The recent coronavirus pandemic resulted in unprecedented stimulus check payments made to American workers and businesses. The payments came in waves, and with the increase in the pandemic, it almost felt as if the government would continue in its efforts to print money forever that would somehow bail the economy.
But even as multiple mask mandates came into place along with travel restrictions, the American economy did enjoy quite a rapid and sharp recovery. When that was combined with the trillions of dollars issued through stimulus money, the rate of inflation increased at a rate that wasn’t heard of in recent times.
Stimulus Check Plans Have Been Made By States
From March 2020 to February 2022, the government in the country injected close to $5 trillion in stimulus check money. Of that, around $1.8 trillion was sent directly to multiple businesses. But even with the appetite of the federal government, the desire to spend more on stimulus payments is slowly decreasing. The administration under Joe Biden has already shifted its focus primarily on spending on infrastructure, while several economists have warned that additional stimulus money would simply increase the inflation rate- which touched 8.5% in March 2022.
Unfortunately, despite the economy recovering successfully, the rate of unemployment stands above the rate it previously stood at, and a few other enhancements like the expanded child tax credit, have routinely expired. The main point is that most of the citizens in the country have been struggling really hard to deal with- and this has resulted in numerous proposals for additional stimulus money– from a fourth stimulus check to recurring payments of $2,000.
Now, despite the federal government not doing much to assist in stimulus check payments, the states have taken up the initiative to issue payments to their citizens.