While states like California move forward with additional $600 COVID stimulus payments – residents across the rest of the U.S. are asking when a fourth stimulus check will be delivered to them. The last stimulus payments came through the American Rescue Plan, which was signed into law by President Joe Biden during the spring. Checks hit most bank accounts within weeks, and were mostly spent during the second quarter, according to the latest data.
Why are additional stimulus payments needed?
Supporters of a fourth stimulus check for all Americans say that several key economic indicators make a strong case – including a 17% decline in income during the second quarter of 2021. Households in the U.S. reported this decline after the last round of stimulus checks went out. Consumer spending also declined in the second quarter by 9%. The personal savings rate also declined by 9.4%, which is an indicator of how financially comfortable people are feeling. It hit 26.9% in the first quarter of 2021.
What stimulus payment proposals look like?
Nearly 3 million people have signed a Change.org petition calling for targeted stimulus payments to families, and those in need. Specifically, the petition calls for payments of $2,000 to each person- and $1,000 to each child until the pandemic is over. The payments are described as ‘regular’ and per lawmakers in Congress that have supported such a move would help those earlier mentioned economic factors improve.
Democrats have also more recently proposed monthly payments of $1,200 for adults, and $600 for children until the pandemic is over.
More targeted efforts – like those to put $600 payments out to those who make less than $30,000 or $40,000 have been floated.
Neither high- or low- proposals have garnered any kind of real support from enough lawmakers to get rolling, or make it to President Joe Biden’s desk for signature.
Why do people disagree with additional stimulus payments?
Between a rising national debt and employers’ continued struggle to find workers – Republicans have said that the consequences of ‘free money’ are too great.
However, recent reporting showed that even though some states canceled enhanced unemployment benefits early in hopes that it would drive people back to work – those places saw little increase in workforce participation.
At this moment, the next time people will be receiving additional stimulus money will be through the child tax credit payment slated for September 15.
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