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Thursday, March 28, 2024

‘We need at least one more check.’ The case for a fourth stimulus payment

  • Three rounds of stimulus checks have provided $850 billion in direct relief to Americans.
  • Yet during a gap between checks last year, up to 8 million Americans fell into poverty.
  • As the American economy recovers, one group argues at least one more check will help make sure no one slips through the cracks.

Signs calling for more relief, a second Paycheck Protection Program and more as part of a campaign by Goldman Sachs supporting small businesses near the U.S. Capitol on Jan. 5, 2021.BRENDAN SMIALOWSKI | AFP | Getty Images

Stimulus checks have injected about $850 billion in financial support to Americans over the past year.

Now, the Economic Security Project, a proponent of guaranteed income, is calling for more direct payments to help fuel the recovery.

That's even as signs point to the new $1,400 stimulus checks boosting the economy.

To date, the government has sent about 159 million payments in this round, totaling more than $376 billion.

Those checks helped retail sales climb 9.8% in March, beating expectations for a 6.1% bump.

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Other data suggest Americans are using the money to improve their balance sheets.

A new Bankrate.com survey found people mostly plan to use the $1,400 checks on monthly expenses, day-to-day essentials, paying down debt and savings.

Many respondents to that survey said the money would last less than three months, if that long.

"We need at least one more check," said Adam Ruben, campaign director at the Economic Security Project.

In the past year, three rounds of stimulus checks — payments of up to $1,200, $600 and $1,400 per person — helped to raise income by 20% for the lowest-income households, according to the Economic Security Project's new report.

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