COVID-19 pandemic stimulus checks provided invaluable assistance. (Photo: Forbes)
During the COVID-19 pandemic, stimulus checks provided invaluable assistance. While the economy was shut down, the money deposited into people’s bank accounts allowed them to pay their rent and bills.
Three stimulus checks were made in total, and many Americans have been waiting for months for a fourth, especially as rising prices strain their budgets. Thus far, Congress still needs to act, and those hoping for another payment in 2023 should keep an eye on these three figures to see if a fourth stimulus check is possible this year.
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COVID-19 pandemic stimulus checks provided invaluable assistance. (Photo: CNET)
1. Inflation
Last year, inflation drove up prices, leaving many Americans unable to afford the necessities. While there is some evidence that prices are not continuing their unceasing rise in the new year, the Federal Reserve has warned that inflation is far from over.
The Federal Reserve raised interest rates for the eighth time since March, warning that “further increases in the (interest rate) target range will be appropriate.”
2. Unemployment
The unemployment rate in the United States has been declining, but there are some concerns that this trend will reverse and more companies will begin layoffs, mainly since tech companies have laid off millions of employees in recent weeks. Hence, citizens are hoping that a fourth stimulus check will be granted.
3. GDP (gross domestic product)
The Bureau of Economic Analysis publishes quarterly reports on the country’s GDP (GDP). Negative GDP growth for two quarters is traditionally regarded as an indicator of a recession.
These three contributory factors are weighed in by Congress to see if another stimulus check would be released for the public. Be on the lookout for any updates coming soon.
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