Stimulus check update: Experts weigh in on whether there will be more checks from the government
Asher Notheis
Video Embed
As residents of the United States continue to grapple with rising prices, there are some who wonder if the U.S. government will send an additional stimulus check.
A total of three stimulus checks were issued in 2020 and 2021 in response to the COVID-19 pandemic, which started in March 2020. However, the likelihood of U.S. citizens getting an additional stimulus check is not guaranteed, as the U.S. is continually recovering from the impacts of COVID-19 and the actual need for another check is called into question, according to GoBankingRates.
STIMULUS UPDATE: FARM WORKERS ELIGIBLE FOR $600 REBATE PAYMENT
“The economy has grown 25 million jobs since April 2020 and has more jobs than pre-pandemic,” said Doug Milnes, a personal finance expert for Money Geek. “The unemployment rate has returned to the pre-pandemic unemployment rate as well.”
Additionally, it seems unlikely that the government could afford to make more payments. Dr. Tenpao Lee, a professor emeritus of economics at Niagara University, believes that future stimulus checks are unlikely due to rising inflation that the federal government is trying to combat.
“As a result, it would be more expensive/difficult for the federal government to borrow money, and the government had unprecedented debts/deficits levels already,” Lee said.
“In addition, the confrontations with China and sanctions against Russia damaged the role of the USD as the sole global currency. The Fed’s ability to make independent monetary policies has been weakened as many countries decreased their reserves in the USD/Treasury holdings.”
The possibility of a recession in the U.S. has added speculation that another stimulus could be on the way. However, Alvin Carlos, a financial planner and managing partner at District Capital Management, suggests people should not get their hopes up for another check should a recession become a reality this year.
“The government will mostly just rely on the Federal Reserve to lower interest rates and bring the economy back to life,” Carlos said.
Despite the lack of a chance of future stimulus payments from the U.S. government, there are still payments from the state level that local residents can anticipate.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
In Georgia, residents who filed their 2021 and 2022 tax returns will receive a special income tax refund. Single-filer taxpayers and married people filing separately will get $250, heads of households will receive $350, and married people filing joint returns will receive $500 based on tax liability.
At a smaller level, select residents of Chelsea, Massachusetts, are receiving a payment of up to $400 next month. This will be the third and final payment from the Chelsea Eats program, which issued its first payment in March.