Joe Biden Administration And
Congress Working On Fourth Round Of Stimulus Checks
As Consumer Spending Sputters
June 2. 2021
Joe Biden
The U.S. economy has been sputtering
and not correctly recovering in what is year two of
the coronavirus pandemic (Covid-19). U.S. president
Joe Biden assumed getting over half the nation
vaccinated would fix everything, but it has not, as
the unemployment rate is still high and consumer
spending is low.
As stated on the site last week, the
New York Times published an articles stating
consumer spending had tanked as the bounce from the
stimulus wore off in April (U.S.
Retail Sales Down As Stimulus Payments Wane On
Tanking Economy). Therefore, the economy is
not stabilizing with this random stimulus payments,
which are spaced so far apart.
Three stimulus payments have been
issued to eligible people thus far. In 2020 one
payment for $1,200. In 2021 there was a second
payment for $600 and a third for $1,400. News
reports indicate the Biden administration is working
on a fourth stimulus to boost consumer spending in
America, as many stores are still struggling and in
danger of financial collapse in the fall out of the
pandemic.
STORY SOURCE
What's behind the push for a fourth stimulus
check
June 2, 2021 / 7:15 AM - The IRS has
issued almost 167 million payments in the third
round of direct stimulus aid, with another 1.8
million people this week in line to receive the
$1,400 checks. But some lawmakers are pushing for a
fourth round of stimulus aid that would effectively
send recurring payments until the pandemic ends.
So far, the federal response to the
economic crisis caused by the coronavirus pandemic
has delivered $3,200 to each eligible adult: $1,200
via the Coronavirus Aid Relief and Economic Security
Act in March 2020; $600 in a December relief
measure; and $1,400 under the American Rescue Plan
signed in March by President Joe Biden.
Despite that financial assistance,
millions of Americans remain in financial distress,
with about 4 in 10 people saying their income
remains below its pre-pandemic levels, according to
a survey from financial services firm TransUnion...
https://www.cbsnews.com
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