Is yet another round of stimulus checks on the way? On Wednesday President Joe Biden is expected to outline new plans before Congress in an effort to help boost the economy, increase educational funding, offer paid family leave, and rebuild infrastructure. This is leaving some people to wonder if this might also mean a fourth or fifth stimulus check.
What Joe Biden’s $1.8 Trillion Proposal Could Mean
President Joe Biden will discuss his $1.8 trillion proposal that is known as the American Families Plan. This plan might include the possibility of billions of dollars being set aside for Americans who need financial help while the coronavirus pandemic continues to linger.
As of the time of writing, it isn’t clear whether more stimulus payments will actually be included since he has stayed mostly silent about the possibility. That’s because of the three stimulus payments that have already gone out. The earliest stimulus payment was sent back in April 2020 in the amount of $1200, the second went out in December for $600 and the third most recent payment was for $1400.
Washington Economics and Lawmakers Support More Stimulus Checks
From the beginning of his campaign, Biden was pretty open about wanting to stimulate the economy to help dig the United States out of the financial crisis the pandemic caused. Not only that but there were many Washington economists and lawmakers who have also urged Biden into greenlighting more stimulus payments.
It was as soon as just last month that 20+ Democratic senators even signed a letter supporting recurring stimulus checks. The letter read, “We urge (Biden) to include recurring direct payments and automatic unemployment insurance extensions tied to economic conditions in your Build Back Better long-term economic plan.”
The letter included polling data that showed how much Americans would support yet another stimulus check. It read, “Polling shows 65 percent of Americans support recurring cash payments ‘for the duration of the pandemic.’ This includes support from 54 percent of Republicans and 60 percent of Independents. Economists support the idea too.”
Americans Are Continuing to Suffer Financially
Despite the most recent stimulus payment going out, Americans are still having problems making ends meet. With more than 85 percent of the payments already sent, data continues to show that Americans will continue having problems well into the fall if they aren’t given more monetary assistance.
Bankrate conducted a recent survey that showed as many as six in ten adults believe the current payments “won’t sustain their financial well-being for more than three months, as most plan to allocate proceeds toward covering monthly bills, daily necessities such as food and supplies, and outstanding debt.”
Another 20 percent of Americans surveyed admitted that the stimulus funds won’t even last a full month, while 14 percent said the payments didn’t actually help their finances improve at all.
Whether or not the payments do go out, one thing is very clear. Americans are still in need of assistance and it isn’t known yet when the pandemic will end. Some are hopeful thanks to how quickly vaccination for covid has ramped up over the past few months, but in the meantime, there are still those who could use help.
