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Sunday, August 7, 2022

Stimulus Check: How Effective Are The Petitions?

The biggest petition for another stimulus check has now been signed by over 2.76Mn people, at the time of writing. Stephanie Bonin, the owner of a restaurant, had created the petition. If the target of 3Mn is reached, then it will become the top-ranked petition on the entire Change.org. There are 5 more too, but will anything happen if the targets are reached?

Will Reaching The Target Ensure Another Stimulus Check?

Presently, the administration of President Biden has no intention to resume or issue further stimulus checks. Rather, they have opted to provide help via Biden’s American Rescue Plan. The frontrunner in these is the CTC (Child Tax Credit) Stimulus checks. Families with children would be paid a maximum of $300 every month for every child.

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Through the CTC, Biden has tried to narrow down the number of people who receive stimulus checks. This was preferred over paying every American a large amount of money. However, the CTC is a flawed system, and some eligible families will not be accounted for, undoubtedly. This also does not help out the needy without a family.

People who are both unemployed and without any family are facing even more pressure. Next month, the extra benefits for the unemployed will be ending.

In May, Janet Yellen, the Secretary of Treasury sounded unconvinced regarding the need for any more stimulus payments. She believed that sometimes the approach works, but other times there are better methods. So she asked to investigate the consequences and economics more before coming to a decision. Nevertheless, Progressive Democratic Senators have pushed for monthly recurring stimulus checks. Not much headway has been made in that regard.

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However, some states are sending out stimulus payments of their own to help out the citizens. These include California and New Jersey.

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