CALLS is rising for more stimulus checks to help cash-strapped Americans amid crippling inflation.
In October, prices rose 6.2% year-on-year as inflation hit a 31-year high.
According to Bureau of Labor Statistics data, the price of frozen turkey is up 20% year over year.
Experts at Federation of American Farm Bureaus says a party for 10 with turkey and all decorations will cost $53.31, compared with $46.90 last November.
Some economists have blamed stimulus testing for inflation, while others disagree.
“It would be foolish to put an economic recovery brake on to try to control inflation, especially when there is enough evidence that it is temporary,” said Sanjeev Kumar.
“The US needs more fiscal stimulus, not less. & we should take some measures to undo the bottlenecks of the supply chain (they have improved). “
Another federal stimulus now looks unlikely, but that hasn’t stopped Americans from calling extra cash before Thanksgiving.
Speaking to the President, one Twitter user said: “Mr. American Joe needs stimulus money. Your approval rating will increase instantly. The kids need this money for Christmas.
“We thank you for everything you do, but it just isn’t enough. So many families are struggling. Can’t keep up with inflation.”
Another asked: “Stimulus test, when? @POTUS. ”
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Republican Party Critics told Fox News that Biden would not “receive any thanks” from American families.
According to a survey by KPMG, about three-quarters of shoppers will change their grocery shopping behavior due to rising prices.
More than 3 in 10 people say they plan to buy products before the holiday season and 28% admit that they are likely to spend more time looking for bargains, according to research cited by Quartz.
FEEL THE PINCH
There are a number of holiday surprises that can help families who are struggling.
American families with two children can receive a payout of up to $8,000 in New Year.
Parents with children under 13 years old and earning less than $125,000 can claim extra trả cash.
Support is called child and dependent tax credit, which aims to help working families offset the cost of providing for their children.
Eligible expenses include transportation, housekeeping, child care, before and after school programs, as well as day camps and daycare.
Cash can also be used to care for dependents with disabilities.
It happens when millions of families will receive their last monthly child tax credit installments in December.
Advance payments have been sent out since July, and parents with children under six have received checks for up to $300 per child.
The final check will be sent on December 15, and families will receive their payment the next day.
Checks sent by direct deposit are expected to arrive in a bank account before Christmas.
Parents will be able to claim up to $1,800 on their tax return next year.
And, Social Security Recipients are likely to notice an increase in cash in the new year.
Retired workers will receive a “stim check” for about $1,600 as a result of the new cost of living adjustment.
Czech in the new year will be the first to include an increase of 5.9% – the highest increase since 1982.
The average retired worker pocketed about $1,562.66 in October, and their payout will increase to $1,654.65 when the new COLA is in place.
Checks are set to increase by an average of $92 since January.
Americans who receive Supplemental Security Income (SSI) will also see a 5.9 percent increase in their monthly checks.
Payouts will increase by an average of $34 to $621 in January from $587.
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https://www.the-sun.com/money/4134670/more-surprise-stimulus-checks-help-americans-inflation/ Calls increase for more ‘surprise’ stimulus checks to help Americans face crippling inflation over Thanksgiving