Millions of Americans Were Lifted Out of Poverty as a Result of Stimulus Payments! March 2022

0

Millions of Americans have benefited from the three stimulus checks granted by Congress during the two-year COVID-19 pandemic. President Trump approved the first cheques in April and December 2020; President Joe Biden’s American Rescue Plan financed the final round in March 2021.

A full year has gone since the last stimulus cheque was distributed. Despite the fact that many Americans continue to struggle financially as a result of the ongoing health crisis and increasing inflation, the White House and Congress have been largely silent on the subject.

However, as personal financial expert Christy Bieber observed at The Motley Fool, politicians may finally have a compelling reason to continue providing stimulus assistance to the poorest Americans.

 

10.8 Million Justifications

The US Department of Health and Human Services (HHS) has completed a research to determine the overall impact of these stimulus funds on American households. While the report examined the checks’ overall impact, it paid special attention to low-income Americans.

 

Stimulus Check (4)

 

“With just two stimulus measures, we were able to lift 10.8 million people out of poverty, and these two measures would be simple to reproduce for legislators seeking to alleviate the economic hardships that many continue to experience,” Bieber writes.

The HHS said in its study that “economic impact payments made possible by the American Rescue Plan lifted 7.9 million people out of poverty in 2021.” Additionally, the expanded child tax credit’s monthly payments “kept 2.9 million people out of poverty, including 1.8 million children, a 23% reduction in child poverty.”

Other studies and polls indicate that the repercussions from the termination of enhanced credits has already been catastrophic. According to a research done by Columbia University’s Center on Poverty and Social Policy, over 3.7 million additional children are now living in poverty. According to a separate study conducted by ParentsTogether Action, approximately 60% of parents stated that they have been unable to afford enough groceries since their monthly payments ceased.

 

Stimulus Measures Driven by Inflation

Mark Wolfe, executive director of the National Energy Assistance Directors’ Association (NEADA), is requesting $1,100 stimulus cheques from the federal government. This decision is primarily motivated by the country’s substantial surge in gasoline prices.

“The quickest and most effective approach to safeguard disadvantaged citizens from the effects of global economic volatility is to make a direct payment through the IRS, similar to the three stimulus checks issued to families during the pandemic’s height,” he wrote in an op-ed for CNN Business.

 

ALSO READ:-

More Stimulus Checks Are Needed Due to Soaring Gas Prices! March 2022

According to the Fourth Stimulus Check Update, Increased Prices May Result in More Stimulus Payments!

Gas Stimulus Check March 2022: How Do the States Intend to Combat Inflation?

 

“The administration should urge Congress to allow a payment of $1,100 per household to cover four months of future increased prices, with the potential for the president to issue a second or even third check to low- and moderate-income families for an extra four months,” he added.

Leave A Reply

Your email address will not be published.