Stimulus Check Update: Will Your Next Check Be an Inflation-Relief Payment?

Should you start watching your bank account?

During the heart of the COVID-19 pandemic, Americans received three stimulus checks deposited into their bank accounts or sent via mail. These were stimulus checks, designed to help keep the economy afloat and enable people to avoid financial disaster as businesses had to be shut down to slow the spread of the novel coronavirus.

Businesses are now open, though, and with most pandemic-restrictions lifted, the challenge Americans are now facing comes from inflation. Prices have surged to new records, with inflation at the highest level in 40 years, and many people are struggling. As a result, demand is high for a fourth check -- but, this time, for an inflation-relief payment instead of a stimulus check.

Most Americans support an inflation-relief check

According to a recent poll conducted by Redfield & Wilton Strategies for Newsweek, there is very strong support for an inflation relief payment among eligible voters. In fact, around 63% of people who could vote in U.S. elections indicated they supported the idea of another payment with 42% saying they "strongly agreed" such a check was necessary.

By contrast, only a small minority of people don't want more help from Washington, D.C. Just 18% said they would not be in favor of a fourth check aimed at helping people to cope with high prices.

Will the government act?

In response to high levels of inflation, many individual states have already begun sending out relief payments. But, with demand so high for another check from the federal government, this assistance is not nearly enough and eligible voters want Washington to act.

The big question is whether lawmakers will heed the call. And the answer to that may depend in part on the outcome of the upcoming election on Tuesday Nov. 8, 2022. Control of Congress hangs in the balance on Nov. 8 -- as does the fate of inflation-relief checks.

The Democrats currently have a small majority, but some more conservative members of their caucus are not in favor of stimulus checks. If Democrats expand their majority -- particularly in the Senate -- it's possible that they will listen to the 63% of voters who want another payment and take action to provide it. If Democrats lose their majority, Republicans are not going to authorize the Biden administration to send out an additional payment despite broad support for one.

If you're among the majority hoping for some help, you should check to see what your state is offering and should watch carefully on Tuesday night to see if an inflation-relief check is likely to be on the table soon.