People have long been calling for more stimulus checks, but these calls have grown louder in the last couple of months as inflation takes a toll on holiday preparations. Thus, millions of people are now demanding a surprise coronavirus stimulus check from President Biden.
Q3 2021 hedge fund letters, conferences and more
Surprise Coronavirus Stimulus Check: Is There A Need?
Inflation has hit a 31-year high, with prices in October rising by 6.2% compared to the same period last year. Several experts believe that this year’s Thanksgiving was the most expensive due to the record inflation.
As per the data from the Bureau of Labor Statistics, the price of a frozen turkey is 20% more than last year. Further, experts at the American Farm Bureau Federation say that a feast for 10 people with turkey and all the trimmings now costs $53.31, in comparison to $46.90 last November.
A KPMG survey found that three in four shoppers could change their grocery shopping behavior because of inflation.
Many experts, including President Biden, believe federal stimulus checks are a major reason for an increase in inflation. They argue that people now have more money and this is pushing the demand up more than the supply.
“The irony is people have more money now because of the first major piece of legislation I passed. You all got checks for $1,400,” Biden recently said during a speech in Baltimore.
Along with stimulus checks and the expanded child tax credit, Biden also cites supply chain disruptions as a valid reason for rising inflation.
“People are feeling it — they are feeling it,” Biden said, admitting a spike in inflation. “Did you ever think you’d be paying this much for a gallon of gas?”
People Demand Money For Christmas
Even though stimulus checks are contributing to inflation, people are demanding a surprise coronavirus stimulus check to overcome the impact of inflation.
“Mr. Joe America needs stimulus money. Your approval rating would go up instantly. The kids need this money for Christmas,” a Twitter user said. “We thank you for all you’ve done but it’s just not enough. So many families are struggling. Can’t keep up with inflation.”
Moreover, a Change.org petition, which calls for giving $2,000 regular stimulus checks, has been signed by almost 3 million people. Many of those who signed the petition say they are signing it in the hopes of getting extra money for Christmas.
"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 said. "Christmas is coming and I will not be blessed to purchase gifts for my family and friends."
Despite the calls for surprise stimulus checks, Biden is unlikely to send more money by Christmas. Still, some groups of people may get some stimulus money next month.
For instance, the IRS will send out the last installment of the expanded child tax credit before Christmas. Retired workers may also get Social Security checks of around $1,600 in the new year due to the new cost-of-living adjustment.
Updated on
