The IRS has issued more than 169 million payments in the third round of direct stimulus aid, with more than 2 million people in July receiving the $1,400 checks. But some lawmakers are pushing for a fourth round of stimulus aid that would effectively send recurring payments until the pandemic ends.
So far, the federal response to the economic crisis caused by the coronavirus pandemic has delivered $3,200 to each eligible adult: $1,200 under the Coronavirus Aid Relief and Economic Security Act in March 2020; $600 in a December relief measure; and $1,400 under the American Rescue Plan signed in March by President Joe Biden.
Despite that financial assistance, millions of Americans remain in financial distress, and the spread of the Delta variant is creating new economic headwinds. A quarter of Americans struggled to pay their household expenses in the previous week, according to Census survey data from late July through early August.
Nationwide, about 14.6 million people are currently receiving some form of jobless assistance. The unemployment rate stands at 5.4%, still higher than its pre-pandemic level of 3.5%. And while businesses are hiring, there are still about 6 million fewer people are on payrolls today than before the pandemic. Economists are signaling alarm over the spread of the Delta variant, with Oxford Economics on Monday cutting its forecast for 2021’s global economic growth to 5.9% from 6.4%.
“Uncertainty and hesitancy may ultimately lead…
