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Saturday, September 24, 2022

Stimulus Check Update: What Has Been Pushing It?

It is common knowledge that the IRS had paid around 169 million payments as a part of the third stimulus check payment. Close to 2 million people received the payment of $1,400 in July. But there have been quite a few legislators that have been clamoring for another round of stimulus payments, which would be pushing out recurring payments to every single citizen until the pandemic finally tides over. Currently, the response from the federal government has not been favorable with regard to another stimulus payment. 

Need For Another Stimulus check

Overall, the federal government has managed to send out a stimulus check payment of $3,200 to eligible adults- which was constructed under the $1,200 Coronavirus Aid Relief and Economic Security Act in March 2020. It was then followed by a $600 relief measure in December. In the end, the American Rescue Plan signed by President Joe Biden inMarch 2021 sent out an additional $1,400. Regardless of the financial assistance sent from the government, millions of citizens have been finding it pretty difficult to make both ends meet. 

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The current spread of the Delta variant has also brought forth new economic sufferings, with around 25% of the population not being able to pay for their household expenses in the previous week- which was reported by a new Census data that polled individuals in the last few weeks of August. As of now, the rate of unemployment stands at 5.2%, which is still comparatively higher than the rate of unemployment that existed before the pandemic. In such a situation, the need for another stimulus check payment is immense.

During the same period of time, almost 9.1 million people have already exhausted their enhanced employment benefits- when the federal benefits expired. This has led to the complete wipeout of around $5 billion in weekly benefits which were sent to unemployed workers. Needless to say, a stimulus check will be crucial for these people to pay for essentials. 

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