If you're one of the millions of Americans living paycheck to paycheck, the stimulus checks were a financial lifeline. Perhaps they helped you pay rent, put food on the table, or buy school supplies for your children. As you can imagine, many people found them extremely useful during a time of financial hardship. Therefore, calls are growing for more frequent stimulus checks to be issued to those in desperate need of financial assistance.
According to research published by The New York Times, "the latest rounds of aid significantly improved Americans' ability to buy food and pay household bills and reduced anxiety and depression, with the largest benefits going to the poorest households and those with children." When you think about it, that data makes a lot of sense. 53% of American families live paycheck to paycheck. So, cash injections of several thousand dollars were extremely useful for paying off debt and buying basic necessities. Quoting Luke Shaefer, an associate professor at the University of Michigan School of Social Work:
"We see an immediate decline among multiple lines of hardship concentrated among the most disadvantaged families."
A study published by The Federal Reserve found that many Americans can't afford a $400 emergency expense because money is tight. 27% of those polled would need to borrow money or sell something to come up with the $400, and another 13% would be unable to pay it at all.
Thankfully, stimulus payments were recently issued in some states around the country to provide economic assistance to those in need. Many Californians earning less than $75k who filed a 2020 tax return will receive a tax credit of several hundred dollars soon. Meanwhile, in Texas, some educators in the Dallas metro region have been compensated up to $2,000.
It's also worth mentioning that several million Americans have signed a petition for a fourth federal stimulus check to be issued to Americans in desperate need of financial aid. "I'm calling on Congress to support families with a $2,000 payment for adults and a $1,000 payment for kids immediately, and continuing regular checks for the duration of the crisis," said the creator of the petition. "Otherwise, laid-off workers, furloughed workers, the self-employed, and workers dealing with reduced hours will struggle to pay their rent or put food on the table."
What do you think? Leave a comment with your thoughts. And if you think more people should read this article, share it on social media.