Trump Delivered Two Stimulus Checks—Are More Payments Coming? Experts Weigh In!

During the COVID-19 pandemic, the U.S. government issued three rounds of stimulus checks to support Americans as unemployment surged and economic activity plummeted.

Pandemic Relief and Its Aftermath

The first two rounds were signed into law by then-President Donald Trump, while the third was authorized by President Joe Biden. These payments played a critical role in helping millions weather the financial hardships caused by the crisis.

Recently, social media platforms like TikTok and X have been abuzz with speculation about the possibility of Trump issuing a new round of stimulus checks should he return to office in 2025. However, experts dismiss these claims as highly unlikely, given the current state of the U.S. economy.

Is the Economy Bad Enough for Another Stimulus Check?

Economists argue that stimulus checks are typically reserved for dire economic conditions requiring a boost in consumer spending. While facing challenges like inflation, the current economy does not meet these criteria. Unemployment stands at 4.1%, near a 50-year low, and GDP growth remains strong. Inflation is gradually approaching the Federal Reserve’s 2% annual target. Despite lingering inflation-related concerns among consumers, economists like Jacob Channel, a senior economist at LendingTree, highlight that “the economy is currently in excellent shape, and consumer spending is relatively strong.” In contrast, the early 2020s saw unemployment soar to 15%, necessitating urgent government intervention. Today’s economic conditions are far removed from those turbulent times, making the case for new stimulus checks weak.

Could Trump Unilaterally Issue Stimulus Checks?

A common misconception is that a president can independently authorize stimulus payments. While Trump’s name appeared on the first round of checks, the payments were made possible through Congressional legislation. All three rounds required bills to pass through Congress before receiving presidential approval. Jacob Channel notes, “A president can’t unilaterally issue stimulus checks. The payments sent out during Trump’s last administration were largely due to a push from Democrats in Congress.” Without Congressional action, neither Trump nor Biden can initiate new payments. Currently, no stimulus-related legislation is on the horizon. Instead, experts anticipate that Trump and Republican lawmakers may prioritize extending the 2017 tax cuts and addressing broader fiscal policies.

Inflation Concerns and Policy Implications

The Federal Reserve’s ongoing efforts to curb inflation make new stimulus checks even more unlikely. Economists caution that increased consumer spending fueled by government payouts could reignite inflation, which has already been a significant challenge. While Trump’s economic policies, such as imposing tariffs or altering immigration policy, could modestly impact inflation, they are unlikely to lead to a dramatic shift in fiscal policy. Instead, any potential legislation will likely focus on tax reform and reducing government spending.

The Bottom Line

The rumors surrounding new stimulus checks under Trump’s potential presidency lack factual basis. With no legislative efforts underway and the economy in relatively stable condition, Americans should not anticipate a fourth round of direct payments. For now, the focus remains on maintaining economic stability and addressing inflation without exacerbating consumer demand.