The federal government issued stimulus checks to millions of individuals and families. The government issued the third and the last round of stimulus checks in March the previous year; beneficiaries received $1,400 checks. The pandemic incurred severe financial losses, and many were unemployed due to the closure of businesses throughout the country. The US citizens and lawmakers have been urging the government to introduce further stimulus checks. However, the recent job growth might dash their hops.
Inflation is a growing concern
The employment rate has been the highest since the start of the pandemic. The market is restoring the pre-pandemic levels; individuals have strengthened their financial situation. The federal government will most likely abort plans concerning further stimulus checks.
The rise in employment will enhance the living standards and provide individuals and families with a financial cushion. The US market witnessed an increase in inflation over the past few months. The wedge between goods’ demand and supply has disrupted the supply chain and has influenced retail prices. Individuals will likely suffer in the future despite the employment surge.
Individuals cannot meet their basic needs
FingerLakes1 reports that 678,000 Americans received employment in February, the unemployment rate has decreased to 3.8%. The living expenses are unaffordable at present; several residents migrated to cheaper areas for a decent life. However, the migration fueled inflation, and the price rise was reckless. Several government authorities believe that the government should introduce fourth stimulus checks to counter inflation, whereas many think additional checks will worsen the national economy. The introduction of stimulus checks increased the individual’s purchasing power; this is also one of the factors behind the inflation rise.
The low-income families will struggle in the coming months due to unprecedented circumstances. The cessation of the federal benefits has propelled millions into poverty.
President Biden introduced the Build Back Better last year, but it failed to get full support within the Senate. The program aimed to extend Child Tax Credit and other benefits for the citizens. Biden is still hopeful of introducing the monthly payments in 2022; this can boost millions of families financially.
IRS will issue the remaining Child Tax Credit during tax refunds this year.
