The federal administration has from time to time responded to the pandemic through the stimulus check starting April 2020. The 1st check worth $1,200 was followed by a 2nd in December, worth $600 the same year. The 3rd stimulus check was the highest, signed by President Joe Biden in March 2021.
The $1,400 stimulus check by the Biden administration was the last federal payment. Repeated appeals by a section of legislators and an online petition by ordinary citizens yielded no results. And the only stimulus check that citizens can hope for from the federal administration is the balance of 50% that will be either adjusted against the 2022 tax filings or sent as a refund check.
Inflation Rate Nullifies The Chances Of A Second Stimulus Check
The leading concern for citizens and the administration is the rising inflation. The inflation rate has spiked to 7.5%, the highest ever since February 1982, as per data released by the US Labor Department on February 10. This is up from just 2.6% when the third stimulus check was declared in March 2021.
Critics of the check contend that such frequent support was one of the prime reasons for the rise in inflation.
Another factor that goes against the chances of a 4th check is the falling rate of unemployment. The unemployment rate before the pandemic was 3.7%, sliding back in February 2022 to 3.8%. So it has come a full circle, weakening the case for a fourth stimulus check.
It is an extremely positive sign that there has been an increase in demand for workers and also that Americans are getting their jobs back. It negates the need for the 4th stimulus check, according to a majority of politicians. President Biden mentioned that the slide in the unemployment rate was the fastest even under his presidency from 6.4% when he took office in January 2021.
Finally, it is no longer a priority for political parties given the Ukraine crisis and the rising gas prices.