US President Joe Biden just sent an important message to those seeking a fourth stimulus package.
Biden’s tweet focused on three key economic statistics that affect American households. The president underlined the positive aspects of these three economic data points in his tweet, saying they had provided “welcome breathing room” to American families.
Indicators That Biden Eyes On Fourth Stimulus Package
The likelihood of a stimulus check has decreased as a result of recent changes that provide consumers more money in their bank accounts. President Biden addressed gas costs, inflation, and real wages in his tweet.
People are paying less to fill up their tanks as gas prices fall. In contrast, inflation refers to increased costs for products and services. Inflation had reached a 40-year high in the previous year or two, and the fact that price hikes are reducing is a huge relief for individuals who were struggling to pay for the necessities at the grocery store. Inflation-adjusted salaries are referred to as real wages. When real earnings rise, your purchasing power rises, not just the amount of money in your paycheck.
Read more: Tax refund: Why you might get the smallest amount among others?
Will There Be More Federal Relief Payments?
Nevertheless, because things are going better financially for many individuals, this further decreases the incentive for President Biden to ask for another stimulus check.
Furthermore, it diminishes the possibility that federal lawmakers will be able to reach an agreement on giving another direct payment.
If the news on gas prices, inflation, and wage growth remains positive, a fourth stimulus payment is highly unlikely.
Nevertheless, if gas costs and grocery prices start to climb again or real wages decline, it’s probable President Biden will once again make delivering stimulus assistance a financial priority.
Read more: SNAP benefits 2023: ENC residents look for other financing; Here’s what they find!