Friday, January 28, 2022

Update on Stimulus Checks in 2022: Recurring Payments vs. Stimulus Checks.

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The year 2021 has come to an end. The federal government of the United States of America has developed a number of relief programs in the last two years to assist people most affected by the COVID-19 pandemic and to help the suffering economy in a time of high unemployment and inflation.

The most well-known of these projects were economic stimulus checks, which were designed to give residents and families in the United States of America a boost in income and/or tax rebates. This was done to assist individuals in meeting basic needs such as food, energy, and child care expenses.

However, with President Joe Biden’s administration’s recent failure to pass his Build Back Better Act, stimulus payments, increased unemployment benefits, and the extended child tax credit may become a thing of the past. Economists and other key players in the United States of America, on the other hand, are debating both for and against this move.

Some claim that periodic payments, rather than one-time stimulus checks, will last longer and be used more effectively by residents. This essay will briefly address the different complexities around these topics, as well as look at the most recent information on the hopes, benefits, and drawbacks of additional stimulus checks. If you’re intrigued, keep reading.

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Despite President Joe Biden’s administration’s inability to get his Build Back Better Act passed, some lawmakers and supporters are pressing for a fourth stimulus check, according to CBS News. They feel that the pandemic’s consequences are still being felt and that as a result of the new outbreak of the Omicron variety, many American families, citizens, and households may experience economic challenges and crises.

“The IRS released more than 169 million payments in the third wave of direct stimulus funding, with the $1,400 checks reaching most American households,” according to a CBS News report by Aimee Picchi titled “What’s driving the push for a fourth stimulus check.”

CBS News reports that over 250 thousand American households have been unable to meet their basic living expenses in the last week, raising the question of whether we are headed for disaster without a fourth stimulus check.

Furthermore, economists are concerned about the impact that the highly contagious Omicron form has already had in the United States of America, such as the closure of Broadway musicals and certain college campuses, according to Picchi’s CBS News piece.

Those that believe in the cause

According to CBS News, more than 3 million Americans have signed a petition requesting that the federal government provide a regular $2,000 stimulus check. Because the initial stimulus cheques were not permanent, more than 30 million Americans may face hardship this year if they do not receive additional assistance.

Critics of such stimulus payments claim that the rise in demand leads to greater inflation and that the payments are not warranted because unemployment has decreased since the last time they were recorded. According to CBS News, “nearly 6 in 10 people think the $1,400 payments slated to be included in the rescue package would last them less than three months,” and “nearly 6 in 10 people say the $1,400 installments set to be included in the rescue package will last them less than three months.”

Furthermore, according to CBS News, in December of last year, a group of nearly 100,000 senior citizens in the United States of America organized under the Senior Citizens League petitioned for an additional $1,400 stimulus check to be issued to elderly citizens already hard hit by the pandemic in order to help them afford much-needed necessities like groceries.

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