A wave of optimism was present regarding some states receiving an extension on the stimulus check which had been issued during the pandemic with the aim of helping consumers to manage inflation. But unfortunately, any stimulus check by the federal government will not be dispatched to the bank accounts for the month of March or anytime soon.
Any chance of still receiving a stimulus check in 2023 could only come if Congress takes a step and authorizes a law to send in more funds. We cannot ignore the fact that many Americans have been a victim of inflation which has been topped with the ending of benefits coming with the SNAP emergency in February. Also, an increment in spending power would not lead to a reduction in inflation.
Taking a situation where people had more which could enable them to spend more on consumer products, the demands would still continue to rise. The supply chains also have not yet straightened up from the COVID-19 pandemic which now could drive a crisis and would ultimately lead to a rise in prices.
While everyone enjoys some extra greens these relief funds also come with consequences that would be unintentional. The stimulus checks though not the sole reason for inflation was a major contributing factor.
How Was The Past Stimulus Check Spent?
Looking at the history would help us get answers to questions like how was the relief money spent earlier and how are the reports coming up now. At the beginning of the pandemic, Americans were blessed in the month of April 2020 with an amount of $1200. The money came to the rescue of those victims of furloughed or had very little or no inflow of money. The stimulus check also helped the ones who were unable to work or were laid off.