Both the United States Congress and President Joe Biden are pretty much hesitant in rolling out additional stimulus checks. Nonetheless, with the emergence of Covid-19’s Omicron variant, this may well seem to change.
The newly discovered coronavirus strain isn’t too much of a threat for now – albeit the fact that there’s already a confirmed case in the country and President Biden describing Omicron as a “cause for concern.”
Omicron’s possible impact on the U.S. economy
However, Chairman of the Federal Reserve Jerome Powell thinks that this new strain of the virus could once again put the economy in peril. Prior to his Senate testimony earlier this week, he said that greater concerns regarding the virus could pretty much lessen the eagerness of the people to get back to work in person. According to Entrepreneur, this would bog down the labor market’s progression, not to mention further disruptions within the supply chain.
In the event that this Omicron strain goes out of hand and eventually prompts authorities to impose tighter restrictions, this could result in the economy recovering way slower, including the revenue for businesses. With that in mind, this situation could lead U.S. regulators and President Biden to release more stimulus checks.
On the other hand, Americans have already called out the government to do the above-mention amid fears of the new Omicron strain.
Even before the Omicron news
Even before the news broke out of a new coronavirus variant, the people requested the above-mentioned. There’s even a petition over on Change.org demanding that these stimulus checks be sent to every American regularly as long as this ongoing pandemic lasts. As of writing, the said petition is already close to reaching its three million signature goal.
That said, only time will tell whether this Omicron variant will prompt President Biden to roll out another wave of stimulus checks or otherwise.
Stimulus checks so far
Congress has distributed three stimulus checks to American households since the beginning of the Covid-19 pandemic. A couple of these financial aids were sent out last year under Donald Trump, while one was released this year under the Biden administration. Additionally, the latter has expanded the Child Tax Credit, including how American households would get it.