The talk of a fourth stimulus check – and even recurring monthly stimulus payments – keeps going around Washington, DC and elsewhere, especially as the COVID-19 Delta variant has caused more uncertainty about the US economy.
But so far there is no indication that a fourth check will come anytime soon, if ever, and recent developments make the prospect of another check more and more unlikely.
President Joe Biden’s most important relief priority right now is the child tax deduction rather than another round of stimulus, The Sun reported on Thursday. And as GOBankingRates noted earlier this week, the latest job report – which showed US unemployment fell to 5.4% in July – does not bode well for those still holding out for a fourth paycheck.
The employment rate in July is the lowest since the COVID-19 pandemic began affecting employment in early 2020, according to the Bureau of Labor Statistics. About 943,000 new jobs were also added to the economy, with leisure jobs and hospitality jobs leading the growth.
Meanwhile, the BLS reported that the labor force participation rate changed very little in July, coming in at 61.7%, which is within the same range of 61.4-61.7% since June last year. The turnout is actually 1.6 percentage points lower now than it was in February 2020.
One result is that companies are struggling to find workers and fill jobs, and some lawmakers put some of the blame on stimulus payments, which they say have removed the incentive from eligible workers to find jobs.
So far, the U.S. government has provided $ 3,200 in stimulus payments to every eligible adult, CBS News reported: $ 1,200 under the Coronavirus Aid Relief and Economic Security Act in March 2020; $ 600 in a December relief package; and $ 1,400 under the U.S. rescue plan signed in March.
In June, about 9.5 million Americans applied for work, GOBankingRates reported, citing data from The Wall Street Journal. Some economists attribute the gap between job openings and unemployment to qualifications or geographical differences between workers and job vacancies.
“We have fewer people in the job market now than we did before Covid,” Julia Pollak, a job economist at the job search site ZipRecruiter, told the Journal. She added that several rounds of federal economic stimulus and benefits mean “companies have grown back much faster than job seekers.”
While all of this makes a fourth stimulus check unlikely, many people still support the idea. They cite the fact that millions of Americans are still struggling financially. About four in 10 say their income remains below its pre-pandemic levels, according to a study by TransUnion. And as CBS News reported Thursday, about 14.6 million Americans are currently receiving some form of unemployment benefits.
In March, 21 senators, all Democrats, signed a letter to Biden in support of recurring stimulus payments. And which GOBankingRates previously reportedAbout 2.8 million people (and counters) have signed a petition demanding $ 2,000 monthly stimulus checks for every American, making it one of the top 10 petitions that changed 2020, according to a statement on the Change.org website .
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