Americans having trouble making ends meet because of rising inflation receive financial aid from at least 16 states.
Consumer prices grew 8.5 per cent over the previous year in July, somewhat slowing from the previous month but still exceeding the Federal Reserve’s goal rate of 2 per cent and approaching a four-decade high.
In response to record-high inflation, certain state legislatures, including those in Maine, Pennsylvania, Colorado, Hawaii, and California, have approved relief measures.
Some governments choose to provide relief by raising tax credits in addition to returns and stimulus check.
Massive tax refunds for citizens would be given out as soon as other governments experienced budget surpluses.
Will Government Forgive College Loans:
President Biden made it known throughout his campaign that he favoured federal loan forgiveness of up to $10,000.
However, most borrowers’ debt has not yet been forgiven by the government, and the president has not lately announced any plans.
Democrats in Congress are pressing for loan forgiveness for borrowers of up to $50,000.
Forbes predicts that President Biden will choose in the upcoming days, but there are no definite signs that the White House will act.
The Federal Loan Payment Freeze Stimulus Check:
The federal government has frozen all outstanding student debts until August 31, 2022.
Since Covid-19 shut down the nation in March 2020, several extensions have been to the freeze.
Before the White House announced that there would be no further freeze extensions, borrowers were getting ready to start making payments again in January 2022.
According to Forbes, President Biden is expected to extend the freeze once more, perhaps until the end of 2022.
Many states are also offering stimulus check as tax rebates for their taxpayers. These stimulus check will help them to combat inflation.