As already January 2022 is approaching, people are waiting to get their fourth stimulus pack by now. As.com reports, the economists feel the additional stimulus aid may help the country’s financial condition. With the Omicron variant of the novel coronavirus hitting the country, the hospitals and businesses are feeling the effect.
Effect of Omicron on employment
The Omicron variant has affected employment. But some small businesses have voluntarily shut their doors since their staff and some customers have been infected with covid-19. Even the major private sector associations and advocacy groups, including the US Chamber of Commerce and Business Roundtable, have remained mum about the stimulus package.
But the White House is in the discussion so that the funds from the American Rescue Plan should work with states, to support struggling businesses, workers, and families with resources received from the Government. Around 86% of funds from $5.7 trillion pandemic stimulus funds have been spent or committed, reports the Center for a Responsible Federal Budget (CRFB).
Economists like Jerome Powell have raised concerns over the effect of new variants of coronavirus on the economy and its recovery. He also mentioned the increase in the uncertainty in inflation and the possibility of slowing down the labor market disrupting the supply chain.
Stand by the Congress members concerning direct payment
A recent report says that nobody from Congress has ever mentioned stimulus package or direct payments. With the new year celebrations, many are busy with holiday moods, and few are preparing for policy announcements for the new year.
This year and new year Covid-19 situation and economic impacts are also putting the leaders into touch time. They should now work to increase employment opportunities along with better consumer spending facilities, and this would happen if and only if another direct payment becomes a possibility. However, it is expected that prices of commodities may increase due to inflation and a sudden increase in demand from the stimulus.