The first few rounds of the stimulus checks that were provided by the federal government in the United States of America, were successful in helping the families meet their daily household expenses in the country during the outbreak of the coronavirus pandemic. The stimulus check was extremely important as the entire economy was shut down. Currently, the number of Delta variant infection cases is on the rise. However, life is returning to “a new normal” as people are gradually adapting to the situation. But when it comes to the economic conditions, there is still a lot to be done.
Stimulus Check, Economic Background
The unemployment rate in the country as of now is still high. Most of the states have stopped providing unemployment bonuses. But the economic condition of the people is worse as they struggle to make their basic ends meet like food and bills. And though the child tax credit stimulus checks are beneficial, people are still hoping for recurring financial aid payments. And despite the backing for the demand, there are strong reasons proving that it might not be that easy to convince the federal government not to provide the money.
The vaccination drive is on in the country with fresh vaccine mandates and everything. So with more vaccinated people, there is a chance for looser covid restrictions. When there are fewer restrictions, jobs and businesses can thrive a lot.
Also, several industries have already complained about the shortage of workers. This can lead to an increase in wages. The pandemic savings of the people along with the few distributed stimulus checks provides a push to the spending power of the people. And with the addition of the child tax credit payments, consumers have more confidence in their economic condition. And this along with the vaccination drive ensures promising economic reopenings for the future. All these factors cause a hindrance in the ongoing demand.
