Stimulus Check Update: Omicron Didn’t Wreak Havoc on the Economy and Is Unlikely to Lead to a Fourth Stimulus Check |Viral Updates!
In late 2021, many people were concerned that the omicron surge would lead to an unemployment crisis. As a result, it was easy to see how businesses would close and lay off workers in order to ride out the wave.
But fortunately, the omicron surge was short-lived in many parts of the country. In addition, it did not have the expected impact on the economy. In fact, the U.S. economy added 467,000 new jobs in January. A slight increase in last month’s unemployed population was offset by a 3.7 million decrease from one year earlier in the number of unemployed people in the United States.
Unemployment claims have been trending downward in recent months. The number of people claiming unemployment benefits fell to 223,000 last week, down from 239,000 the week before. Also, this was the third consecutive week in which the number of new claims for unemployment benefits fell.
It’s a very good sign for the economy that all of this has happened. Nevertheless, it does make the possibility of a fourth check extremely unlikely.
It’s impossible to ignore the fact that the cost of living has risen significantly, despite the fact that the national unemployment rate is relatively stable. In January, the Consumer Price Index rose to 7.5 percent, the highest annual gain since 1982, according to the Bureau of Labor Statistics.
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For now, even though the rising cost of living is making it difficult for many families to keep up with their bills, inflation by itself is unlikely to trigger the fourth round of stimulus measures for the United States. If the demand for a product exceeds the supply, the price rises. This means that the economy is healthy. Because there’s demand, people have the money to buy.
Household debt grew by $1 trillion on a national level in 2021, according to recent data from the Federal Reserve Bank of New York. There hasn’t been a year-on-year increase like this since 2007. Higher debt levels, too, are a sign that people have more money to spend. They wouldn’t be making purchases or taking out loans if they didn’t.
It’s difficult to function without a third stimuli
Families relying on the boosted Child Tax Credit in 2021 aren’t receiving their monthly payments at this point, making the fourth round of stimulus checks even less likely. As a result, the Biden administration has been unable to secure a one-year extension of the enhanced credit.