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63% of Americans support the idea of new stimulus checks to combat hot inflation...

 1 year ago
source link: https://finance.yahoo.com/news/63-americans-support-idea-stimulus-110000692.html
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63% of Americans support the idea of new stimulus checks to combat hot inflation — and these states are stepping up to offer relief. But will it work?

Lauren Bird
Thu, November 10, 2022, 8:00 PM·9 min read
63% of Americans support the idea of new stimulus checks to combat hot inflation — and these states are stepping up to offer relief. But will it work?
63% of Americans support the idea of new stimulus checks to combat hot inflation — and these states are stepping up to offer relief. But will it work?

High inflation, rising interest rates and labor shortages have many experts and economists concerned about a looming recession.

With all this uncertainty, what is clear is that American households are struggling and could use some extra support right now.

A recent poll done by Newsweek shows 63% of Americans support a new round of stimulus checks from the federal government to combat inflation.

However, lawmakers in Washington have given no indication they plan to pass a fourth round of stimulus checks. And some analysts argue it will only aggravate the issue.

“Handing out dollars in an inflationary environment will only make matters worse by driving prices up further,” wrote Beth Akers, a senior fellow at the American Enterprise Institute, in a September blog post.

But that doesn’t mean you’re completely out of luck. Your support may just come from a government a little bit more local.

Don't miss

States step in

Many states have had historic surpluses over the past year thanks to inflation driving up prices of goods and high pandemic spending. Inflation-adjusted state government revenue increased 16.4% in the first quarter of 2022 compared to the year before, according to the Urban Institute.

“Giving direct aid, direct payments is far more useful than doing income tax cuts, or gas tax holidays,” says Lucy Dadayan, senior research associate at the Urban-Brookings Tax Policy Center.

Here’s a list of what states are offering. Make sure you don’t miss yours.

Alaska

People in Alaska are getting $650 to deal with rising energy prices in the Permanent Fund, which the state sends out every year.

In total, eligible Alaskans are getting $3,284 from the state. Checks starting going out in September.


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