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Monday, May 22, 2023

Stimulus Check Update: Income Payments Increased Up To $12,000

While most of the stimulus check payments have provided the citizens of the country with an experience of universal basic income, folks are still getting used. As it stands, UBI is also a set of recurring payments that individuals would receive from the government. These will be paid out every single month, which comes out several times a year, or just once annually.

This idea has been the brainchild of Andrew Yang, who recently left the Democratic party, as he centered his Presidential campaign of 2020. Then Mr. Yang, during his run as the mayor of New York City, went to float the idea of giving half a million of the lowest-income residents a payment of $2,000 every year. 

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Stimulus Check Payment In The Form of UBI

When the pandemic was at its height, multiple relief packages were passed that included stimulus check payments to Americans on the federal level. However, those have not yet been implemented to recur. Instead, these did serve the purpose of helping citizens in need to stimulate the American economy by providing them with more money than they would be able to spend during a financial downturn. While it is pretty unlikely that another stimulus package will be passed on the federal level, some states are still providing UBI to their citizens.

For a certain while now, the state of Alaska has been providing its citizens with stimulus check payments under the Alaska Permanent Fund. The fund, which has been in function since 1982, has been designed to provide the citizens of the state with a large portion of state oil revenues. The sovereign wealth fund also has been paying out annual dividends to most of its eligible citizens. In order to qualify, one must be a resident of Alaska for at least a year, but they wouldn’t be eligible if they have been convicted. 

Even Chicago has gone ahead with stimulus check payments which would be impacting close to 5,000 families in the state and will be paid for through the American Rescue Act.  

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