Will There Be a Fourth Stimulus Check?
- The COVID-19 pandemic continues to be a global issue as new variants are spreading.
- As people continue to struggle, 2021 ended without a fourth stimulus check to keep households afloat.
- Due to the pandemic, many Americans have struggled financially and suffered medically.
The COVID-19 pandemic continues to be a global issue as new variants are spreading. Due to the pandemic, many Americans have struggled financially and suffered medically. As people continue to struggle, 2021 ended without a fourth stimulus check to keep households afloat.
The possibility of receiving a fourth economic impact payment is slim. But, there are a few factors that lawmakers can take into consideration. First, several critical financial assistance programs provided a lifeline for Americans and their families on the brink of poverty.
Will Americans Receive Another Stimulus Check?
There may be a possibility that Americans will receive a fourth stimulus check based on the expired financial assistance programs that helped millions of Americans pay for their basic needs.
Unemployment benefits were a significant help to those who did not have a job or were laid off due to the pandemic. In addition, those who didn’t traditionally qualify for the benefits like self-employed, gig workers, part-time employees, and contracted workers could receive the unemployment benefits.
The expiration of unemployment benefits is intended for people to go back to work as many small businesses and large corporations face worker shortages. However, workers are worried about going back to work as the new Delta’s concerns and Omicron variant continue to grow and spread.
Child Tax Credit
The Child Tax Credit (CTC) is yet another beneficial financial assistance program that has preserved the economic lifeline of many American families. The CTC started in July 2021 and continued until the end of 2021, which helped families receive monthly payments ranging from $250 to $300 per child. More than 36 million families were eligible to receive the CTC payments. In addition, the payments assisted many families with paying for their basic necessities.
Image Credit: ErsinTekkol / Shutterstock.com
Although President Joe Biden has pushed to extend the Child Tax Credit through his "Build Back Better" plan, Congress has yet to renew his national agenda.
The Center on Poverty and Social Policy at Columbia University reported that the CTC payments helped keep more than three million children from facing poverty. But since the CTC payments stopped in December 2021, the monthly child poverty rate could potentially increase from %12.1 percent to at least %17.1 percent in early 2022, which would be the highest monthly child poverty rate since December 2020.
Minimum Wage Rates
According to the Center for Economic Policy and Research, the minimum wage rate would have been $26 an hour if it had kept pace with the productivity growth since its value reached a high point in 1968. Instead, the federal minimum wage rate has stayed stagnant at $7.25 since July 2009. As a result, numerous Americans are protesting for the federal minimum wage to increase.
Although more than 20 states have increased their minimum wage, including California, Florida, and New York, it’s simply not enough to financially sustain many households across the nation.
Recommended Read: Finances Are The Top Mental Health Stressor For Millennials
How to Keep Afloat if There is No Fourth Stimulus Package
Although it can be difficult to come to terms with the possibility of there not being another stimulus package, it’s a must to try and boost your income to combat inflation. Below are three tips to help boost your income and ideas on how to financially care for yourself and your family.
Build Your Emergency Fund
An emergency fund is designed to keep you three to six months ahead of your expenses if any financial surprises happen, like job loss, a medical emergency, or a necessary car repair. With an emergency fund, it’s crucial to set aside money each time you get paid.
Many people get the purpose of their savings account and emergency fund mixed up. A savings account is designed to help you save money to reach your savings goal. However, an emergency fund separates your savings if you need to pull from it unexpectedly. So, while still in the pandemic, it’s crucial to keep your personal finances intact.
Seek Out a Pay Raise
Many workers don’t know if their salary (or wages) is a fair amount of money. This is why it’s important to look online to compare your salary rates to see if you are being compensated fairly. According to CapWay, there are other ways that you can learn whether you have received fair pay from your employer, which include talking with co-workers to gauge their rates, analyzing your work, and knowing your worth to the company.
Image Credit: Mangostar / Shutterstock.com
If you feel you are not getting paid fairly, talk with your employer and negotiate a reasonable higher pay raise within other roles similar to yours.
Recommended Read: Many Workers Would Quit if They Knew They Were Underpaid
Despite the fact that unemployment benefits and stimulus payments have provided necessary financial assistance for millions of Americans, lawmakers have yet to publicly announce whether or not a new stimulus package is in the works. Therefore, it’s important to take action today to help your current financial situation.
If you would like to learn more about a certain money topic, request content by CapWay here. You must have a CapWay account to request financial content.
What are your thoughts on the United States government disbursing a fourth stimulus package? Please share your opinions with us in the comment section below.