Mayor Tishaura Jones announced Thursday that 440 low-income households will receive a $500 stimulus check. The city already plans to send cash to struggling families due to the pandemic’s high inflation rates and economic problems.
Pending for Approval
The bill calls for the state to spend $5 million in funds from the federal pandemic stimulus package. They request that the federal government agree to send $500 monthly payments to approximately 440 families for the next year and a half.
The program has yet to be approved, but if it is, those with limited income who are either parents or guardians of children in public city schools would be qualified. There is currently no timetable for these payments, according to the marca.com report.
This proposal has been met with significant opposition; some officials who oppose the Mayor’s plan argue that numerous services already assist people, and some find this program illogical. Other officials also wonder if the program can sustain itself after the federal stimulus money is no longer coming in.
Inflation in St. Louis Missouri
The Consumer Price Index for All Urban Consumers (CPI-U) in the St. Louis area increased by 0.1 percent in the two months ending in October 2022, according to the U.S. According to the Bureau of Labor Statistics. The all-items index rose 0.9 percent, owing primarily to rising prices for owners’ equivalent rent of residences and leisure. Over the last two months, the food index increased by 2.0 percent, a source posted.
The average annual inflation rate in St. Louis is 2.47%, indicating significant inflation. For the first time in its history, the only absolute limit on what Missouri can buy with cash is the imagination of those who spend it.
The state treasury is overflowing with cash, thanks to 28 months of double-digit revenue growth and federal payments connected to COVID-19 assistance and recovery. If existing growth rates continue, general income in the current fiscal year could reach $15 billion.