If you're feeling the financial pinch of inflation right now, you'll want to read on. There is a new proposal called the Family Security Act 2.0. Under this program American families would receive between $250-350 per month for each child. In this proposal, children ages five years old and under would receive $350 each month and the money would be sent to the parents. For parents with a child between the ages of six to seventeen years old, the parents would receive $250 each month. It's important to state that this bill is just in the proposal stage right now and it's not law at this time.
A closer look at the cost of living in Pennsylvania
Let's take a look at why this is needed. Let's look at one of the biggest cities in the state: Pittsburgh. Currently in Pittsburgh, the average home cost is $227,928, which would mean an average mortgage of $1,023 each month, before property taxes if we assume that there is a 5.4% 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 $3,997. The average salary in Pittsburgh is $4,113.
Looking at these numbers, it is hard to see how many families are making their finances work right now. An average family spends as much as it brings in. With the increase in costs for food alone, the numbers simply don't add up.
With the Family Security Act 2.0, this stimulus money that comes to families could make a big difference in closing this gap financially. At this time, 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 this new proposal? Feel free to share your thoughts in the comments. If you found this article informative or helpful, please share it with friends and family on social media. Thanks!
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