Experts are calling for monthly payments as part of the fourth stimulus check.
With numerous federal initiatives designed to alleviate the financial troubles caused by the COVID-19 pandemic now ending or on the approach of expiring, many people are concerned about what this means for millions of Americans who are still in grave financial straits. As fears of all help running out grow, experts are now advocating for further monthly assistance.
In addition to unemployment benefits and an eviction moratorium that have now expired, some are concerned that the Expanded Child Tax Credit, which began depositing funds into accounts in July and is set to end in December, may also expire if plans to extend it to 2025 are not approved by Congress as part of Joe Biden’s current reconciliation package. The payments, which give parents an extra $300 per month per child under the age of six and $250 per month per child ages six to seventeen, have been helpful for families still suffering from the effects of the pandemic, and experts say that because Americans are still expected to pay their bills on a monthly basis, assistance on a monthly basis should still be considered.
About the payments for the Expanded Child Tax Credit, Natalie Foster, co-chair of the Economic Security Project, told CBS News, “The bills come monthly, and so should the checks.” “We know that the first two checks have had a significant impact on families.”
Foster’s claims were backed up by census data from the Senate Joint Economic Committee, which found that food insecurity reduced from 11% to 8.4% after the payments were deposited. The findings aren’t surprising, given that the original adult stimulus cheques were proven to have a considerable impact on families in financial distress. Financial instability decreased by 43% following the $600 check in December 2020 and the $1,400 check in March 2021, according to studies released earlier this year, while food shortages in households decreased by 42%. Anxiety and depression related to financial concerns decreased by more than 20%.
There is still hope that the Biden Administration or Congress will come through with extra money for Americans, with rising fears over the Delta Variant driving up cases and more and more Americans seeking to fight for stable payments of $2000 per month. With calls for payments to specific groups such as senior citizens and others on the rise, the time for some other may be approaching soon. Brief News from Washington Newsday.