Stimulus Check 2023: Is President Biden’s Economic Plan Working In The Absence Of Stimulus Checks For Low-Income Americans?

stimulus check
stimulus check

Right from the start of his presidency, Joe Biden has stressed building the economy from the bottom up and middle out. He has long been an exponent of it even when he was the vice president under Barack Obama. He firmly believes that the trickle-down effect of the economy never works. Only when the poor get a boost and the middle class does well, will the wealthy also benefit? 

Towards this end, he boosted the economy by pumping in billions of dollars for low and moderate-income Americans with the third stimulus check. This was at a time when even some Democrats were wary of pumping more money directly into the economy. But Biden’s plan worked, and the economy showed signs of recovery within weeks of the end of the prolonged shutdown during the pandemic in 2020, and again in 2021

It was an amazing turnaround in the last two quarters of 2021 as the US witnessed a mini-boom. This vast improvement prompted other states to announce stimulus checks based on their own funding without relying on pandemic aid from the federal administration under the American Rescue Plan Act. The act was signed by President Biden in March 2021 within weeks of assuming power. 

In the third year of his presidency, Joe Biden stridently believed that the best way to expand the economy was to create well-paying jobs and bring down the cost for families. This he has done by promoting workers, investing in the economy and its common people, and striving to turn around the economy by making it more competitive. He has reformed the tax code that has rewarded work and the wealthy.

This was a mistake that President Trump made when he spared the rich and the super-rich from additional taxes and even reduced their taxes in many sectors. The progress the economy has made in the past two years proves that his economic strategy has been a stupendous success. 

The Stimulus Check and the CTC stimulus check ensured that the economy returned to normal immediately after the pandemic eased. This was something that did not happen during the economic recession of 2007-08. The US faced a severe economic crisis, the aftereffects of which lasted for years. There wasn’t enough money in the market to aid a smart recovery. 

President Biden has highlighted the effort made to bring the economy back from the pandemic and create more jobs in a two-year president. And he has succeeded more than any other president on record. 

There has been a steady lowering of costs. The last two years have allowed families more breathing space. The support includes cutting the cost of prescription drugs, lowering health insurance premiums, and cheaper energy bills.

The uninsured rate also drove to a historic low. There has also been a manufacturing boom across the country. It has covered the infrastructure sector, clean energy, and semiconductors. It has strengthened areas of America that were left behind as it created good jobs. Even workers without college degrees benefitted from it. 

Right from his decision to go all the way with the third stimulus check to the present, President Biden has been fiscally responsible in his economic strategy all along barring a few minor hiccups. His predecessor Trump lost close to $2 trillion in unpaid tax cuts with skewed benefits to the super-rich and large corporations. The deficit has gone up every single year during the Republican president’s watch. 

Right from the start President Biden has ensured that the deficit has steadily gone down every single month and has fallen by as much as $1.7 trillion. He has made sweeping reforms as he took on Big Pharma head-on and has lowered the cost of prescription drugs. He has forced the large corporations and the wealthy to pay their fair share of taxes, directly reducing the budget by hundreds of billions of dollars. 

But President Biden Realizes That The War Is Far From Over: People Continue To Hurt In The Absence Of A Stimulus Check

The war against economic downturn is far from over and the president realizes that more than us. The battle to build the economy from the bottom up and middle out is far from over. He will have to build on this work to continue growing the economy while at the same time bringing down costs. 

This is expected to continue to lower costs for families, something urgently needed in an inflationary economy. From housing to health care to child care, it has been a relentless rise for over a year and a half. The measures are expected to strengthen and protect Medicare and Social Security reforms. It is also expected to rescue the budget deficit through more reforms. This would ensure that large corporations and the super-rich pay their fair share in personal taxes. 

The transition from a stimulus check-supported economy to one with more jobs, better life, and a transition to a better life despite the end of the stimulus check has been tough. In fact, in two years in office has overseen a momentous economic recovery and oversaw the building of a foundation for stable and steady growth in the coming years. 

Ever since the Democrats took office, the economy has added 12 million more jobs. Of these 800,000 have come from the manufacturing sector alone. The unemployment rate has also slid and is at a historic low over the past 50-plus years. Significantly it has been a record low for Black and Hispanic as unemployment rates shot down. 

The last two years have also been significant for small business applications. Before the Rescue Plan and the third stimulus check came into play, experts predicted that it would be a long route to new jobs. They warned that the stimulus check would have a debilitating effect on the economy instead of helping to contain runaway prices.  

Before the Stimulus Check Rescue Plan was passed in March 2020, the Congressional Budget Office projected that the rate of unemployment in the first three months of 2023 would be 4.8%. But it has stayed at the present level of 3.4%.