A new report has been published by the Government of the U.S. that showed the impact stimulus checks had on people and the economy of the country. The concept of stimulus checks is going on for two years from the start of the coronavirus pandemic and till today, the citizens have received three back-to-back stimulus checks approved by Congress.
Stimulus Checks That Are Inflation-Driven
The first two checks were given under Donald Trump’s Government in April and December of 2020 and the last check was given by Joe Biden in March 2021 under the American Rescue Plan. Since the last stimulus check, a lot of time has passed and the citizens are still suffering from rising inflation, healthcare crisis, and a lot of other issues. However, the present Government is silent about it.
A report written by Christy Bieber at the Motley Fool, an expert in finance, showed a lot of positive impact of checks. It has been confirmed by the Department of HHS of the U.S. that the first two stimulus checks were enough to keep approximately 10.8 million people of the U.S. above the line of poverty and in the future, the lawmakers can easily replicate this effect by the same actions.
As per the reports of HHS, the Rescue Plan helped about 7.9 million individuals in 2021 and the child tax credit initiative has pulled 1.8 million individuals out of the poverty line which amounted to a decrease in poverty by 23%. However, after the stimulus checks were stopped, 60% of families admitted that they cannot afford to buy basic necessities for their families.
Mark Wolfe, the executive Director of NEADA is constantly pursuing the Government to pay more checks worth $1,100. As per his opinion, the easiest way to help the people in his inflation and pandemic is by directly offering them money to pay bills and to buy commodities.
