Paying citizens directly through the IRS, as was done with the three stimulus checks during the COVID-19 pandemic, is the quickest and most effective approach to lessen the impact on inflation.
People across the United States of America are being forced to tighten their belts in the face of massive inflation.
Gas is one of the worst-affected commodities, and prices have risen significantly since the outbreak of the crisis in Ukraine and Russia, although numerous states across the country are attempting to mitigate the impact of inflation.
Families with lower to moderate earnings, particularly those earning less than 80% of the national average wage, may be eligible for these benefits. This technique was chosen in order to assist individuals who will be most affected by the price increases while also keeping the total cost of the campaign to a minimum, according to MARCA.
Many believe that this method, which may see roughly $1,100 paid out, will benefit lower-income families in the near term, and that future stimulus checks should be considered.
Should the federal government provide a new round of stimulus checks?
Unfortunately, the federal government has little resources to assist households in dealing with rising fuel prices and general inflation. The government may devise a new program to assist low-income households in paying for high fuel prices, hike interest rates to slow the economy, put pressure on OPEC nations to increase petroleum output, and identify measures to alleviate supply chain disruptions.
While all of these measures may be beneficial, it will take time for them to make their way through the economy and lower inflation. Families are in desperate need of assistance right now, as per CNN.
The quickest and most efficient approach to safeguard vulnerable individuals from the effects of global economic instability is to make a direct payment through the IRS, similar to the three stimulus checks that were given to families during the pandemic’s peak. When schools and child care services shuttered and employers laid-off workers, these stimulus checks supported low- and moderate-income families.
These payments, unlike the stimulus checks, should go directly to low- and moderate-income households, meaning those earning less than 80% of the national median income. The checks will reach those who are most in need while also keeping the overall cost of the program low.