Ohioans have presumably already received their federal stimulus checks. In most cases, recipients receive $1,400 to feed a family of four for a whole month.
After the failure of last year’s stimulus plan, many lawmakers are against further expenditure in this area. Still, it remains to be seen if they can reach a consensus on how much money should be distributed to households.
Lawmakers propose the second wave of payments in Ohio
Legislators are pressing for a second wave of stimulus payments now that people are starting to get their $1,400 checks. It stands to reason that if more people had access to disposable income, they would spend more. This happened in 2008 when Bush first doled out stimulus money.
The Keynesian economic theory states that increased government expenditure during recessions and periods of slow growth can help stimulate the economy by placing more money in the hands of consumers (or bank accounts). Theoretically, this should boost demand for goods and services, which would then cause businesses to grow and employ more people.
While Californians are receiving $1,050 inflation relief checks, gubernatorial candidate Nan Whaley is pushing for a similar program in her home state of Ohio. The policy section of the Democrat’s website proposes giving about 7.4 million state residents $350 in inflation rebate checks. Anyone with an annual income of less than $80,000 or a joint income of less than $160,000 would qualify for the benefit.
Read more: Do stimulus checks contribute to inflation?
Ohio Stimulus Checks
Even though Ohioans have yet to receive reimbursements meant to counteract economic conditions, the federal government may still provide them with aid for another reason. For those with annual incomes of less than $125,000, Vice President Joe Biden’s August plan to cancel $10,000 in student loan debt will go into effect.
Beneficiaries of the Pell Grant program can get an additional $20,000 in financial aid.
Those at the lowest income levels in the state are not without recourse. An energy aid program in Ohio that provides $500 to help with electric costs is accepting applications until next Friday. However, the aid program does not cover utilities such as water or gas.
Eligibility requirements and details are also included. The applicant’s family income must be at or below 175% of the federal poverty threshold. To put that in perspective, a family of four would need an annual income of $48,563, while a single person would need $23,783.
Read more: Last stimulus check: Eligible Americans still have the chance to receive $1,400
