The federal stimulus provided financial support to millions of pandemic-struck families and individuals. The citizens received three rounds of stimulus checks. The government aimed to boost the economic conditions of low-income families. However, the government has not announced another stimulus check-in 2022, despite the pandemic taking a worse shape.
USA Today reports that the rapid spread of the new COVID variant has forced several workers to stay at home and has led to the closure of several small and medium-sized businesses. The citizens are calling upon the federal government to introduce fourth stimulus checks to help them with the daily expenses.
Additional Stimulus Checks Are Highly Unlikely At Present
The introduction of fourth stimulus checks will ease the livelihood of millions of low-income families. However, the additional checks might place a substantial financial burden on the government and have many long-term effects on the country’s economy. The unemployment rate reduced to 3.9% in January last year; the workers’ condition is far better than the pandemic’s initial stages. Various companies have increased monthly wages and incentivized their workers.
Record Rise In Inflation
The legal authorities are not in favor of imposing strict restrictions like the initial stages of the pandemic. The improvement in the living circumstances might discourage the government from deciding upon the additional checks. Another major factor that led individuals to ask for further checks is inflation. The US has been witnessing a record rise in inflation levels since the latter stages of 2021. The present inflation rate is 6.2%, the most in the previous four decades. The prices of everyday products and services have skyrocketed and broken all previous records.
Individuals need to save wisely to counter the increased prices. They should follow the advice of financial experts to maximize their profits and reduce their expenses. If the situation worsens, the government will have to give the idea of a fourth stimulus check, food for thought. The individuals need to check with the government officials to keep track of the future government relief programs and their eligibility criteria. The working individuals and unemployed workers can look for an additional source of income till the situation retains normalcy.