Several families, students, and working-class Americans received billions in aid from the federal government.
The Biden administration set new records for employment creation and continues to set new records by recovering from the previous administration’s deficit.
Even as some governors, such as Greg Abbot, strive to undercut and exacerbate inflation by delaying the supply chain across the southern border, federal and state legislation seeks a fourth stimulus check to maintain the economic recovery’s pace.
Even after oil prices dropped dramatically, Americans could feel the high prices in grocery shops and the petrol pump.
The fourth stimulus check is significantly less than the total amount of relief provided by the Biden administration. However, the goal is straightforward: to reduce the impact of inflation.
Experts feel that Americans who live paycheck to paycheck require additional assistance to help them cope with inflation.
“These payments averaged nearly $15 billion per month, and their abrupt cessation might restrict previously growing spending on food and other household necessities,” Kelly of JPMorgan Funds said.
The Biden Administration, on the other hand, has no plans to give a fourth stimulus check. According to Brad McMillan, chief investment officer at Commonwealth Financial Network, one “cause of inflation has been an expansion of demand fuelled by federal stimulus.”
However, it is essential to highlight that local governments are disseminating particular strategies and checks aimed against rising gas costs.
- Gov. Wolf Is Urging State Legislators to Approve a Plan to Use Pandemic-related Funds to Provide $2,000 Stimulus Checks.
- Governor Wolf Is Pushing for $2,000 Checks to Pennsylvanians Using Money From the American Recovery and Reinvestment Act
- US Stimulus Update: New $2,000 and $1,500 Extra Stimulus Payments Have Been Suggested in the State for Households Earning Less Than $80,000.
New Mexico, for example, is giving money to every state taxpayer who has already submitted their tax returns to battle rising gas prices.
“In theory, plans focusing on certain sectors or people, such as gas cards or payouts based on income levels, may help lessen the pain caused by the pricing of specific commodities or services,” Andrew Patterson, senior international economist at Vanguard, said.