Many Americans continue to hope that things will go their way on the fourth stimulus check. They expect that the American leadership will continue with the stimulus support to help them tide over the lingering effects of the pandemic.
President Biden has declared plans to begin sending monthly checks for children starting July 2021. It will continue through December 2021. While 50% of the promised amount of up to $3,600 per child will be paid out in these 6 months, the rest will be settled in the next tax season in 2022.
Most Americans have already spent their third stimulus check as unemployment rates remain as high as ever. And any support without supplemental earnings does not last long. But many Americans continue to hope for the best.
Can We Expect Another Stimulus Check-In 2021?
At present, the Democrats have stuck to the $1500 per child that families can expect in 6 monthly installments. The child tax rebate will give $250 per month for kids between 6 and below 18, and $300 per month for children below 6.
This will help close to 40M families through this year. The administration said that the first payment will start on July 15, 2021.
The money is expected to reach up to 88% of all American children, says the Treasury Department and the IRS.
President Biden, $1.8B American Families Plan proposes, among a host of other measures, the continuation of child support through the year 2025. Many Democratic lawmakers want this support to be permanent.
The Online Appeal For The Next Stimulus Check Grows Strong
As Americans continue to feel the pinch of the economic downturn, the money from the third stimulus check will be exhausted by this month in most American households. And more people call for continuing the support amidst the unrelenting recession.
The petition on change.org started by a restaurant owner from Denver has collected more than 2.2 million signatures. The petition calls for regular checks of $1,000 for kids and $2,000 for adults to tide over the pandemic.
Many people continue to be burdened by huge debts from child care, rent, and utilities, and the petition appeals to the Biden administration to lessen the load to a certain extent.
Most Americans spent the third stimulus check on rent, paying off mortgages, food, utilities, and paying off debts.
Some did invest in stocks, but it has by and large been about the essentials and some necessary products like affordable insurance.
Has Washington Set Aside The Idea Of A Fourth Stimulus Check?
Biden’s spokesperson, Jen Psaki, the press secretary at the White House tossed the issue to Congress when asked about the matter. She said that it is not free.
President Biden continues to be preoccupied with the American Jobs Plan, his $2 trillion plan for overhauling the American infrastructure. Next in line is his American Families Plan.
Getting the third stimulus check through Congress was tough enough for President Biden. A fourth-round looks like a distant possibility at present.
The Democrats have a wafer-thin majority in both the Senate and the House. Then had a tough time convincing even some Democrats for the need of a third stimulus check.
But Is It Too Early To Write Off Another Round Of Stimulus Payments?
The call for continuing the stimulus payments, till the effects of the pandemic lingers, were heard from many Democratic lawmakers even in March 2021.
The letter sent this Monday, signed by 7 members of the House Ways and Means Committee, has urged the President to include direct recurring payments as part of his American Families Plan.
Their letter further says that the third stimulus check of $1,400 will not be enough to see families over the year. Future economic support should not be left to the whims of the legislature and off-the-cuff solutions.
They said that a fourth, perhaps even a fifth check was essential to keep many Americans from sinking into poverty.
Even as America gradually crawls back to a semblance of normalcy, it would not be right to allow Americans to continue to worry about providing food on the table or keeping a roof over their heads.
Working Out Things On Your Own
While the government dithers on continuous stimulus support, there are ways you can look for ways to save and stretch your earnings.
Many Americans relied on their credit card for immediate needs. But credit card interest rates are unreasonably high and if you were relying on credit cards to meet your expenses, it is high time to pare down the bill. You could be spending a fortune as you juggle multiple credit cards and pay the minimum interest rates to keep them going.
You could look for a low-interest debt consolidation credit at much lower interest rates. Many lenders are willing to help you settle your credit card dues with a consolidated personal loan. You could save thousands.
If you have a home mortgage, now is the right time to refinance your loan as rates are at an all-time low. Get quotations from multiple lenders and work your way to the best mortgage rates.
You can also find good bargains on car insurance. With sales at a record low, many insurers are offering low rates.
You can even invest gradually in the stock market and build up a portfolio by investing gradually. Online trading allows you to pick up a small lot of shares at a go. And you wouldn’t believe how fast spare change adds up, even the digital ones.