Although the COVID-19 pandemic started in early 2020, the aftermath of the virus and the rise in post-pandemic inflation are still affecting Americans. The government began sending stimulus payments of up to $1,200 to eligible taxpaying adults in April 2020, followed by a second round of up to $600 between December 2020 and January 2021. Almost immediately after the second round of stimulus checks, President Biden stepped into office and launched its American Rescue Plan that provided eligible taxpayers with a check for up to $1,400.
While discussions of a fourth stimulus measure have died down in the halls of Congress, Americans continue to push for another round of relief.
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According to a recent survey conducted by GOBankingRates, 62% of Americans are in favor of more stimulus or inflation controls in 2023. In light of this data, let’s see which states are likely to offer stimulus checks in the coming year and how much relief they could offer.
Survey: Most Americans want stimulus or inflation controls in 2023
According to the GOBankingRates survey, 62 percent of Americans are hoping for government financial assistance in the new year.
While the majority of the population is in favor of this relief, 16% of respondents remain undecided on the subject and 22% are not in favor of more stimulus or inflation controls. Looking at the age breakdown, adults under 54 are more in favor of government relief checks than older Americans. Sixty percent of 18 to 24 year olds responded for, as did 69% of 25 to 34 year olds, 70% of 35 to 44 year olds and 69% of 45 to 54 year olds. oldies.
Conversely, Americans over the age of 54 are less in favor of exemption checks. Nearly a third of 55-64 year olds responded that they didn’t want more incentives, and 40% of adults over 65 responded in kind. Seniors are also the most undecided age group on this topic, as 22% of Americans age 65 and older are not sure how they feel about more incentives.
With the majority of Americans favoring some financial aid heading into the New Year, let’s take a look at federal and state aid patterns in 2022 and the likelihood of Americans receiving aid checks in 2023.
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19 states will have sent inflation checks by 2022
Higher-than-average inflation this year has left many Americans cutting back on their spending or leaving them financially insecure. While the federal government has not issued any aid checks in 2022, many states have taken it upon themselves to provide residents with some financial assistance.
Currently, 19 states have passed legislation to provide tax refunds to their residents before the end of 2022. These payments range from $50 (Illinois) to $3,200 (Alaska) for eligible recipients and vary by state. The states that give discounts to their residents are Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Massachusetts, Minnesota, New Jersey, New Mexico, Oregon, Rhode Island, South Carolina, and Virginia , according to Forbes.
What are the chances of states sending aid in 2023?
While there is always the possibility that states will send aid in 2023, the economic climate in the US will make many disinclined to continue providing aid. There are fears that another round of stimulus could fuel inflation and slow the economy.
That said, the chances of states offering some relief are not impossible. Some states are even required to distribute excess funds to residents instead of reinvesting them back into the economy. While it’s too early to tell if states will have excess funds next year, residents of the states where this requirement is in effect may be able to enjoy some financial relief in the new year.
If states do 2023 stimulus checks, be smart about how you spend it
While there’s been no official confirmation that states will be conducting any exemption checks in the new year, it’s best to come prepared with the smartest steps you can take in case you get a financial boost in the coming months.
“Americans need to be very wise in how they choose to spend the financial aid they receive from their government,” said Jake Hill, CEO of DebtHammer. “I think the best way to spend stimulus checks is to pay off debt or set it aside for future savings opportunities. Contribute to an i-bond, or set aside money for your children’s future education. There are plenty of clever ways to spend your stimulus checks, but the key is not to spend it frivolously.
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Methodology: GOBankingRates surveyed 1,028 Americans ages 18 and older from around the country between Nov. 14 and Nov. December 18, 2022, with 20 different questions: (1) What best describes the impact of Biden’s student loan forgiveness plan on you?; (2) How do you think student loan forgiveness will affect the economy in 2023?; (3) Describe your work situation in 2022; (4) Which best describes your work situation?; (5) What would your work situation look like in 2023?; (6) Were you looking for more value in your job in 2022?; (7) Do you plan to make major changes in your job in 2023?; (8) Which of the following economic factors had the most impact on your finances in 2022?; (9) What would you most like to have happened in 2023?; (10) Are you in favor of more stimulus or inflation controls in 2023?; (11) If you had a major financial emergency in 2022, how did you pay for it? (12) How did your stock fare in the 2022 bear market? (13) Have you postponed a major purchase in 2022 due to the strained economy?; (14) What best describes the impact the Fed rate hike has had on you?; (15) What best describes your main financial goal for 2023?; (16) Do you plan to reach any of these major milestones in 2023? (select all that apply); (17) What is your main financial stressor heading into the new year? (18) If you are a small business owner, what was your biggest financial challenge in 2022? (19) What are your thoughts on the Social Security Cost of Living (COLA) adjustment of 8.7% for 2023?; and (20) How did social media most impact your finances in 2022. GOBankingRates used PureSpectrum’s survey platform to run the poll.
This article originally appeared on GOBankingRates.com: Large Majority of Americans Want More Stimulus Checks in 2023 – What Are the Chances of Getting One?