Economic Impact Payments are definitively a thing of the past in the United States now that the country seems to be moving past the COVID-19 Pandemic, but some new hope could be on the horizon for another form of aid to citizens that will once again start giving some help as families struggle to keep up due to continually increasing prices from inflation and a supply chain crunch.

While President Joe Biden had initially hoped to extend the Expanded Child Tax Credits another year in his Build Back Better plan, the attempt was killed when the bill got stalled in the Senate, with Senator Joe Manchin (D-W. Va.) refusing to join his party and approve it. However, while payments totaling $300 per month for children up to the age of 6 and $250 per month for children ages 6-17 aren’t coming anytime soon again, the idea behind them isn’t dead completely, as Senator Mitt Romney (R-Utah) is now proposing a plan of his own which will resume monthly payments for families with children if passed.

His plan called the Family Security Act, would send payments of $350 per month to eligible families with children ages0 0-5, as well as $250 per month to those with children ages 6-17. It would also allow expecting parents to apply for the benefit as well and begin receiving it four months prior to their child’s due date. Families would be able to receive a maximum monthly payment of $1,250.

In an interview with Michael R. Strain, the Director of Economic Policy Studies at the American Enterprise Institute though, Romney revealed that there would be one big catch to the credit this time which would potentially exclude some American families, which is that at least one parent likely would need to work for the family to remain eligible.

The bill is still in its early stages, meaning that requirements, amounts of money and even ages of eligibility could all change before it even goes for a vote or could be passed in any regard. However, if it strikes a balance between more Progressive Democrats' wishes for some monthly aid to American families and being less expensive and more selective to fir with more Moderate and Conservative ideals, then Americans could benefit from the plan.

There is currently no framework on when Americans could expect to see the credit if the bill was passed.

The news of a potential new benefit comes as many continue to feel the pain of soaring prices due to inflation. However, there have been warnings that more stimulus aid won’t be arriving, especially after a study found that more money may have had a direct correlation to an increase in the number of opioid overdose deaths among Americans.

In addition, experts have also warned that inflation is also very high because of the stimulus checks as well, indicating that while Americans may feel they help, they actually play a role in later struggles.

RELATED STORIES