Americans have been clamoring for stimulus check funding for a reason this year. Since mid-2021, there has been a significant increase in living costs due to rampant inflation. Consumers have consistently had to use their savings and accrue credit card debt to keep afloat over the past 1.5 years, and are now exhausted.
Sadly, there are currently no plans in place to distribute more stimulus funds. In March 2021, when unemployment levels remained still quite elevated and the economy seemed perilous, the last wave of stimulus spending was approved. The economy this year has been pretty unique. There have been many jobs available, and unemployment rates are low.
There are indications that the situation is altering. Additionally, if the unemployment rate worsens significantly, it might spur another series of stimulus payouts.
No Predictable Stimulus Check Rounds Until Employment Rates Increase
It might be justified to implement additional stimulus measures if national unemployment rates keep rising. Additionally, it might influence politicians to increase unemployment benefits (as they did during the pandemic) to help individuals who lose their jobs make ends meet.
Increased unemployment rates in 2023 may probably trigger another stimulus wave. People shouldn’t truly wish for that, though.
For more stimulus checks to be justified, the unemployment rate has to significantly increase from its current level. If we reach that position, the economy would decline to a degree where many people could be harmed. Furthermore, other stimulus waves may not be implemented even if the country’s unemployment rate does meaningfully decline. As these are thought to have contributed to the issue of skyrocketing inflation, lawmakers have received some criticism for their stimulus programs from 2021.
Despite the fact that lawmakers have previously provided stimulus checks during times of high unemployment, they could adopt a more cautious stance in light of the fallout from the pricey American Rescue Plan in 2021.
Overall, there are indications that the unemployment rate is rising. It is unclear if this’ll result in additional stimulus help, but it is also a worrying development. Therefore, Americans should do everything they can to cut back on their spending, increase savings, and strengthen their finances in case the economy worsens rather than wait for a stimulus check.
