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Tuesday, May 24, 2022

Stimulus Check Update: Proposals For New Checks

With the increase in gas prices in March, several legislative assemblies have thought about implementing another stimulus check payment. This decision could prove to be quite fruitful when one considers the Russian invasion of Ukraine and how it affected most of the major supply chains. With the rapid increase in price, the inflation too went up by 1.2% as the costs of transportation spiked throughout the market.

As a response to such increases, several members of Congress decided to introduce some direct aid to families to bring the price of gasoline down. Mike Thompson, a Congressman from California, along with Lauren Underwood and John Larson has brought out a proposal that would readily offer a gasoline credit of $200 for $100 to qualifying households who have been living in areas where the average price of a gallon of gas has been around $4. 

Stimulus Check Payment Could Be Issued In The Face Of Rising Inflation

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Thompson stated that the Putin Price Hike had been putting a major strain on the American economy- and he was definitely excited to work with the other representatives to bring about legislation that would provide most the middle-class Americans with monthly stimulus check payments which would then ease up the financial burden of this global crisis. But currently, the future of the bill hasn’t been decided yet. 

After the stimulus check proposal was made public, the POTUS decided to announce that the country would be moving to have a million barrels of oil completely released from its strategic reserves of the country. This additional supply that had been coursing through the market did help in bringing down the costs while the disruptions in supply chains kept taking place. 

For this stimulus check, one would qualify for them only if they- were single tax filers making under $75,000 a year, and those who were married also made under $150,000 to receive the full benefit. 

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