A chain of tweets released by President Joe Biden over the holiday season detailing what his administration had achieved for the average American. And one of those tweets directly related to a significant change that could add $200 stimulus checks to an average home budget.
His tweet explained why he thinks the typical American has achieved more money in their bank account this year.
Are There Remaining Stimulus Checks?
As gas prices have long hit American homes, prices have begun to fall dramatically in recent months. A price drop is not quite the same as an additional direct payment from the government to people’s accounts, but it could have an equivalent effect.
Falling gas prices and a general drop in inflation, which the president also announced in a tweet, could increase demand for goods and services as people feel less pain at the pump. It could boost the economy as a whole, leading to more jobs and prosperity.
The federal government did not issue economic impact payments (also known as stimulus checks) in 2022, some states have offered eligible residents to offset the impact of inflation and rising gas prices.
The government has taken it upon itself to provide financial relief. The relief checks will be issued in 17 states in 2022.
Read more: White House Taking Claim for Lower Gas Prices
Americans Urge For More Federal Aid
California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Massachusetts, New Jersey, New Mexico, New York, Pennsylvania, South Carolina, and Virginia.
Stimulus checks ranged from $50 to $1,050 for individuals, depending on the recipient’s state and income level.
The government’s stimulus package is so small that it is unlikely to spur inflation. The federal government spent trillions of dollars on numerous stimulus packages, ultimately giving most Americans more than $3,200.
But government stimulus is usually capped at $500 or less, with many focusing only on low-income taxpayers. These smaller, more targeted sums could actually help Americans deal with inflation without accelerating it.
Read more: Stimulus checks: Verify whether your state is still disbursing payments