Stimulus Update: The Average Household Should Get a $8,581 Check in 2022 -- But Will It Happen?

Inflation spurred by the pandemic has prompted a need for big checks.

Stimulus checks were deposited into people's bank accounts over the past several years in order to help shield families from the devastating effects of the COVID-19 pandemic. But the consequences of the virus have not ended.

Millions of Americans will spend thousands of dollars in extra money this year in part due to the after-effects of the COVID-19 lockdowns. And many are hoping the federal government will take action to help people defray these big expenses with another stimulus payment. The big question is, will that happen?

Households need a check of $8,581 to break even

Unfortunately, surging inflation is one of the lingering consequences of the COVID-19 pandemic. While there are many contributing factors causing inflation to be at a 40-year high, pandemic-related supply chain disruptions and the increased demand for goods and services following an extended lockdown are two of the leading reasons why prices have gone up so much this year.

The United States Congress Joint Economic Committee recently released a report in August showing just how much prices have risen for the typical household, and the numbers are not good. According to their data, even if prices stopped going up for the rest of the year, the inflation that has already happened means that the average American household will pay out an extra $8,581 in the coming 12 months.

This is a huge sum of money, and it is money most people cannot afford -- especially if their jobs were disrupted due to the pandemic and resulting lockdowns.

With Americans out so much cash, many believe the federal government should step up to provide checks that would cover these losses. If Washington lawmakers acted and wanted to make Americans whole, they would need to send out $8,581 checks -- or even higher payments if prices continue going up instead of remaining stagnant through the remainder of 2022.

Will lawmakers act?

Although it is undoubtedly clear that such a huge price increase is going to be hard for many people to absorb, it is not likely that $8,581 checks are going to come from the federal government anytime soon.

Past stimulus relief packages have provided thousands for families, but there is no consensus at this point among lawmakers that any more money should be distributed, much less such a large sum. And with the election coming up in November, there is limited time for any additional legislation to pass before control of Congress potentially shifts.

The good news is, many states recognize that inflation has been detrimental and they are sending out money to help residents cope. While the payments being sent are smaller than the $8,581 people need, at least those in states that are offering aid will get some support to cover the huge extra expenses inflation is causing families to incur.