The U.S. economy was very different a year ago when the last round of stimulus checks went out. Of course, the country was in a different place at the time.
In light of the escalating cost of childcare and the limited availability of childcare in the aftermath of the pandemic, many people still face similar challenges. However, since the American Rescue Plan was signed into law in March of 2021, the U.S. has made great economic strides, Motley Fool noted. However, that also means that the fourth stimulus check may have to be written off.
The Unemployment Rate Remains Low
The decision to send out stimulus checks in March of 2021 was heavily influenced by Americans’ ability to find employment. In spite of this, millions of jobs remain available, and unemployment is at its lowest level since the beginning of the pandemic.
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The number of initial jobless claims for the week ending March 5 was only 227,000. In the last few months, unemployment has not been as low as it has been, but it is nowhere near the levels we saw when unemployment was at its highest.
Dealing Without a Stimulus Check
It is unlikely that Americans will receive a stimulus check in 2022. But that doesn’t mean they won’t be eligible for other forms of assistance. At the very least, parents of children will receive some additional relief if lawmakers manage to extend the boosted Child Tax Credit.
If the boost doesn’t materialize, and a stimulus check doesn’t arrive either, some households may have to make some difficult choices, such as lowering spending, downsizing, or getting by without a car. There are, however, many jobs available these days, and employers are becoming more flexible so that they can retain staff. Remote work is therefore more possible now than it was a year ago, and that alone might help more people get back on the job market.
Additionally, there are a variety of opportunities for workers to do side work in addition to their main jobs. It’s not perfect, but in the absence of a much-needed stimulus check it’s a good way to generate extra income.