The majority of Americans have depended on federal stimulus checks to meet their financial needs during the pandemic. It has been 17 months since the economy was first shut down. Now, the deadly Delta variant has caused a surge in cases among those who are yet to be vaccinated. Unemployment, at the same time, is still higher than what it was before the pandemic. Unemployment benefits are set to end on the upcoming Labor Day. So will we see any more relief from the IRS?
Continuing Economic Recovery Needs Stimulus Checks
In 2021, the second financial quarter saw a 6.5% annual growth rate. The growth is expected to continue through the remaining months. The GDP of the US has already gone past what it was before the pandemic. This alone would be convincing enough to say that the economic recovery is complete.
The majority of jobs that involved sitting at a desk have continued since they can be done from home. The market for housing and stocks has continued their good performance as well. Even though the trend is currently poised at being the highest in decades, some have issued warnings regarding inflation.
Even though a lot of the jobs have been retained, there is still widespread financial insecurity. Worryingly, about 10% of adult Americans reported that their families did not have enough food even with stimulus checks. The eviction moratorium of the federal government now has a 3rd October deadline. However, that does not forego the debt. It has just postponed it.
Employment, as well as job growth, are yet to reach what it was before the pandemic. Remote schooling has led to many parents facing childcare issues. Given the dismal rates being offered at the jobs available, most cannot sustain their families. As a result, the public demand for another stimulus check is real.
