While the US economy has recovered effectively from the COVID-19 outbreak, the average American finds it difficult to understand how with rising prices and now even higher costs as a result of the Russian-Ukrainian conflict. However, some people are starting to notice and are demanding more financial assistance right now—even though another federal stimulus check will be a long time coming.
According to AAA, the most recent price increase experienced by Americans was at the gas pump, which now averages $4.32 a gallon nationwide. With an average of $5.73 per gallon, California currently has the highest gas prices in the US, while Hawaii, Nevada, Oregon, Washington, Alaska, Arizona, and Illinois all have averages of more than $4.50 per gallon. Oklahoma, Arkansas, Colorado, Kansas, Missouri, Nebraska, Iowa, South Dakota, and North Dakota are the only states with an average price of less than $4.00 per gallon.
Additional demands for a stimulus check or analogous payment from the federal government are being made as prices rise at such a quick rate. In a commentary for CNN, Mark Wolfe, executive director of the National Energy Assistance Directors’ Association, encouraged the government to give low- and moderate-income families another check, claiming that they are unlikely to keep up with rising prices. According to Moody’s Analytics research, monthly costs had risen by $276 owing to inflation, and rising fuel prices might drive monthly costs above $300.
In his letter, Wolfe suggested that a direct payment through the IRS be limited to individuals earning less than 8% of the national median income, benefiting those most in need while keeping the program’s cost low. He suggests that Congress sanction a single $1,100 payment per household to cover four months’ worth of pricing, with President Biden having the option to give further checks at a later date if costs continue to rise.
While the administration has stated that another round of relief for Americans is always possible, it does not appear that this will happen anytime soon. Experts have also expressed concern that another round of stimulus checks could be harmful. As a result of earlier payments, inflation prices have risen.
In December, Riley Adams, a registered CPA and senior financial analyst at Google, told Yahoo! News, “Additional fiscal stimulus might stoke the flames of inflation even more.” “With more money in their hands, consumer demand may rise, putting even greater strain on an already stretched supply system.”