Many professionals and economists are concerned about an impending recession due to high inflation, rising interest rates, and labor shortages.
What is confident amid all this ambiguity is that American households need immediate assistance and are struggling.
According to a Newsweek poll, 63% of Americans want the federal government to issue new stimulus payments to fight inflation.
However, there is no sign that Washington’s politicians intend to approve the fourth batch of stimulus payments. Additionally, some analysts claim that it will make matters worse.
This October, Beth Akers, a senior fellow at the American Enterprise Institute, wrote in a blog post, “Handing away cash in an inflationary atmosphere would only make things worse by driving prices up further.”
But that doesn’t necessarily mean you’re out of luck. Your assistance might come from a more minor, more regional administration.
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States Intervene
Since last year, many governments have experienced historic surpluses due to rising inflationary costs and high pandemic spending. According to the Urban Institute, state government revenue adjusted for inflation rose 16.4% in the first quarter of 2022 compared to the same period in 2017.
According to Lucy Dadayan, senior research associate at the Urban-Brookings Tax Policy Center, providing direct assistance or direct payments is much more beneficial than enacting income tax reductions or gas tax holidays, according to Yahoo Finance.
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