. Although several businesses have been hiring, there are around 5.3 million fewer people on payrolls than there were before the pandemic. Several economists have already been sounding warning bells over the spread of the variant- which definitely calls for another stimulus check. Currently, Oxford Economics has gone about cutting its forecast for the global economic growth of this year from 5.9% to 6.4%. 

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To put it succinctly, for several people the biggest thing on their mind has been the stimulus check payments worth $1,400, which has been exhausted to accrue their payments. Now, there is a large section of the population that struggles with unemployment and a weak labor market. Indeed, there are over 2.8 million people that have already started a petition for some more money. 

As it stands, quite a few Democratic legislators have picked up on this idea. Around twenty-one, senators have signed a letter dated the 30th of March to the President in support of a recurring stimulus check payment.

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