As Omicron Variant Surges, Need for Fourth Stimulus Payment Increases

The IRS awarded over 169 million direct stimulus payments, with most Americans receiving $1,400. But some advocates and legislators want the fourth round of stimulus payment that would be provided until the pandemic ends.

Direct stimulus payments

According to MSN, federal officials responding to the economic crisis caused by the Coronavirus pandemic have paid out a total of $3,200 to eligible adults so far, including $1,200 through the Coronavirus Aid, Relief, and Economic Security Act of 2020, $600 from a December fiscal stimulus package, and $1,400 through the American Rescue Plan of President Biden signed in March.

Millions of Americans are still facing financial distress in spite of the financial assistance they have received, and the spread of the Omicron variant is creating new economic turbulence. Some Americans said that they were unable to manage their household bills in the previous week.

As per the report, the unemployment rate is now 4.2 percent, greater than the pre-pandemic 3.5 percent estimate. Economists are worried about the emergence of the Omicron version, which has shut down college campuses and canceled high-profile events like Broadway musicals.

Pushing new stimulus payments

Several advocates are encouraging politicians to advance new stimulus payments, specifically for a particular group of people who have been particularly severely impacted by soaring inflation as a result of the pandemic. A petition from the Senior Citizens League to give seniors a $1,400 check has been signed by more than 95,000 people as of December.

Social Security and Medicare policy analyst at the Senior Citizens League Mary Johnson said that the stimulus payment would enable consumers to purchase an additional week’s worth of groceries for a few months, and it would assist them in dealing with the higher and rising expenses.

‘A fourth one will not be coming’

As reported by AS News, while past waves of the virus have been linked to the idea of another stimulus check, there will not be a fourth one. In light of unprecedented inflation, many households are feeling the repercussions, and most of the economic programs to help them have expired.

It was also reported that the Biden administration has been deafeningly quiet on the subject for some time now since the president’s hopes are anchored on the approval of his Build Back Better legislation. This legislation, which was meant to provide a great deal of assistance to families afflicted by covid-19, is no closer to being passed now than it was when it was initially proposed in March 2021.

Read More:

Here’s How To Calculate Your Effective Tax Rate!

Calls for New Stimulus Checks Mount as Rising Inflation Causes Surge in Prices of Essential Needs

 

Posted on