The fourth wave of federal stimulus cheques was purportedly approved by President Joe Biden in false stories that went viral on social media in February. Fact-checkers swiftly refuted the allegations, however the fact that they spread so widely and so rapidly suggested that American taxpayers could be interested in receiving another wave of direct stimulus.
The Biden government is aware of how difficult it is for the typical American worker to keep up with the rising expenses of food, gas, & consumer goods given that inflation is at a forty-year peak, but would the White House contemplate another stimulus package? Since then, neither the White House nor the Democratic leadership has given any hint that a fourth check may be forthcoming, but that doesn’t mean there aren’t any conditions under which it might.
Election Desperation in 2024 and a New Stimulus
In times of economic crisis, stimulus payments seem to be well-liked. According to a Morning Consult polling conducted in March of last year, 79% of eligible voters favored giving Americans making up to $75,000 annually a $1,400 stimulus payment. The poll revealed strong support from Republicans (67%), who were supported by 91% of Democrats. In light of this, it’s not completely unlikely that, in the scenario that the economy doesn’t recover by the start of the 2024 presidential contest, the Biden administration might decide to treat a 4th stimulus check more seriously.
The ability of Biden to galvanize the nation to back him for a 2nd term in 2024 would be severely hampered by a suffering economy, and polls already indicate a president finding it difficult to sustain support even in his party. Delivering additional stimulus would, however, stimulate demand at a point where the Federal Reserve is raising interest rates to lower demand and control inflation. Stimulus checks may momentarily ease some suffering, but in the long run, they only make things worse and oblige the Federal Reserve to keep enacting policies to reduce demand and bring prices under control.
An Alternative Circumstance
A recession is an alternative circumstance in which a 4th government stimulus cheque might be used. Tara Sinclair, an economist at George Washington University, told MoneyWise in July that stimulus checks were indeed “common policy in the past” during recessions and that the federal government will “likely” use them again the next time one hit.
By 2024, there’s going to be enough time for economists as well as the general public to form their own opinions about the state of the economy. If the Biden admin is unable to continue denying the obvious, the 4th round of stimulus payments may be required reports 19Fortyfive.
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