Stimulus checks in the previous round had been approved nearly about four months back from now, and it was the largest round which paid out at $1,400 per family, who are eligible Americans. Since the rolling out of the payments, a sharp decline in the hardship rates was observed. However, the effect caused by the impact payments and rolling out stimulus checks can be seen to be fading.
Nearly around 20 million Americans are struggling from having enough food to eat and survive. More than 11 million adults have their debts stacked up, yet to be paid. These figures are pulled out from one of the recent reports that have been published by CBPP. Although there is an addition of 850,000 jobs in June itself, followed by the rate of unemployment going down by 360,000 in the last week alone, the economy across the United States can be still said to be far from the level that was observed before the pandemic hit.
Stimulus Checks To Allow Recovery
Stimulus checks have been rolled out in three phases and have aided a huge number of eligible American families. Following that, there was an economic crisis within the United States. However, there have been signs of improvement with the creation of new jobs and IMF states that the economy in the US can be expected to show a growth of seven percent in this fiscal year.
There are still job shortages, as such, statistics shown in June 2021 show a deficit of 6.8 million jobs as compared to February 2020. This immense loss in the number of jobs can be said to be because of the pandemic and its effect on a global scale. Most of the job losses were seen in the industries with the lowest wages, which can be said to be around 30 percent of the total number of jobs. However, this group was most benefited by the stimulus checks that had been put out by the Congress in three rounds.