The last round of stimulus checks to reach Americans’ bank accounts was approved in March, so it has been many months since checks were deposited. There are a lot of people who are unhappy about that.
Many Americans are in need of an income windfall because the cost of everyday goods and services is on the rise. In particular, those who earn low wages at their jobs or whose finances are still recovering from the early consequences of the pandemic should avoid becoming too complacent.
Despite the fact that inflation is putting pressure on many, this alone is unlikely to birth another stimulus aid. What matters more is how many jobs are available or those that are not. That said, those requesting a second stimulus check actually have little ground to stand on.
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The Unemployment Rate has Reached a Record Low
Unemployment fell in November to 4.2% from 4.6% a month earlier. In March of 2020, when the pandemic first ravaged the United States, unemployment was at its lowest level ever.
There was some disappointing economic news in November, despite plunging unemployment rates. There was only a 210,00 increase in nonfarm jobs. There were not even half as many new jobs created in February as economists had anticipated (573,000 new jobs). And that’s down from the 546,000 new jobs added in February.
However, even though job growth in November was disappointing, it is difficult to argue that additional stimulus is needed. As a matter of fact, many industries are actually struggling with labor shortages in the current economy. To address those problems, companies are offering higher wages and other benefits to potential employees to make them want to work for them.
Providing Support for the Problems of a Low Wage Economy
Many households may still be struggling to survive financially, even though unemployment has declined since the start of the pandemic. People who still have trouble making ends meet may want to consider getting a second job to boost their income. Due to more job openings and employers being desperate enough to accept more flexibility, more work has become available. More so, due to the price rises for basic goods over the past few months, cutting back on spending doesn’t seem to work in today’s environment.
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Meanwhile, supply chain problems that have caused inflation are not going to be resolved anytime soon. As things stand now, they may get worse before they get better, particularly after the discovery of the omicron variant of COVID-19.
President Biden has stated that he will not return to the lockdown procedures that were in place early in the outbreak. So, if that worsens, and if our recovery does not progress, then a follow-up stimulus check may be considered at some point. At the moment, though, this windfall isn’t something Americans should count on.