The Central government of the United States of America already announced that they will not be providing any further stimulus checks to the citizens. This has been rejecting news for Americans owing to the economic backlog after the COVID-19 impact. In addition, US citizens have been trying to stay afloat during times of rising prices due to inflation. People ate struggling to purchase essential products including medicines, food, and gas as well as pay rent and debts.
On the other hand, several US states stepped up and provided stimulus checks in the form of tax refunds and relief payments.
Battering Inflation Calls For Stimulus Checks
As already known that the US is experiencing one of the most battering inflation ever from 2021. The financial condition seemed positive in comparison to the mid-2022 situation. The inflation report for January 2023 mentioned a few despondent things.
The Price Index for Consumers throughout the month of January 2023 showed there was a 0.5% surge in the services and goods costing by consumers as compared to December 2022. This is the increase within one month. This further proves that consumers are taking loans through credit cards while they are facing financial issues.
Unlikely Relief Aid From US Government
These projections show that there it is unlikely for the federal government to offer additional stimulus checks to the citizens of the US. This is mainly due to the reason that consumer costs are related to increasing inflation. People might end up spending their relief payments on purchasing from the market and this may worsen inflation.
Unemployment across the US is now the lowest in the past 54 years and there has been a mere half million jobs added in January. These factors combined show another stimulus payment is not a good idea.
