Trump Sent Two Stimulus Checks—Will Another Payment Happen? Experts Weigh In

During his presidency, Donald Trump approved two rounds of stimulus checks to help Americans navigate the financial hardships caused by the COVID-19 pandemic.

Trump’s Past Stimulus Measures

The checks were part of federal efforts to counteract economic disruptions as unemployment soared to nearly 15%. While Trump signed the bills, the relief packages were the result of bipartisan congressional action. President Biden later authorized a third round of payments. Now, as speculation circulates on social media platforms like TikTok and X (formerly Twitter), some wonder whether Trump, if reelected, could issue another stimulus check. However, economists and policy experts say the possibility is slim, given the current state of the U.S. economy.

Economic Reality: Is Another Stimulus Necessary?

Unlike the dire conditions of 2020, the U.S. economy today is relatively stable. Inflation is gradually decreasing toward the Federal Reserve’s 2% target, GDP growth remains strong, and unemployment sits at a historic low of 4.1%. “Stimulus checks are typically issued during severe economic downturns when consumer spending needs a jumpstart,” LendingTree senior economist Jacob Channel told CBS MoneyWatch. “That’s not the case in the current economic environment.” Despite this, many Americans feel disconnected from these positive trends, citing persistent financial strain and residual inflationary pressures. Still, economists argue that these challenges don’t warrant another round of stimulus payments.

Challenges to Issuing New Stimulus Checks

While some mistakenly believe a president can independently authorize stimulus checks, the process requires congressional approval. During Trump’s first term, Democratic-led efforts in Congress largely drove the passage of relief measures, which Trump then signed into law. “There is no mechanism for a president to unilaterally issue stimulus checks,” Channel explained. “It requires legislation, and currently, no such bills are on the table.” With Republicans likely to focus on tax reforms and spending cuts, including an extension of the 2017 Tax Cuts and Jobs Act, it’s improbable that Congress would prioritize stimulus checks, even if Trump takes office again.

Inflation Concerns and Future Outlook

Economists warn that issuing stimulus payments now could reignite inflation, undermining the Federal Reserve’s progress in stabilizing prices. Some even attribute the pandemic-era relief measures to contributing to the highest inflation rates seen in 40 years. “Stimulus checks would unnecessarily risk increasing consumer demand, potentially causing inflation to surge again,” Channel noted.

Instead of direct payments, Trump’s economic policies, such as trade tariffs or stricter immigration measures, could indirectly affect inflation. For instance, economists estimate these policies might raise inflation by as much as 1%, complicating efforts to lower it further. As of now, the IRS won’t be issuing stimulus checks in 2024 or beyond unless Congress approves new legislation. Experts believe the focus will remain on long-term tax strategies and broader economic reforms rather than immediate relief measures. While the idea of new stimulus checks remains popular among some voters, the current economic and legislative landscape makes their reintroduction unlikely.