It’s been about a year since the American Rescue Plan Act of 2021 sent American taxpayers $1,400 Stimulus Checks. The inability of Congressional Democrats to enact more Stimulus Checks led to the largest delay between stimulus packages since the outbreak began. The first checks were sent in March 2020 and the second in December of the same year.
Most Americans have returned to work, and things have been restored to some semblance of normalcy. Quickly increasing prices and an overheated economy have prompted doubts about the rumored fourth stimulus check. The chances of the fourth stimulus check materializing seem slim.
Stimulus Check Does Not Have Political Support
Even though many Americans have returned to work, unemployment remains above the pre-pandemic average of 3.5 percent. Unemployment is presently at 4.2 percent, with 2.3 million fewer individuals working than before the outbreak. As a result of labor shortages and supply issues, a supply chain crisis implies that suppliers are unable to fulfill domestic demand, and many enterprises are still unable to function at full capacity.
The American Rescue Act‘s extended child tax credit system is also slated to expire. with the remaining six months of payments expected to be delivered in a single lump-sum tax refund payment for individuals who file their taxes in 2021.
With inflation at a 40-year high (outpacing wage growth) and the Fed preparing to raise interest rates, requests for additional stimulus cheques are resurfacing.
Regardless of how many petitions are signed, the prospects of a fourth stimulus check appear to be small.
First and foremost, there is a lack of political will. Progressive Representatives, on the other hand, Early last year, however, Ilhan Omar and Alexandria Ocasio-Cortez were outspoken supporters of regular Universal Basic Income-style payments.
President Joe Biden has likewise given no hint that a fourth stimulus package will be forthcoming.
