How Fourth Stimulus Check Could Be Necessary For Some Americans

The economy is continuing to see some steady improvement from the hit it took due to the COVID-19 Pandemic and should continue to do so with rolled-back restrictions and mask mandates in most parts of the country. Unfortunately, despite the financial need of some Americans, it also means the hope for a fourth stimulus check continues to dwindle.

Though the economy has been rebounding from the pandemic, with more consumer spending and job growth, CBS News reports that millions of Americans continue to remain in financial distress, with 4 in 10 responding in a survey by TransUnion that income remains below pre-pandemic levels. Another poll by the Kaiser Family Foundation revealed that one in three also struggled to meet basic living expenses in the last three months.

Surveys continue to find that the majority of Americans feel that the money from the stimulus packages, which has so far totaled $3,200 for every eligible adult who received all three payments, is helpful, but only for a short time. Many have used the funds to either pay down debt, according to an analysis by the Federal Reserve Bank of New York, but others have spent the money on basic food and housing costs, which have been among the top ways Americans used the money.

However, despite continued calls and pushes by experts, as well as Democratic lawmakers, for not only a fourth check but recurring monthly payments until the economy is fully recovered, the Biden Administration remains hesitant to confirm if they will consider another round of direct payments.

The President has shifted his focus to his Infrastructure and Jobs plans, which are the next steps in his recovery plan, while the upcoming expanded Child Tax Credit payments—which will see deposits of either $300 per child under six or $250 per child between 6-17 going into eligible bank accounts monthly from July-December are also believed to be part of the reason why new checks are not expected.