Due to rising prices, additional payments may be made in the fourth stimulus check.
Due to rising prices, additional payments may be made in the fourth stimulus check.

Due to rising prices, additional payments may be made in the fourth stimulus check.

It’s hard too typically American to understand how the US economy has returned from the COVID-19 pandemic with sky-high inflation and now even greater costs due to the conflict between Russia and Ukraine. As a result, there are some who notice it and call for additional financial support now, although it will probably be a long time before they get it.

According to AAA, the national average price of a gallon of regular gasoline has risen to an unbearable $ 4.32 in the last few weeks.

While California now has the highest average price per capita. gallon at $ 5.73, other states such as Hawaii, Nevada, Oregon, Washington, Alaska, Arizona and Illinois also average over $ 4.50. Oklahoma, Arkansas, Colorado, Kansas, Missouri, Nebraska, Iowa, South Dakota, North Dakota and Minnesota are the only states whose gas prices are now below $ 4 per gallon.

New calls for a stimulus check and other federal government payments are being made due to the rapid rise in costs. According to the executive director of the National Energy Assistance Directors Association, low- and moderate-income families could soon run out of money if they do not receive an extra payment from the government.

Moody’s Analytics estimates that inflation has increased monthly costs by $ 276, and that rising fuel prices could raise those costs to more than $ 300 per month. month.

Wolfe said a direct payment through the IRS should be targeted at people earning less than 8% of national median income, which will help those most in need of the support while keeping the cost of the program in check. President Biden could offer additional checks in the event that the costs remained unaffordable for another four months, provided Congress approved a one-time payment of $ 1,100 per month. household, according to Biden.

A new round of aid to Americans may be discussed, but the government has clarified that no decisions will be made yet. Another round of stimulus checks could be harmful, according to analysts. Inflation costs increased as a result of prior payments.

Riley Adams, a registered CPA and senior financial analyst for Google, told Yahoo! News in December that the injection of additional federal stimulus into the economy “could ignite the flames of inflation even more.” Consumption may increase due to more money in people’s pockets, which further strains an already overburdened supply system.

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