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A new analysis from the Federal Reserve Bank of New York suggests many Americans used money from stimulus checks to pay debts accumulated during COVID-19 lockdowns.
Economists, investors concerned over increased inflation fueled by stimulus payments
PHILADELPHIA – MAY 8: Economic stimulus checks are prepared for printing at the Philadelphia Financial Center May 8, 2008 in Philadelphia, Pennsylvania. (Photo by Jeff Fusco/Getty Images)
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UPDATED 5:25 PM PT – Saturday, April 10, 2021
Economists and investors are voicing concerns over increased inflation they believe is partially fueled by stimulus payments.
Reports from the Bureau of Labor Statistics said the U.S. Consumer Price Index climbed one percent on a seasonally adjusted basis in March, a greater rise than expected.
The highest spike was seen in gasoline prices, which jumped 8.8 percent.
These concerns came after Biden’s $1.9 trillion American Rescue Plan was criticized by GOP lawmakers for the damage it would do to the economy.
Fourth Stimulus Check ‘Unlikely’ Despite Push For Recurring Monthly Payments
04/10/21 AT 2:07 PM
Many Americans are still dealing with the financial fallout of the COVID-19 pandemic, but despite some talk already emerging of a potential fourth stimulus check, experts are saying that, at least for now, the chances of another direct payment to bank accounts remains unlikely to happen.
Analysts say that despite the need for more stimulus assistance for those who remain in dire need due to continued unemployment and other reduced income because of the pandemic, a number of different factors come into play which will make it less likely that a fourth payment could be on its way. According to CBS, a focus on President Biden’s infrastructure plan, as well as a rebounding economy due to increased vaccination rates may make the argument that a fourth round of payments is necessary harder to make.