With the onset of the Coronavirus pandemic, the American economy plunged into recession, and unemployment spiked to 14.8%, the highest level since 1948.
As a result, the U.S. government passed several stimulus packages.
It kept 11 million Americans out of poverty, according to the Department of Health and Human Services.
Although the immediate effects of the Coronavirus pandemic are behind us, inflation, which spiked to its highest levels in 40 years, has reared its head in 2022.
Additional stimulus is being suggested to help alleviate the stress this is putting on Americans' finances.
Some Legislators Are Still Pushing for Additional Federal Stimulus Payments.
While the American economy has been very strong over the past year, there are signs of weakness that have some federal legislators calling for additional stimulus.
Moreover, assistance such as the expanded child tax credit, enhanced unemployment benefits...
...and mortgage assistance programs have all expired due to skyrocketing inflation.
Many Americans will be thrown back into a world of economic uncertainty if the economy goes into a recession, as some economists fear.
Over the past year or so, various forms of legislation have been proposed, but none have gained traction.
A letter signed by 21 senators in March 2021 requested ongoing, monthly stimulus checks for Americans.
Despite no announcement on Capitol Hill, some states are picking up the slack.
Various states have passed or are in the process of passing stimulus initiatives.