A new wave of TikTok videos and viral posts has sparked excitement among Americans, claiming the federal government might issue stimulus checks worth $2,000 or more. These posts have left many hopeful for extra financial support as the year ends. However, financial experts are urging caution and advising people not to believe the hype.
Stimulus Check Rumors Vs. Economic Reality
Stimulus checks are designed to inject money into the economy during times of severe economic hardship, such as the COVID-19 pandemic. Jacob Channel, senior economist at LendingTree, explains that despite some concerns, the U.S. economy is in relatively good shape. “Consumer spending remains strong, and while there are challenges, the overall economic outlook doesn’t warrant emergency measures like stimulus payments,” Channel told CBS MoneyWatch.
During the pandemic, stimulus checks played a critical role in helping Americans weather job losses and financial uncertainty. Former President Donald Trump and President Joe Biden each signed legislation authorizing stimulus payments. However, the current circumstances differ significantly. Inflation has cooled, unemployment remains low, and there’s no legislative push for direct payments.
Adding to the confusion, misinformation about a supposed new stimulus program has spread rapidly online. While these claims may seem plausible, the IRS has warned against trusting unofficial sources. IRS Commissioner Danny Werfel emphasizes that scammers often use social media to exploit people’s hopes. “Social media is a breeding ground for bad ideas and scams. Always rely on official government channels for accurate information,” Werfel said in a statement earlier this year.
While the idea of a holiday stimulus check may sound appealing, experts and officials agree: there’s no evidence to suggest one is coming. Instead, Americans should stay vigilant against misinformation and focus on verified financial advice.
