Will States Distribute Stimulus Packages in 2023?
Since the start of the year, inflation has been going up, which means Americans have had to make big cuts. Some people have stopped spending money on things to do for fun. Others have given up small luxuries like streaming services and coffee from the store.
Then there are those who didn’t have any savings to fall back on when their paychecks ran out and had to cut back on things like food and medicine.
The government hasn’t been able to stop inflation, which is a shame. The Federal Reserve thought that a series of aggressive increases in interest rates would help cool it down, but so far, its efforts haven’t worked.
This year, there has been no federal stimulus money, which makes things even worse. As part of the American Rescue Plan, which was passed by lawmakers in March, many people were able to get $1,400 checks to help them out last year.
In 2021, the Child Tax Credit also got a big boost. Not only did its maximum value go up, but it also became possible to get payments in monthly installments between July and December.
But this year, lawmakers have not approved any federal stimulus money. The main reason is that the job market is strong and the economy does not need it. In fact, it’s easy to say that another round of stimulus this year would have made inflation worse.
Even though the federal government hasn’t given out stimulus checks, a number of states have stepped up and helped people. The important question is whether or not this will still be done in 2023.
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Are Federal Stimulus Payments Ruled Out for 2023?
No. Many experts think there will be a recession in the new year. If that happens and unemployment goes up, Congress might give money to help the economy. They did it during the plague and other times when the economy was bad.
Nobody would want that. If these bad predictions about the economy come true, Americans may get another windfall from the federal government, their states, or both.
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