KILLEEN, Texas (KWTX) — Lawmakers and advocates say the U.S. bailout is failing to save families who have struggled since the pandemic began, proposing that a recurring fourth stimulus package be put in place.
In central Texas, local realtor Jeremy Fay says two years into the pandemic, most of the families he’s helped find homes have barely stayed afloat on their stimulus package. Now, in the official absence of new stimulus checks, families are worried.
“The harsh reality is that there are many families who are still enduring hardship,” he said.
“A lot of them are FHA and VA buyers, they are local people in our community. These are our military service members that I try to work with all the time and try to help them qualify for housing. It’s difficult because housing costs continue to rise, costs at all levels are rising.
Lawmakers say the proposed recurring stimulus payment of $2,000 each month would last until the pandemic is over. However, Rob Tennant, an economics professor at Texas A&M Central Texas, says a fourth stimulus check is certainly possible, but recurring payments are not economically feasible.
“They will have more money to work with, which could potentially drive inflation even stronger and higher, as well as cause more shortages,” he said.
“So it can create a vicious cycle. That’s not to say that people’s suffering doesn’t matter; it just means that all aspects of it have to be considered.
Tennant adds that the Biden administration’s focus on infrastructure spending is already a spark for economic growth, betting that investing in roads, trains and other projects will help get people back to work. .
Although the likelihood of recurring stimulus payments remains low, Tennant says the best thing low-income families can do is get a better job.
“If you have a job that doesn’t pay very well, I recommend that you look for a job that pays better because it’s so hard to find employees right now, that if you’re a good worker and you’re in good health, the world is your oyster,” he said.
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