With Donald Trump set to begin his second term as President of the United States — four years after his first term ended — many are wondering if one of the welcomed actions of his presidency that benefited many Americans will happen again.
In 2020, as part of the CARES act (Coronavirus Aid, Relief, Economic Security) during what would be Trump’s final year of his first term, Congress approved a $2 trillion package to assist those who had been struggling from the financial stress caused by the pandemic. Specifically, it provided most Americans with stimulus checks.
It was soon followed by a second round of stimulus checks, though a third round introduced by Trump was shut down by Congress. However, under the guidance of then-newly President Elect Joe Biden in 2021, Congress finally did approve a third round of stimulus checks.
Over the last two years, Americans have struggled through an inflation of record numbers, making many wonder if any financial assistance will be provided again by the federal government in the form of a stimulus check.
In the last week, interest has peaked in the idea, especially on social media, but is it realistic?
Has Donald Trump stated that he will issue stimulus checks in 2025?
The Trump administration has discussed their plan of reducing the effects of the current inflation with a keen focus on long-term economic solutions.
During a press conference back in August, Trump stated his goal to attack the problem of supply chain disruptions, and to improve consumer access in the current housing market.
“We’re going to open up tracks of federal land for housing construction,” Trump said. He later emphasized that his administration will aim to eliminate certain restrictions and regulations, stating, “In California, 50% of housing costs are regulations.”
Trump said that he will also focus on tax legislation that could save Americans money in the long run, similar to his 2017 tax reform.
Despite the numerous long-term goals expressed by Trump in regard to the economy, he has not made any statements about a stimulus check.
What are the chances that we receive a stimulus check?
It’s worth remembering that the pandemic caused a truly historic halt to the economy in ways that no one had experienced before in their lifetime. Despite the present economic situation, which still causes realistic concerns for many, it’s not remotely comparable to the economic state of a few years ago.
However, the reason why we are still experiencing inflation in 2024 is directly a result of the pandemic. So, does this mean the answer is to issue stimulus checks?
No, it’s definitely not the answer, but that doesn’t mean it wouldn’t be helpful. Although inflation has significantly eased, most grocery items still haven’t decreased down to what they were two years ago, and some question whether they ever will. Thankfully, prices have stopped actually increasing, for now, but inflation is still up 2.6% from this time last year.
If we do receive stimulus checks, how much will they be?
On the very small chance that the federal government decides to send out checks, how much will they be for?
The 2020 stimulus checks were initially $1,200 and the second round of checks were $600. Trump’s attempt at a third check, which was for $2000 was shot down but Biden was able to issue $1,400 checks.
If we receive anything, it would likely be the lower amount of $600 but, realistically, we are almost certain to receive a total of $0.
Published: Nov 23, 2024 03:39 pm