Stimulus Update: This Joe Biden Tweet Is Great News — but Not if You’re Hoping for
Another stimulus check may be out of reach after this Biden tweet.
- President Joe Biden recently tweeted out that his economic plan was working.
- He pointed out that unemployment is at a 50-year low.
- With the economy improving, the chances of another stimulus check are dimmer.
Anyone who is hoping for more stimulus money in their bank account may be eagerly watching for news from President Joe Biden that could suggest an additional payment is on the way.
In fact, earlier this month, Biden tweeted out that there was more work to do, which gave hope to some that he would push for an expanded Child Tax Credit that would offer more financial relief to parents.
One of the president’s more recent tweets, however, shared some good news — but it also dampened the prospects of any type of stimulus check in 2023. Here’s why.
Why this tweet from Biden means more stimulus isn’t likely
Biden recently sent out a tweet touting the success of his economic plan — and sharing an important milestone.
“My economic plan has always been to grow our economy from the bottom up and the middle out,” the tweet said. “Today we learned that unemployment is at a 50-year low after the two strongest years of job growth ever.”
This is great news that more people are back in the workforce and earning a paycheck again — especially after the COVID-19 pandemic sent jobless rates skyrocketing when the economy was shut down and businesses could not operate.
However, with the president touting the great economy and the fact that many people are back to work, there’s not much justification for an additional stimulus check. Direct payments are necessary to improve the economy when things are going badly, and if all is going well as Biden’s tweet indicates, there’s very unlikely to be bipartisan support for more financial help.
Does this mean a stimulus check is off the table?
Although the president’s tweet isn’t encouraging to those wishing for more stimulus relief, it does not necessarily mean there’s no chance of additional payments coming in 2023 or beyond.
Many experts are predicting the country will enter a recession. If that happens, then things could turn around quickly in Washington, D.C. Both Republican and Democratic presidents have authorized stimulus payments during times of economic slowdown and it’s possible that could happen again if the economy goes south.
Biden also campaigned on the idea of providing more help for families, and an expanded Child Tax Credit has long been a priority for Democrats. In fact, those on the left tried to include an expanded credit in the proposed Build Back Better legislation that Biden aimed to get passed during much of the first two years of his term. And some Republicans have also voiced their support for expanding this credit, albeit in different ways.
Since there are few areas of agreement, it’s still possible lawmakers will come together to try to work out a deal that would result in parents getting more financial support even if others don’t.
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