As per a recent assessment from U.S. DTT, economic stimulus initiatives implemented during the epidemic had a role in “the most inclusive recovery in history.” This is particularly true when it comes to their investments in minority groups’ financial security. The study, which was made public on October 23, combined recently available data from the FRB with fresh research from the Treasury Department. Programs started by the Biden administration “one of the treasury report’s findings said that it “helped to prevent the most catastrophic financial results anticipated due to the COVID impact for Hispanic and Black families.”
Additionally, it discovered that Hispanic and Black families’ financial well-being has “stayed strong” in comparison to previous recoveries across a range of economic metrics.
What Does The Latest Treasury Report Say About Stimulus Checks?
Deputy Treasury Secretary Wally Adeyemo stated in a news release, “According to this research, the Biden administration’s initiatives have sparked a remarkable economic revival, we’ve also been constructing the economy that will enable all communities to realize their full economic potential. The research in the treasury report claims that the 2021 ARP, spearheaded by President Joe Biden, “effectively gave out aid as well as resources” to historically marginalized groups, contributing to a quicker recovery of the economy than in prior downturns.
It’s important to remember that the study was written before the year of election when Biden was running for reelection. Nevertheless, the treasury report provides a wealth of evidence to back up its assertions that the country recovered from the epidemic in an “equitable” manner. As part of the ARP, the federal administration sent $500B in stimulus cheques, with payments of above $1,400 per individual going to qualifying recipients. Post the Trump government handled the first two stimulus rounds, it marked the third (and largest) round of stimulus checks.
