A new stimulus proposal is on the table from U.S. Senators Mitt Romney, Richard Burr, and Steve Daines. It is called the Family Security Act 2.0.
Here's how it works. This new program would give cash to working families starting during pregnancy, amounting to $350 a month for each child aged five and under. For children aged six to seventeen years old, eligible parents would receive $250 a month for each qualifying child.
Currently in Indianapolis, the estimated monthly costs are $3,579.69 without rent. Rent for a three-bedroom apartment averages $1,494 per month. These are just the averages, and they really don't take into account the increase in prices in 2022 due to inflation. As you can see, this proposal could make a real difference for families by helping cover the cost of groceries, utilities, rent, and other living expenses in Indiana.
What this proposal means for you
So what does this mean for you? Well, if you are married with kids, under this proposal you will receive a significant boost of income. For example, let's look at married couple with two children. Let's say that there are two kids, ages three and twelve. If this family earns a combined income of $38,990, then they would currently receive $2,318 right now. Under the Family Security Act 2.0, they would receive $9,359, which is an increase of over $7,000 per year. Best of all, it would not be a lump sum payment. Instead, the payments would come as monthly payments helping out with a variety of expenses.
If you don't have children or if they are out of school, this new proposal wouldn't give you any additional money.
What do you think about this proposal? Would you support it? Why or why not?
I'd love to hear your thoughts. Please let me know in the comments.
Disclaimer: Please note that this article is only for educational and informational purposes.