3 things you should know about the possibility of a fourth review
A better understanding of the factors at play will help you plan for your future – with or without another stimulus check.
- Record-high inflation has many Americans hoping for a fourth stimulus check.
- The chances of further verification depend on several key factors.
- Congressional control and the likelihood of a recession affect whether more money will come.
The COVID-19 pandemic continues to impact the entire economy. In fact, the pandemic has directly contributed to why the United States is currently experiencing record high inflation. Many Americans are struggling to pay the everyday costs of soaring prices, which is why millions are hoping for a fourth stimulus check.
But will the federal government take action to put more money into Americans’ bank accounts? Here’s what you need to know about the likelihood of another payment coming up.
1. A recession could increase the odds of a fourth check
The economy is one of the biggest factors in determining whether a fourth check is coming. In the past, lawmakers from both sides of the aisle have approved stimulus checks during recessions.
While no one should hope for a severe economic downturn, negative economic growth and a high unemployment rate would greatly increase the chances of another stimulus payment.
2. November election results could affect likelihood of fourth payment
In November, Americans will vote on their House of Representatives, and many will also vote on their Senators.
Currently, Democrats control the House of Representatives and control of the US Senate is split 50-50, with Vice President Kamala Harris poised to break ties. The outcome of November’s election could affect future control of Congress.
If Democrats are able to retain control of the House and command a larger majority in the Senate, the odds of a stimulus check increase. They would no longer need unanimous support, which they don’t currently have for a fourth check, because some of the more conservative Senate Democrats have concerns about the inflationary impact of stimulus spending.
If Democrats lose control of either chamber of commerce, a fourth payment is unlikely to happen even if there is a recession, as Republicans are unanimously opposed to providing additional direct aid.
3. A fourth stimulus check could potentially come from your state
Finally, where you live also affects the possibility of a fourth check. This is because a number of states have committed to making payments to residents. If you live in a place that has approved this type of financial relief, you are guaranteed another payment provided you qualify based on income and other parameters your state has established for eligibility.
Understanding these factors that affect the likelihood of a fourth review can help you plan for whether or not additional stimulus relief will materialize for you.
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