In the last several months, Americans have seen a significant increase in inflation. Millions of low- and middle-income households have seen their living circumstances degrade as a result of the price increase. The supply chain in the market is unbalanced, and manufacturers are unable to meet customer needs. The price increase has been exacerbated by Russia’s recent invasion of Ukraine.
The federal government has closed the doors to those seeking financial assistance. States, on the other hand, have adopted several steps to keep inflation under control. According to Marca, millions of low-income households are unable to meet their necessities, as they are unable to buy a whole meal due to massive price increases.
The federal plans have come to an end.
Despite the inflation, US citizens hoped for a federal IRS scheme, but their aspirations were dashed by federal ineptitude. States have implemented a variety of financial assistance programs for individuals in need. Citizens will get three stimulus checks, the final of which will be in March 2021. Last year, as part of the American Rescue Plan, the government extended the Child Tax Credit.
In the previous year, qualifying parents got six monthly payments. However, since the payments stopped in 2022, the families have been struggling. Since January 2022, millions of children have slipped into poverty, according to the data.
Families with low incomes require financial aid.
According to Marca, states can provide additional financial benefits to low-income families, allowing them to meet their fundamental needs. Several lawmakers have called on Congress to introduce a fourth stimulus check, although this is unlikely to happen anytime soon. Due to price increases and pandemics, low-wage and unemployed employees are the hardest hit.
The states have distributed various stimulus cheques to residents with annual incomes below the national average. However, they continue to struggle due to uncontrollable inflation. According to the reports, inflation is at its greatest level in the last four decades.
According to Marca, low- to moderate-income individuals who make less than 80% of the national average salary should be eligible for further financial assistance from the states. According to analysts, low-wage workers will receive $1,100 to improve their financial circumstances. According to Marca, Maryland officials have suspended gas tax payments for a month to ease the financial pressure on taxpayers.