Three federal stimulus checks have already been given to assist Americans through this pandemic. However, because of the impacts caused by the coronavirus, several lawmakers have been pushing to pass a fourth stimulus check.
Millions of Americans still remain in financial distress especially with the Delta variant causing 90% of hospitalizations across the United States which entailed monetary handicaps for so many residents.
$3,200 were paid to eligible adults: $1,200 under the Coronavirus Aid Relief and Economic Security Act in March 2020; $600 in a December relief measure; and $1,400 under the American Rescue Plan signed in March by President Joe Biden.
Ben May, director of global macro research at Oxford Economics, said “Uncertainty and hesitancy may ultimately lead to a more slow-burning recovery from here than our baseline assumes.”
Some lawmakers have said the government should definitely support a fourth stimulus check. Twenty-one senators — all Democrats — signed a March 30 letter to Mr. Biden in support of recurring stimulus payments, pointing out that the $1,400 payment being distributed by the IRS won’t tide people over for long.
“Almost 6 in 10 people say the $1,400 payments set to be included in the rescue package will last them less than three months,” said the senators.
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The letter from the U.S. senators doesn’t specify how large are the payments they are seeking, but a separate effort from Democratic lawmakers in Januaryfor $2,000 monthly checks until the pandemic ends.
Instead, the American Rescue Plan authorized $1,400 for each eligible adult and dependent.
Some families received aid in the form of Child Tax Credit. Families on average received $423 in their first CTC payment, according to an analysis of Census data from the left-leaning advocacy group Economic Security Project.
According to a recent analysis from the Federal Reserve Bank of New York, people who have received the three rounds of stimulus payments said they’re using most of the funds to pay down debt or put money in savings.
Although the economy is improving, millions of people continue to suffer from reduced income and lack of government programs.
If Biden’s financial plan moves forward, families may enjoy more of a tax break in coming years.
Read more finance news here with us at the East County Gazette.