With many Americans trying to make ends meet, it's predictable that requests for a stimulus package are growing. Take, for example, the Change.org petition for a stimulus check, which has received well over 3 million signatures.
Many Washington lawmakers were aware of the sufferings endured by many Americans during the two-year coronavirus pandemic. Keep in mind that Congress had previously granted three much-needed stimulus checks to most qualified individuals: a $1,200 check in April 2020, a $600 check in December, and the $1,400 payments approved under President Joe Biden's American Rescue Plan last spring.
However, both the White House and Congress have remained relatively silent on the potential of future stimulus payments in recent months. Instead, it appears that they are now more interested in enacting some type of Build Back Better legislation. That law may potentially extend the expanded child tax credit, which is viewed as an unofficial equivalent of a recurring fourth stimulus check in some circles.
The most recent reading on consumer prices in the U.S. found that they increased 7.5% year on year in January, the fastest annual rate in nearly forty years.
Gas and housing are two key sectors where prices are increasing these days. Keep in mind that gas prices were already on the rise before Russia's invasion of Ukraine. However, with sanctions targeting Russian energy sources in some ways, gas prices will now have a greater direct influence on American consumers.
The national average, according to AAA, is $3.73 per gallon. A year ago, the average gas price in the United States was around $2.65. The average price in California has already risen to $4.94 per gallon, indicating that prices will shortly reach $5. All of this will be exacerbated by Russia's war in Ukraine.
According to Zillow, the current competitive housing market will not be improving anytime soon. The company now predicts that the year-over-year rate of home price growth will peak at a staggering 21.6% in May. Rent costs are rapidly rising for individuals who have been priced out of the market.
"Annual home value growth is likely to continue accelerating through the spring before peaking at 21.6 percent in May," researchers note, emphasizing the average U.S. home is predicted to be worth more than $380,000 by the end of January 2023.
Some experts now believe that this is only the beginning and that inflationary pressures will continue to rise in the coming weeks and months. In addition, it appears that such a difficult atmosphere is ripe for increased calls for stimulus checks.
