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Update on Stimulus: Your Tax Refund Could Be Your Best Bet for a Stimulus

The US economy was still slow, and employment was hard to come by when lawmakers issued a third stimulus check in March of 2021. Furthermore, because COVID-19 immunizations were not yet readily available, some people had little choice but to stay home to protect their health. It was easy to justify a third stimulation round due to this.

In the spring of 2022, many Americans are still facing financial difficulties. However, consumers should not expect the fourth round of stimulus to hit their bank accounts anytime soon.

The current economic situation just does not warrant widespread assistance.

True, inflation is wreaking havoc on low-income families just scraping by before living costs rise. When you add in sky-high gas prices due to the Ukraine situation, it’s easy to see why so many people are still hoping for a fourth stimulus check. However, that aid is unlikely to arrive anytime soon because the economy is not in dire straits, despite appearances to the contrary.

It’s easy to dismiss high inflation as a negative factor. However, it is now a sign that consumers have money to spend and that the products they want to spend it on are in short supply.

Update on Stimulus Your Tax Refund Could Be Your Best Bet for a Stimulus (2)
Update on Stimulus: Your Tax Refund Could Be Your Best Bet for a Stimulus

Furthermore, there is currently a significant supply of COVID-19 vaccines to ensure that everyone eligible receives one. With that in mind and the availability of jobs, it’s difficult to justify the fourth stimulus round based on Americans’ inability to find work because that’s simply not the case.

Are you able to create your own Stimulus?

The most recent stimulus checks issued to the general population were worth $1,400 each. However, you may be due a lump sum of cash that can be used as your personal stimulus payment: your tax refund.

Many taxpayers should see their refunds arrive in the coming weeks now that the tax-filing deadline has passed. And some of those returns might be substantial.

The average tax refund issued by the IRS this season was $3,175 as of April 8. That’s more than double the previous stimulus payment.

Of course, just because the average refund was $3,175 in early April doesn’t guarantee that’s the amount you’ll receive from the IRS. However, if you receive a refund, you can treat it similarly to a stimulus check. That means paying off essential bills, tackling critical issues you may have put off due to a lack of finances, such as house repairs, and putting everything you don’t need right away into your savings account.

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A fourth stimulus check could be considered if economic circumstances deteriorate significantly. That is not, however, something anyone should want for. So, if you’re suffering financial difficulties, your best bet is to create your own stimulus, whether using your tax refund or taking on a second job to supplement your income.

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