Will There be a Fourth Stimulus Check in 2023?
By The United States experienced historic levels of inflation last year, leaving many Americans struggling to pay for the basics.[0] In response, the federal government approved sending stimulus checks or tax refunds as inflation relief to hard working Americans.[1] However, with the rate of unemployed Americans declining, many have been wondering if a fourth stimulus check will be issued this fiscal year.
According to a study from the St. Louis Federal Reserve, government stimulus payments contributed to inflation in the United States.[2] The Federal Reserve estimates that stimulus payments account for approximately 2.6% of the 12-month inflation rate of 7.9% in February 2022.[2] The authors noted that the social benefits of stimulus payments could potentially outweigh the negatives of inflation.
As per The Sun, a British newspaper, the checks should be delivered starting February 8.[3] Approximately 70 million people in the United States are qualified to receive Social Security benefits, with the average amount being $1800.00 USD per month.[3] The stimulus checks will be distributed to states in amounts ranging from $500 to $1,050 per person.
For those Americans who are merely attempting to make ends meet to pay their rent, buy groceries, and buy other necessities for survival, the wave of stimulus payments were an essential lifeline.[4] The U.S. Census Bureau reports that stimulus checks may have helped lift nearly 12 million people out of poverty in 2020 alone.[2]
The Federal Reserve has cautioned that inflation is not yet finished, even though there is some proof that prices are not still climbing rapidly at the beginning of the year.[5] Therefore, individuals who are still hoping for payment in 2023 should monitor these three figures to see whether or not a 4th stimulus check will be issued this fiscal year. The Fed's St. Louis and San Francisco studies both noted that the social benefits of stimulus payments could potentially outweigh the negatives of inflation.
0. “Stimulus Check Update: These 3 Numbers Tell You All You Need to Know to Find Out if Another Stimulus Check Is …” The Motley Fool, 6 Feb. 2023, https://www.fool.com/the-ascent/personal-finance/articles/stimulus-check-update-these-3-numbers-tell-you-all-you-need-to-know-to-find-out-if-another-stimulus-check-is-coming-in-2023/
1. “Relief checks live updates: $7,000 Tax credit, inflation, debt ceiling, housing market…” AS USA, 10 Feb. 2023, https://en.as.com/latest_news/relief-checks-live-updates-7000-tax-credit-inflation-debt-ceiling-housing-market-n/
2. “Stimulus money boosted inflation by 2.6%—but it also likely prevented an even worse crisis, Fed study finds” Yahoo! Voices, 1 Feb. 2023, https://www.yahoo.com/now/stimulus-money-boosted-inflation-2-194200420.html
3. “Stimulus checks of up to $4555 to be implemented this month in the U.S. | USA Diario” NewsBreak Original, 8 Feb. 2023, https://original.newsbreak.com/@usa-diario-1600864/2918056655041-stimulus-checks-of-up-to-4555-to-be-implemented-this-month-in-the-u-s
4. “Not Receiving Your Third Stimulus Check? Here's What to do” Business Upside, 7 Feb. 2023, https://businessupside.com/not-receiving-your-third-stimulus-check-heres-what-to-do
5. “Stimulus Update 2023: Check Whether Another Payout Is Coming For Americans” PanAsiaBiz, 10 Feb. 2023, https://www.panasiabiz.com/53728/stimulus-update-2023-check-whether-another-payout-is-coming-for-americans/
