The following report is from the International Business Times:
More calls are coming for a potential fourth stimulus check, with an economic nonprofit now adding its voice to the melee—and even going as far to indicate that it would be beneficial to also have a fifth check heading to American bank accounts.
According to Fox News 8, the Economic Security Project, a nonprofit organization, believes that continued stimulus payments would be a huge benefit to American bank accounts, as well as the poverty level in the United States. Their data shows that the third stimulus payments of $1,400, the upcoming child tax credits and other benefits from the American Rescue Plan will bring approximately 16 million Americans out of poverty. Should a fourth and fifth check come to fruition as well, an additional 12 million would also be lifted from that status.
Cash has been the leading force in reducing poverty during one of the deepest recessions in modern history, and is one of the only policies that can narrow persistent imbalances in poverty, income, and wealth between Americans of color and white Americans. Evidence from the last year shows stimulus checks to be the fastest and most impactful investments helping Americans get through this crisis, lifting more people out of poverty than any other single policy.
However, despite the calls for more payments, experts have also stated that, at least for now, a fourth check would be unlikely to land in Americans’ bank accounts.
I think it’s unlikely at this time.
Raymond James analyst Ed Mills told CNBC
Among the reasons why Mills felt a fourth check wouldn’t be likely were the current proposed infrastructure plan, which has taken a priority in the Biden administration, but a continuing rise in COVID-19 vaccination rates, which have allowed for loosening restrictions—and predictions the economy will once again begin to boom.
The Child Tax Credit, which begins in July, is also expected to be a deterrent to more stimulus checks, with eligible households receiving $300 a month per child under six and $250 a month per child aged 6-17. These credits will be deposited through December.
AUTHOR COMMENTARY
Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase.
Proverbs 13:11
Today CNBC released an article titled “The Post-Pandemic Spending Spree Has Begun. Here Are 6 Things Americans Are Buying.” You can read the report for yourself for more details, but it is amazing to see what Americans are buying. The big six sellers were skirts/jumpsuits/dresses, jeans, champagne, shoes, shaving kits, swimsuits.
The report gives a bit of commentary of why they think these items are hot sellers, but based on what I see, it comes down to a few points:
People have gotten very comfortably sitting at home while the government writes them checks, plus the additional federal and state benefits, and numerous moratoriums on rent, loans, debts, and so on; so, without having to physically earn their wages and pay their bills or fear of eviction and repositions, they can spend-spend-spend on useless garbage to impress people they do not even know, and to drown their sorrows in more booze.
Boast not thyself of to morrow; for thou knowest not what a day may bring forth.
Proverbs 27:1
Additionally, with all of the excess weight gain that has occurred in this nation, people are going to need some new clothes.
So when you hear these propaganda reports that the American economy is roaring back, it is because we are coming out of the bottom of the barrel on the backing of stimulus, mortariums, low-interest rates, and endless artificial injections. If the economy is doing so well, then why do we need yet another check? Where does this check come from? Who will pay off the debt? WinePress readers know the answer to those questions, and then some.
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As though it’s going to matter with the rising taxes & inflation to cover it…not to mention the impending crash & attack of the embedded ‘revolutionaries/vultures’.
These paupers are so eager to spend their money like it’s water and it is insanely wasteful! I got ONE stimulus check and I only used $20 out of $1,500 of it for fraction share investments and I found a job, so far so good. I can’t sit at home all day and do nothing; it’s depressing. Yet, these lazy bums who would rather walk on fire before finding any kind of work stuff their faces, play video games, watch TV, and then when mommy government and daddy stimulus come in, shopping spree to buy things they don’t need and can’t afford, even so much as a new truck or car and a dozen flat screen TVs plus a motorcycle and an ATV.
They’re servants to the lenders big time!