The United States federal government did not provide additional stimulus checks to the citizens. The Americans have been struggling against the rising prices due to inflation and face difficulty purchasing basic products including medicines, gas, and food. During this time of great need, several states all across the United States of America stepped up. They have continuously offered stimulus checks to their residents in the form of tax refunds as well as relief payments. Now, this worsening inflation calls for further financial aid but the question remains if it going to help.
Fighting Inflation With Stimulus Check
The rate of inflation had dropped continuously over the past seven months. The Price Index for Consumers also witnessed a significant upsurge of 0.5% in January 2023 as compared to December 2022. Nonetheless, inflation is falling slower than the expected rate by the Federal Reserve.
After the 3 EIP (Impact Payment for Economy) that were offered to eligible Americans by IRS, no further payments have been offered. US states came forward with their budget surplus funds and provided additional stimulus checks through tax refunds as well as relief payments to curb high inflation.
Economic Condition Of The US
It was previously reported by GO Banking Rates that 62% of citizens of the US are in support of one more stimulus payment in 2023 that will significantly help them stay afloat on their debts. However, the central US government planned no instant step to offer stimulus checks. Some critics have stated that additional relief payments might worsen the current inflationary pressures.
Several analysts have also mentioned that Americans might be relying too much on free payments from their government instead of trying to uplift the economy themselves. Experts have claimed that stimulus checks will be funneled into purchasing services and goods that are unwelcome.