Is a $1,400 Check Possible as a Result of Russia’s Ukraine War? Latest Update.
Is a Stimulus Check Required as Inflation Continues to Rise? Consumer prices in the United States rose 7.5 per cent year over year in January, the quickest yearly rate in forty years, according to the most recent data available.
However, other experts believe that this is only the beginning and that inflationary pressures will continue to rise in the following weeks and months. In addition, it appears that such a difficult atmosphere is ripe for increased calls for stimulus checks.
Gas and housing are two key sectors where prices are increasing these days. Keep in mind that gas prices were already on the rise before Russia invades Ukraine.
However, with sanctions targeting Russian energy sources in some ways, gas prices will now have a greater direct influence on American consumers.
The national average, according to AAA, is $3.73 per gallon. A year ago, the average gas price in the United States was around $2.65. The average price in California has already risen to $4.94 per gallon, indicating that prices will shortly reach $5. All of this will be exacerbated by Russia’s war in Ukraine.
“I wish we’d reached our apex.” Patrick De Haan, head of petroleum analysis at GasBuddy, recently told Yahoo Finance Live, “I think we’re a long way from it.”
Unfortunately, between March and Memorial Day, gas costs rise by 25 to 75 cents per gallon on average,” he noted.
According to Zillow, the current competitive housing market will not be lessening anytime soon. The home price increase is now expected to peak at 21.6 per cent year over year in May, according to the business. Rent costs are rapidly rising for individuals who have been priced out of the market.
The average U.S. home is expected to be worth more than $380,000 by the end of January 2023, according to researchers. Annual home value growth is expected to continue accelerating through the spring before peaking at 21.6 per cent in May.
With many Americans trying to make ends meet, it’s predictable that requests for a stimulus package are growing. Take, for example, the Change.org petition for a stimulus check, which has received well over 3 million signatures.
Many Washington lawmakers were aware of the horrors faced by many Americans during the two-year coronavirus outbreak.
Keep in mind that Congress had previously granted three much-needed stimulus cheques to most qualified individuals: a $1,200 check in April 2020, a $600 check in December, and the $1,400 payments approved under President Joe Biden’s American Rescue Plan last spring.
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However, both the White House and Congress have remained mainly silent on the potential of more stimulus checks in recent months.
They now appear to be more focused on enacting some version of the Build Back Better legislation. That law might extend the expanded child tax credit, which is considered as an unofficial equivalent of a recurring fourth stimulus check in some circles.