After just 2 months without the child tax credit payments, people are already struggling with numerous issues. The advance child tax credit payments were canceled in December, which has raised some serious concerns in US families.
Parents struggling without the Credit Payments
An advocacy group called the ParentsTogether Action recently surveyed and found that more than 60% of parents are struggling without the Payment. Many families also claimed that they couldn’t afford good food after the payments were canceled. More than 22% of people claimed that they could not even meet the basic needs of their families.
Allison Johnson, The campaign director with ParentsTogether Action, recently said, These past two months have been a sort of perfect storm of factors coming together to make life even more difficult. The statement indicated that families are facing problems due to the cancellation of funds given to families with children.
The pandemic has added to the problems
Due to the pandemic, people were already struggling to get back to their lives. Many people even lost their jobs, and on the other hand, sending kids back to schools and maintaining a smooth lifestyle has not been easy. Due to the highest inflation ever seen in the last 40 years, the prices of daily need items have increased unexpectedly. All these things have added up to the pressure, and people are struggling hard to get their lives going.
CNBC recently reported that more than 8% of the families with children out there in the country have a salary lesser than $100,000. According to Johnson, All of these other factors have combined to make it just extremely hard for families to get by right now.
The monthly CTC was a good idea
The monthly Child Tax Credit was enhanced in Biden’s Administration. It was signed in March 2021. The tax was boosted to $3,000 from $2,000, and an extra of $600 was given to people with kids under the age of 6. The families used the checks to get essentials such as food, clothes, and rent; hence people were getting benefits from the payments to help their families.