Government officials might feel reluctant about a fourth stimulus check. However, a recent study revealed that Americans desperately need the fourth payment wave in this time of pandemic.
Due to COVID-19, Americans confront economic price inflation, slower job gains and crippled supply chains. Many are suffering from these changes, especially those in low-earner bracket.
Fourth Stimulus Check Update: The Necessary Financial Support
Researchers from Capital One Insights Center studied the impact of stimulus check payments as financial relief. They started their research during spring of 2020 and reported new findings some time this October.
The study was administered through surveys on representative groups of Americans every four to eight months. Respondents fell in three annual income categories: Americans who earned less than $25,000, between $25,000 to $100,000 and over $100,000.
Researchers said, "although the pandemic's economic fallout was widespread, lower earners and a concentrated share of middle earners experienced more financial distress than higher earners," per the report.
About 32 to 36 percent of the group that reported income loss came from the low-earning group. The other two groups still suffered income losses, but at a smaller margin than the low earners.
Economic insecurity is also a recurring problem among middle earners, especially since their debt level grew higher in 2021. U.S. Census findings said the median household income in the U.S. went down by 2.9 percent, dropping from $69,560 in 2019 to $67,521 in 2020. The real median earnings for workers also fell by 1.2 percent, from $42,065 to $41,535.
To emphasize, low and middle earning groups still suffer an unstable financial position even in 2021.
4th Stimulus Check Petition: $2000 Monthly Payments to Every American
Stephanie Bonin shared the same sentiment in her fourth stimulus check online petition. She asked the federal government to provide Americans with recurring payments for the duration of the pandemic.
Bonin said, "we need immediate checks and recurring payments so that we can keep our heads above water. Congress needs to make sure that we won't be left financially ruined for doing our part to keep the country healthy."
Many Americans supported her by affixing their signature on the online petition. At the time of writing, the online petition has already reached 2,927,505 signatures out of its 3 million goal. The petition has gained recognition as "one of the top signed on Change.org"
Fourth Stimulus Check Tracker: Other Available Programs
While waiting for the fourth stimulus check, affected Americans should consider applying to available financial aid programs. Out earlier report listed out three programs that could credit eligible recipients with a few hundred dollars.
- Health Insurance Rebates: A newly implemented Affordable Care Act enforces "medical loss ratio," which could budget $2.1 billion rebates for its members
- Social Security Income Benefits: A possible 6 percent increase in the cost of living adjustments (COLA) might add an extra $100 payment on top of the regular budget
- Farm and Food Worker Relief Grant Program: A $700 million grant to support farmworkers, food workers, and frontliners