The federal government provided billions of dollars in assistance to a number of families, students, and working-class Americans.
The Biden administration set new records for job creation and is still breaking new ground in terms of recovering from the previous administration’s deficit.
Even as some governors, such as Greg Abbot, seek to undercut and exacerbate inflation by delaying the supply chain across the southern border, federal and state legislation seeks a fourth stimulus check to keep the economic recovery moving forward.
Even after oil prices plummeted dramatically, Americans could still feel the pinch at the grocery store and at the gas pump.
The fourth stimulus payment is far less than the total amount of relief provided by the Biden administration. However, the goal is simple: to lessen the impact of inflation.
According to experts, Americans who live paycheck to paycheck require additional assistance to cope with inflation.
“These payments averaged nearly $15 billion per month, and their abrupt termination may limit previously increasing spending on food and other household necessities,” Kelly of JPMorgan Funds said.
The Biden Administration, on the other hand, has no intention of issuing a fourth stimulus package. According to Commonwealth Financial Network’s chief investment officer, Brad McMillan, one “cause of inflation has been an expansion of demand fuelled by federal stimulus.”
However, it is critical to emphasise that local governments are disseminating specific strategies and controls to combat rising gas prices.
To combat rising gas prices, New Mexico, for example, is giving money to every state taxpayer who has already filed their tax returns.
“In theory, plans focusing on specific sectors or people, such as gas cards or income-based payouts, may help lessen the pain caused by commodity or service pricing,” said Andrew Patterson, senior international economist at Vanguard.