Just last week, the Internal Revenue Service and the Treasury Department announced that 1.8 million more coronavirus stimulus checks were issued under President Joe Biden’s American Rescue Plan. But is something bigger coming?
According to the recently released Inequality Index by Morning Consult and Axios, economic inequality inched up to 6.5 percent this month, compared to 5.7 percent in April.
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Index Shows Impact of Stimulus Checks Fading, Leading to Uptick in Inequality
On 5/27/21 at 10:58 AM EDT
Inequality rose in May as the impact of the federal stimulus checks approved under President Joe Biden s American Rescue plan began to fade, an index has shown.
The Inequality Index by Morning Consult and Axios ticked upward to 6.5 percent in May, increasing from 5.7 percent in April. Economic inequality increased in May as the impact of stimulus checks on households finances started to wear off faster than job growth could produce sustainable incomes for low- and middle-income adults, a Morning Consult report analyzing the data explained.