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Update on the Stimulus Package: A strong labor market makes a fourth stimulus check less likely.

A year ago, the U.S. economy was substantially different from where it is now, and that was before the most recent round of stimulus cheques were distributed. By then, the country had relocated.

There were still many children who went to school from their living rooms rather than an actual classroom, just a year ago, who wanted the COVID-19 vaccine. In the meantime, unemployment remained high, and many people encountered difficulties in their quest to return to work.

 

Because of the rising costs of childcare and the decreased availability that has resulted from the outbreak, many people are still confronted with comparable issues. However, since the American Rescue Plan was passed into law in March 2021, the United States has achieved significant progress in the economy.

And although that’s unquestionably a positive thing, it also means that, at the very least, for the present year, we can write off a fourth stimulus check.

There is still a lot of unemployed people out there.

The decision to distribute stimulus checks in March 2021 was significantly dependent on the capacity of Americans to acquire a job. There are still millions of jobs available, and unemployment is at its lowest level since the outbreak of the epidemic began.

For the week ending March 5, there were just 227,000 new requests for unemployment benefits. Although this isn’t the lowest figure we’ve seen in the last several months, it’s nowhere near the numbers we were seeing when unemployment was at its greatest levels.

A strong economy, not a poor one, maybe the cause of much of the inflation that is causing havoc on many people’s budgets. Prices can rise when demand for consumer products outpaces supply. Since then, things have gotten tougher for many people, but that’s not necessarily a good justification to give out more stimulus cheques.

Without a daily dose of inspiration.

If you’re expecting a stimulus check-in in 2022, don’t hold your breath. That doesn’t mean people won’t have to wait in line for other forms of assistance, either. Legislators could at least help families with children if they can extend the increased Child Tax Credit.

If a stimulus check or a boost to the economy doesn’t materialize, some families may be forced to make tough decisions, such as reducing their spending in particular areas, downsizing their houses, or going without a car.

There is some good news, though, in that employment opportunities abound and firms are becoming more flexible in order to keep their employees. Because of this, more people may be able to work from home than they could a year ago, which could help them return to the workforce.

It’s also possible for workers to take on other tasks on the side of their primary employment. Certainly not the ideal answer, but if a much-needed stimulus check is not forthcoming, this is a solid fallback.

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