If you have received the first and second stimulus check in response to the coronavirus pandemic and are waiting for the third, there’s a good chance that you will not get the fourth one. President Joe Biden’s latest $1.9 trillion stimulus package includes up to a $1,400 stimulus check for individuals, $2,800 for married or joint families and $1,400 for dependents.
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As per a report by Forbes, here are the reasons why a 4th stimulus package is not a possibility:
1. While more than 75 Congress members support stimulus checks every month until the pandemic is finished, there are not enough people who support the monthly stimulus check. Besides, Biden doesn’t support the monthly stimulus checks, but he is okay giving $300 checks to children as part of his relief package.
2. Biden wants to focus on infrastructure. His American Jobs Plan can soon appear in Congress. This is because stimulus checks provide relief immediately but they do not create jobs.
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3. More and more Americans are now receiving the vaccination against COVID-19 and so there’s a higher possibility of the pandemic getting over sooner. This way, businesses and offices would reopen shortly, boosting the economy.
4. The Biden administration is already finding ways to strengthen the economy. If the economy recovers, there will be no need to give stimulus checks. As unemployment numbers drop, the stock market stabilises, consumer spending increases and travel resumes, the president will be less likely to spend on financial reliefs.
5. Republicans are currently able to delay legislation proposed by Democrats in the Senate as it is divided in 50-50, with Vice President Kamala Harris having a tie-breaking vote. Also, Senator Joe Manchin has granted Democrats limited use of the budget reconciliation process before year-end, hence, Democrats will be selective on what is a priority for them, which may not be stimulus checks.