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Tuesday, February 7, 2023

Stimulus Check 2023: Will IRS Send Another EIP?

For American consumers, dealing with galloping inflation has pretty well taken up the entire year 2022. In addition, many people have depleted their savings accounts and accumulated substantial credit card debt as a result of growing living expenditures during the last 12 months.

The previous year was far more difficult since there was no government Stimulus Check available to rely on when inflation rose (though some states have issued their Stimulus Checks to residents). The last round of government stimulus checks to reach American bank accounts was authorized in March 2021, before the pace of inflation increased.

Stimulus Checks In 2023?

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This year, extra stimulus checks have not been required, which explains why they have not been distributed by the federal government. And even if it were to change in 2023, it would.

A lot will depend on one very important figure, even though that might change in 2023. In March 2021, the nation’s unemployment rate was 6%. Even though lawmakers approved the American Rescue Plan stimulus package before that data became publicly known, the unemployment rate in February 2021 was still somewhat higher than that at 6.2%.

When the epidemic first started to spread in February 2020, the unemployment rate was 3.5%. To put things in perspective, between February 2019 and February 2020, the national unemployment rate decreased from 3.8% to 3.5%. Following the outbreak, the unemployment rate skyrocketed to 14.7% in April 2020 before gradually beginning to drop.

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When lawmakers agreed to provide Stimulus Checks in March 2021 compared to right before the outbreak, the jobless rate was nearly twice as high. However, this year has seen minimal unemployment.

Overall, there has been a lot of employment all year long. To put things into perspective even further, the jobless rates in 2022 are practically the lowest ever noted in the prior 20 years. Consequently, it is clear why lawmakers chose against allocating stimulus funding.

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