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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

An Obama Economic Adviser on Biden’s Big Inflation Problem

  An Obama Economic Adviser on Biden’s Big Inflation Problem “I’ve long thought Washington was doing too little, but it has now overcorrected and done too much,” says Harvard’s Jason Furman.But while there are many supply-side factors driving inflation, from supply-chain issues to a unprecedented labor shortages, there is also red-hot demand from consumers for goods and services, meaningfully stoked by the $1.9 trillion stimulus package Biden passed in March, according to Harvard economist Jason Furman, who served as one of Barack Obama’s top economic advisers. In January, Furman wrote an op-ed in the The Wall Street Journal arguing that the stimulus package should be contingent on the pace of the country’s economic recovery.

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.

Dems Stuck in Spin Cycle as Inflation Slowly Ruins Everything

  Dems Stuck in Spin Cycle as Inflation Slowly Ruins Everything There’s no good way for President Joe Biden and Democrats to talk about how they are handling the worsening inflation currently squeezing consumers. But that hasn’t stopped them from trying. For months, Democrats have jumped from arguing that inflation was “transitory” and would pass to acknowledging the widespread public pain as prices rise from the gas pump to the grocery store. Apparently, the public is unmoved. Biden’s approval rating has hit new lows in recent public opinion polls, which have also shown Republicans gaining a clear edge to reclaim Congress in the 2022 elections. Meanwhile, inflation has quickly become the top concern of voters.

"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.

Inflation narrative is flawed

  Inflation narrative is flawed There's a big problem with the current inflation narrative: It may not be the whole story. Beyond the Covid-19 pandemic, surging demand and supply chain issues, there's also the roles played by corporate America, President Joe Biden and the Federal Reserve.The inflation narrative is largely set. The coronavirus pandemic created supply chain snarls. It put production out of whack. As demand has roared back following Covid-19 lockdowns, prices have soared.

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.

What NFL games are on Thanksgiving in 2021? TV schedule, times, channels for all three games

  What NFL games are on Thanksgiving in 2021? TV schedule, times, channels for all three games Thanksgiving Day will feature three games in 2021. As always, the Lions and Cowboys will be in action.The NFL is entering its 16th season of scheduling three games for Thanksgiving Day. Only two games were played last year. The night game between the Steelers and Ravens was postponed because of COVID-19 concerns, but the Lions and Cowboys continued their decades-long streak of playing on the holiday.

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

  • Joe Biden's Thanksgiving Message Plays Down Supply Chain Fears
  • Fed Acknowledges Inflation Greater Than Expected, Plans for Possible Long-Term Effects
  • Fourth Stimulus Check Update: Monthly $2K Petition 37,000 Signatures Away From 3 Million
  • Fourth Stimulus Check Update: Build Back Better Would Send Monthly Payments Through 2022

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Thanksgiving shows how Biden has effectively lowered the minimum wage .
When Joe Biden ran for president last year, he talked about establishing a $15 hourly minimum wage. © Provided by Washington Examiner President Joe Biden hasn’t made that happen. Most of the incumbent senators don’t support it. Then Biden dropped the issue. He hasn’t made a push to raise the federal minimum wage, which has been stuck at $7.25 an hour since 2009. That’s the case even though several Republican senators support a smaller increase or indexing wages to inflation, such as Mitt Romney of Utah, Tom Cotton of Arkansas, Lindsey Graham of South Carolina, Susan Collins of Maine, and others.

usr: 1
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