People Demand Surprise Coronavirus Stimulus Control As Inflation Affects Thanksgiving – Community News
Stimulus Check

People Demand Surprise Coronavirus Stimulus Control As Inflation Affects Thanksgiving

You are reading Entrepreneur United States, an international franchise of Entrepreneur Media. This story originally appeared on ValueWalk

People have long called for more stimulus, but these calls have grown louder in recent months as inflation negatively impacts holiday preparations. Millions of people are now demanding a surprise coronavirus stimulus check from President Biden.

JillWellington / Pixabay – Valuewalk

Q3 2021 hedge fund letters, conferences and more

Surprise Coronavirus Stimulus Check: is it necessary?

Inflation has reached its 31-year high, with prices rising 6.2% in October compared to the same period last year. Several experts believe Thanksgiving was the most expensive this year due to record inflation.

According to data from the Bureau of Labor Statistics, the price of a frozen turkey is 20% more than last year. In addition, experts from the American Farm Bureau Federation say a 10-person turkey and all-in-one feast now costs $53.31, compared to $46.90 last November.

A KPMG study found that three in four shoppers could change their shopping behavior because of inflation.

Many experts, including President Biden, believe that federal stimulus is a major reason for a rise in inflation. They argue that people now have more money and that this drives up demand more than supply.

“The irony is that people now have more money because of the first major piece of legislation I passed. You all got checks for $1,400,” Biden said recently during a speech in Baltimore.

In addition to incentives and the expanded tax credit for children, Biden also cites supply chain disruptions as a valid reason for rising inflation.

“People feel it — they feel it,” said Biden, admitting a spike in inflation. “Did you ever think you’d pay that much for a gallon of gas?”

People demand money for Christmas

While stimulus is contributing to inflation, people are demanding a surprising stimulus check from the coronavirus to overcome the impact of inflation.

“Mr. Joe America needs incentive money. Your approval rating would go up immediately. The kids need this money for Christmas,” said one Twitter user. “We thank you for all you’ve done, but it’s just not enough. So many families are having a hard time. I can’t keep up with inflation.”

In addition, a petition calling for regular $2,000 incentive checks has been signed by nearly 3 million people. Many of those who have signed the petition say they are signing it in hopes of getting extra money for Christmas.

“I sign because I have a fixed income [and] Due to the high prices, this Thanksgiving is a shambles for me,” said a signer of the petition. “Christmas is coming and I won’t be blessed to buy gifts for my family and friends.”

Despite calls for surprise stimulus checks, Biden is unlikely to send more money by Christmas. Still, some groups of people may get some stimulus money next month.

For example, the IRS sends out the last installment of the expanded child tax credit before Christmas. Retired workers may also be able to get a Social Security check for about $1,600 in the new year because of the new cost-of-living adjustment.