Millions of Americans are financially struggling due to the business shutdowns caused by the global coronavirus pandemic. The report from the latest U.S. Census Bureau suggests that around 30% of households couldn’t cover the expenses due to the unprecedented situation. However, the majority of household finance is also improving and part of the reason is due to the stimulus checks provided by the government.
The IRS is currently sending the last round of third stimulus checks to qualified individuals living across the US. Millions of American household has already received the payment checks while other are waiting for the last batch of payments in the third round. The Biden government and IRS decided to deliver up to $1,400 per individual during the third round of stimulus checks.
While millions of Americans are still struggling, the third stimulus helped amazingly to put food on a table of American households. The third stimulus started rolling out to the qualified individuals on March 12, 2021, and it has helped greatly to cover the household bills of millions of Americans. According to the latest report, the number of Americans who are financially struggling fell to 28.9% from 33.8%.
The fourth stimulus is on the way!
Some lawmakers are already pushing the government for the fourth round of stimulus checks. A group of 21 Democratic Senators recently sent a letter to the president of the US, Joe Biden, where they asked to include another stimulus check in his long-term economic plan. Ron Wyden, D-Ore., Senate Finance Committee Chair, believes that the third stimulus payment couldn’t help millions of struggling families.
The president signed the $1.9 trillion American Rescue Plan (ARP) into law in March, which had the provision of the third direct payments and unemployment insurance. As things stand, the president hasn’t publicly supported the fourth stimulus checks. The president is currently focusing on passing his new plan — a $2 trillion-plus infrastructure plan — mainly to improve the transportation infrastructure.
The lawmakers claimed that the direct payments have helped the country to reduce the poverty. A recent report mentioned that if the fourth stimulus check goes ahead then it will lift around 6.6 million Americans out of poverty.
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