(AmericanProsperity.com) – The holiday season is just around the corner, with Thanksgiving quickly approaching. Unfortunately, far too many cash-strapped Americans won’t enjoy the same level of celebration this year. They can’t afford to shell out so much money on food. As a result, citizens have taken to Twitter to point out that another $2000 stimulus check would make it much easier to survive.
Inflation Hits American Wallets
Inflation occurs when the cost of essential goods, such as food, gas, housing, and water, rise. As a result, it is much more expensive to buy certain products than in 2015. For example, Americans paid around $3.32 for a gallon of milk in 2020; today, that same container costs $3.69. That translates into a 1.5% increase in price.
Usually, inflation prices remain at around 2 to 3% per calendar year. But, this year, they’ve spiked to a staggering 6.2%. This rise is squeezing cold, hard cash out of the wallets of everyday Americans.
Inflation is hitting lower and middle-class citizens particularly hard. In some cases, the cash shortage has left them almost unable to consider stocking up on special holiday items, such as turkeys or hams. In fact, the average cost of Thanksgiving dinner is up 14% since 2020. That’s tacking on an extra $6.50 to the meal.
The US will likely consume about 46 million turkeys this Thanksgiving. But, since it will cost extra to get those birds on the table at a time when supply chains continue to struggle and fuel prices are at an all-time high, some people will undoubtedly have to opt-out. Others face such intense poverty they’re forced to rely on charity or local food banks.
The shipping crisis is especially notable because it directly affects the price of consumer products and how many of those products are available at any given time. So, even if a family can afford to buy the items for Thanksgiving dinner, they may find many grocery store shelves empty anyway. The lower availability, the more significant the demand — and the higher prices will rise to compensate.
In other words, you may be able to buy an overpriced turkey but be forced to forget about cranberry sauce simply because it isn’t available.
Child Tax Credit Will Provide a Much-Needed Boost For Some
Some Americans will benefit from upcoming Child Tax Credit Payments (CTC). Anyone with a dependent child aged six through 17 (as of December 31) will receive $250 sometime this month. That payment will recur every 30 days until parents receive a maximum of $1,500, or approximately six months.
Parents with older children might qualify for the CTC if a dependent child lives at home but will receive a smaller total payment of $500. Older young adult dependents may also be eligible if they’re enrolled in a post-secondary institution full-time.
It’s important to note that the fund only covers parents, not single Americans, young families, or seniors. Add to that increased costs for housing, hydro, and heat, and it’s easy to see why people are calling for yet another stimulus check on Twitter.
Prices are high, shelves are scarce, and dinner simply isn’t making it to the table for various reasons. That’s forcing many Americans to choose between celebrating holidays with loved ones and keeping the lights on. The US Census Bureau estimates that about 33% of families in America now struggle to keep up with everyday household expenses.
So what is the correct course of action? Should the Biden administration appease struggling families by sending out more stimulus checks? It’s a demonstrated fact that repeatedly issuing “free” money often worsens inflation. Yet, Americans deserve help, especially when their hardships are beyond their control. Unfortunately, there are no easy answers in the ongoing search for a solution.
~ Here’s to Your Prosperity!
Copyright 2021, AmericanProsperity.com