In the past few years, the COVID-19 pandemic drastically altered how people lived. Every industry was severely harmed by economic problems, which also had a significant impact on American households.
That is one of the key justifications for why both federal and state lawmakers are pressing for these direct payments to be approved as soon as possible in order to assist these families in resolving their financial difficulties.
There have been three rounds so far, and while millions of houses in the United States have successfully received these checks, some haven't. They have, however, occasionally been given cash.
However, given the inflation and high prices of everything, it seems that these checks haven't been sufficient. The sum of these variables has led to a decline in people's bank accounts. In comparison to the same period last year, prices have risen by more than 9%. The cost of basic necessities like gas and other cooking supplies has also gone up.
The Senior Citizens League has discovered that some people's net worth has decreased by about 40% after applying for a Social Security check, which is why there is a greater need for these payments.
In order to ask for increased assistance for the senior population in the United States, the TSCL made a request to Congress last year. Following an examination of the proposal, the chamber decided to make it a priority to boost the amount of elderly citizens' stimulus checks.
There is assistance with checks for those over 60 for up to $1,400 within this petition. These new stimulus checks will be available to more than 15 million older folks.
Americans continue to struggle between what they need and what they can afford, despite all of these measures making their way through various legislatures. And while gas discounts and stimulus payments might soften the blow of price increases, some people are still hesitant to make further payments, especially in light of the fact that previous pandemic relief initiatives are thought to have contributed to our present inflation rate.
For some lawmakers, "inflation-related stimulus payments will simply feed the beast," adding even more money to the market when the supply of commodities can't keep up with demand, says Jaime Peters, assistant dean and assistant professor of finance at Maryville University in St. Louis.
Families that are having trouble getting the supplies of money to buy the things they need every day are put in a difficult situation by this.
