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Politics Stimulus Check Update: Millions Want More Payments as Inflation Impacts Thanksgiving

20:50  25 november  2021
20:50  25 november  2021 Source:   newsweek.com

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Millions of Americans have continued to call for additional stimulus checks as rapid inflation takes its toll on the economy—with analysts suggesting this Thanksgiving holiday could be the most expensive in history.

President Donald Trump's name appears on the coronavirus economic assistance checks (stimulus checks) that were sent to citizens across the country April 29, 2020 in Washington, D.C. © Chip Somodevilla/Getty Images President Donald Trump's name appears on the coronavirus economic assistance checks (stimulus checks) that were sent to citizens across the country April 29, 2020 in Washington, D.C.

Nearly 3 million people have signed an online Change.org petition calling on Congress to issue more stimulus checks. The petition—which has been backed by nearly 2.97 million people—urges Congress to approve monthly direct payments of $2,000 per month as the COVID-19 pandemic continues to take a toll on the U.S. economy.

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"This is catastrophic for working families like mine," Stephanie Bonin, the petition's creator, wrote on Change.org. "I'm calling on Congress to support families with a $2,000 payment for adults and a $1,000 payment for kids immediately, and continuing regular checks for the duration of the crisis."

Several other petitions on Change.org have made similar calls to lawmakers and President Joe Biden. Each petition has gotten tens or even hundreds of thousands of signatures calling for additional monthly payments, or at least a fourth stimulus check as consumers continue to see higher and higher prices due to inflation.

CNN reported this week that inflation may lead to the 2021 Thanksgiving being the most expensive in history. The report highlighted that the Department of Agriculture has projected that the average dinner cost is up 5 percent. Meanwhile, the report said the American Farm Bureau Federation predicted that the average cost of dinner may have jumped as much as 14 percent.

Biden should signal to the Fed that it's okay to raise rates next year

  Biden should signal to the Fed that it's okay to raise rates next year There are indications that inflation is creeping into Americans’ psyches as it did in the late 1960s. Therefore, if inflation stays elevated, the Fed must be prepared to act without worrying about the political consequences. In the end, containing inflation would be positive for the economy's long-term outlook as well as for President Biden's reelection prospects.Nicholas Sargen, Ph.D., is an economic consultant and is affiliated with the University of Virginia's Darden School of Business. He is the author of "Investing in the Trump Era; How Economic Policies Impact Financial Markets.

According to the consumer price index (CPI), inflation was up 6.2 percent from October 2020 to October 2021, the Bookings Institution reported this month. When looking at the personal consumption expenditure (PCE) deflator, inflation from September 2020 to September 2021 was up 4.4 percent.

In comments on the Change.org petition, people who signed the petition said they did so in the hopes of getting some relief from rising prices this holiday season.

"I'm signing because I'm on a fixed income [and] as a result of high prices this Thanksgiving is a wash for me," a petition signer identified as Alan Mackarevitz wrote. "Christmas is coming and I will not be blessed to purchase gifts for my family and friends."

In March 2020, Congress came together in a bipartisan way to approve substantial COVID-19 relief legislation. That bill approved a round of $1,200 stimulus checks that were sent out to most Americans. Then in December, Congress again approved another bipartisan bill that doled out additional $600 payments to the majority of Americans.

U.S. Thanksgiving Feast Estimated to Cost 14 Percent More This Year Thanks to Inflation

  U.S. Thanksgiving Feast Estimated to Cost 14 Percent More This Year Thanks to Inflation The American Farm Bureau said that an average Thanksgiving feast for 10 people will cost around $53.31 this year, an unusual increase.The American Farm Bureau said that an average Thanksgiving feast for 10 people will cost around $53.31 this year, a 14 percent increase from last year. Staples of this sample include turkey, sweet potatoes, pumpkin pie with whipped cream, a vegetable tray and rolls.

After President Joe Biden took office, Democrats pushed through the American Rescue Plan without any Republican support. That legislation provided additional $1,400 stimulus checks to the majority of Americans. Although dozens of Democratic lawmakers have voiced support for further direct payments—including recurring monthly checks—no legislation is currently moving forward to provide additional stimulus checks at this time.

Related Articles

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Football, family and parade floats: Traditions return on U.S. Thanksgiving Day .
Football, family and parade floats: Traditions return on U.S. Thanksgiving Day(Reuters) -Americans returned to parade routes on Thursday as they prepared to pack football stadiums and gather more freely for family feasts, grateful to celebrate Thanksgiving Day traditions again after the pandemic kept many at home last year.

usr: 1
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