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Since March 2021, there have been no additional federal stimulus payment measures implemented. As economic conditions remain uncertain, the question on everyone’s mind is whether these stimulus payments are gone for good or if they could make a return if another recession strikes.
While stimulus payments are not necessarily a thing of the past, the approval of future rounds would largely depend on the severity of economic conditions. (Photo: Dreamstime)
Will Another Round of Stimulus Payments Be Approved?
The last round of stimulus checks was approved in March 2021, when the national unemployment rate stood at 6%. However, the rate has significantly improved since then, sitting at just 3.6% in June.
According to a published article, financial experts have been warning consumers to gear up for an economic recession. Economic experts remain cautiously optimistic, as the Federal Reserve predicts a mild decline should a recession hit in 2023.
Such a forecast suggests that while stimulus payments are not guaranteed, the economy is currently in a relatively strong position.
While stimulus payments are not necessarily a thing of the past, the approval of future rounds would largely depend on the severity of economic conditions. The likelihood of future stimulus payments will hinge on how bad potential future recessions become.
READ ALSO: Stimulus Check Update: $1,000 Direct Payment Will Be Out Tomorrow!
What to do if stimulus payments will not be approved?
Given the possibility of a near-term recession, it is essential for consumers to take proactive steps to prepare for any economic downturn.
Instead of relying on potential stimulus payments that may not materialize, individuals should focus on building up their savings. By bolstering cash reserves, they can better weather any financial storm that may come their way.
Additionally, enhancing job skills is a wise course of action to be recession-ready. While it may not prevent a layoff, having a diverse skill set can increase the chances of retaining a job during cost-cutting measures.
Furthermore, having desirable job skills can facilitate finding new employment if a recession occurs and stimulus aid is not available.
The fate of future stimulus payments remains uncertain. While they have been instrumental in aiding Americans during economic crises, their approval depends on the severity of future recessions. While stimulus payments may or may not make a return, being financially prepared is the key to navigating future economic uncertainties successfully.
READ ALSO: More Chinese Stimulus Assistance As The Crude Oil Prices Rise
