The much-hyped economic revival has not helped every section of the economy. While the stimulus checks have helped households to tide over the months immediately after the pandemic, most Americans have run out of money. And jobs are still a trickle across sectors barring a few.
The economy is stated to have come out of the severe downturn, but millions of citizens have petitioned for a continuance of the stimulus checks. Though businesses are opening up and have begun hiring, this is not true of all sectors.
Sectors such as the tourism and travel industry, and many manufacturing sectors continue to hold out for further improvement before they make a move.
While stimulus checks proved their efficacy through the pandemic period, there has not been any further extension of payments after the third stimulus check. the benefits that were last announced in March 2021 have run out of steam.
Disturbing figures from the 2nd quarter of this year have revealed that the stoppage of further stimulus checks has affected citizens just when they are in most need of further aid.
Pointers To The Need For A 4th Stimulus Check
Several pointers prove that further stimulus checks are necessary to help Americans tide over the immediate crisis. A survey by Pulse Points shows that economic support remains necessary even as the economy shows signs of recovery.
Households have experienced a decline of 17% in their income in the 2nd quarter of this year and are facing housing and food insecurity. People in the low-income group are not capable of absorbing this drastic drop in income.
Consumer spending has also witnessed a 9% drop when compared to the opening quarter of 2021. This will further slow down the economic recovery.
Personal saving also dropped by 9.4% in the 2nd quarter. People do not have the surplus money to consider saving and are spending all their income just to cover everyday expenses.
The only way that the administration can help out Americans immediately is by going in for some direct form of stimulus check.
