New stimulus proposal would send Arizona families cash every month

J.R. Heimbigner

Have you noticed that prices keep rising and you leave with less cash in your wallet every time you go to the store? Thankfully, there is some good news for you. A new proposal called the Family Security Act 2.0, has been created by senators Mitt Romney, Richard Burr, and Steve Daines. These senators want to give American families between $250-350 per month for each child. Under this new proposal, the parents of each child ages five years old and under would receive $350 each month. In addition, families would even start to receive money when they learn that they are pregnant. For parents with a child between the ages of six to seventeen years old, the parents would receive $250 each month.

You read that right: families would be able to get a cash boost of hundreds per month and thousands more per year.

A closer look at the cost of living in Arizona

Let's take a look at why this is needed. Let's look at the state's capital: Phoenix. Currently in Phoenix, the average home cost is $346,100, which would mean an average mortgage of $1,652 before property taxes if we assume that there is a 4% interest rate (source). What about other expenses? Well, according to Numbeo, the average estimated costs for a family of four before rent or mortgage is $3,602.55. The average salary in Phoenix is $4,601.00. Looking at these numbers, it is hard to see how families are making their finances work right now. If only one parent is working, there is a difference of over $600 of expenses over income. With the Family Security Act 2.0, this stimulus money that comes to families could make a big difference in closing this gap financially.

The Family Security Act is still in the proposal stage, so it will wait upon a vote to see if it becomes law.

What do you think about new proposal?

Please let me know in the comments.

Disclaimer: Please note that this article is created for educational and informational purposes.

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