$300 monthly checks for Social Security, including retirement, disability, SSDI survivors, SSI, VA, RRB, low income, low-income seniors, elderly, and people with disabilities abilities. I have all the details and everything you need to know right here on this topic.
As I am your one and only daily advocate, and I’m very much dedicated to you and this community to do all the research and to break it all down into these short topics so that you can get the latest details. As this information is being released each and every day, there’s a lot going on right now. Things are changing rapidly, and I’m here for you right by your side to help you out in any way that I possibly can.
All right, So we’re going through a time right now where there are multiple different programs, as well as multiple different pieces of legislation that are floating around that are actually sending out monthly checks, otherwise known as monthly stimulus checks. There are guaranteed basic income programs, universal basic income programs.
There’s also talk about a one-time lump sum stimulus check, as well as tax rebates tax credits, as well as voucher programs, and a whole variety of other programs that are out there right now. There are a lot of different things going on. And like I said, my dedication is to do all the research on these and to break them down just to let you know what is going on. And so that all of us are on the same page as far as all of these different programs, pieces of legislation, money, benefits, and anything else we can possibly get our hands on right now during this very busy time. Well, as a result of that, like I said, there are so many things going on right now.
Stick with me through this. I know it’s kind of a lot of different moving parts here, but I’ll try to explain this in such a way that makes sense in the shortest amount of time that I can possibly make this topic. So let’s kind of talk through this. Now, here’s one thing that we recognize as far as all the reports and everything that’s actually been mentioned about these monthly check programs, otherwise known as guaranteed basic income, honestly, we can call it whatever we want, but essentially, it’s just an ongoing monthly check program. Here’s what we know about the reports and all the studies that have been done about these things over essentially the last two years, since these programs have started popping up in a big way across the entire country.
Here’s what we know. They work they work in a really good way. In fact, these programs are highly effective. They are very efficient. And essentially all they do is send out monthly checks to the low-income and fixed-income beneficiaries who are eligible for them in the areas that these are actually being administered.
Right. So we do know this much at the current moment. These programs are all across the country. There are close to 100 of these different programs all across the country right here, right now. In fact, one quick side note here.
There’s another one starting in Chicago in about a week. So if you’re in Chicago, $500 a month. But my point is these things continue to pop up on a regular basis.
They’re very important programs. They’re highly, highly effective. And essentially, they are no strings attached payments that send out money into the pockets of the low income and you can do whatever you want with it. It does not matter at all. That is the best of all the world.
Right. Ongoing checks. Anyway, I do want to talk about these programs in a little bit more detail here and what is actually going on, as well as what is being mentioned out as far as lawmakers go and some of the programs that are out there in the wings right here, right now and some of these programs that could translate into hundreds of dollars into the pockets of lower-income and fixed income beneficiaries on an ongoing basis. So let me tell you this much. First off, just the other day, there was a report that came out and said that the average household right now is paying an extra $327 per month just on the same old things that we’ve been buying over the last couple of years here, just because of inflation.
So as a result of that, the average household an extra $327 every single month just because of this inflation. That’s not fair, right? Well, yeah, that’s just one report that came out. There are multiple different reports that come out on a regular basis. But that’s one of them out there right now.
Now, at the same time, I want to throw this out there. I know that sometimes when I mention this, I see the comments down below saying, we don’t care. We don’t get that program. But just hear me out for a second, because here’s the deal. This program is a good reference point.
This is one that Congress has come up behind, and this is one that Congress has shown their support for previously. This is a program that Congress has previously approved, and this one also sends out monthly checks. But here’s the deal. They’re currently talking about reinstating this program once again. And there may actually be some different aspects to this actual bill and piece of legislation.
So hear me out just for a second, even though I know that a lot of you in this community may not actually qualify for this program. But the deal is I’m using it as an example, and they may actually be extending this thing. So let me just explain the details on this. This is the child tax credit payments. And again, I know some of you think seriously, we’re talking about this again.
But the point is hear me out because this is a great example. Last year, in 2021, we know that the second half starting in July of 2021, they started sending out anywhere between $250 and $300 per month for about 36 to 38 million families, a million households going out every single month. The average household got a little over $400 per month for six months. And then now this year, they can claim the other lump-sum payment of that, which is $1,500 or $1,800 per child. So we could be talking thousands and thousands of dollars for these families that have multiple kids.
It’s a lot of money. Right. Well, here’s the deal. Right now. Right here, right now, there are people in Congress, lawmakers that are out there right now across both parties, Republicans and Democrats, that are currently talking about reinstating the advanced child tax credit payments.
Now, these payments would actually be advanced and they would be actually a little bit larger, $250 to $350 per month, depending on the age of the child. But here’s the thing. There’s also been talk about adult tax credit payments as well, and possibly even the option for advanced payments. What that simply means is ongoing monthly checks. Yeah, right.
Let me lay this out for you a little bit more clearly so we can understand what this actually means. Last year, in 2021, the roughly 400 plus dollars that was going out on a monthly basis for all of these 36 to 38 million families, it actually equated to over $16 billion that went out on a monthly basis. But check this out. As of right now, there are about 70 million beneficiaries who receive the monthly benefits that I mentioned at the beginning of the video. Social Security retirement, SSDI survivors, SSI, all of these benefits.
There are about 70 million beneficiaries. Well, check this out. Of about those 70 million beneficiaries, about half of them about 35 million of them don’t really need ongoing monthly checks because their monthly benefit is substantially higher than the averages. Right, $2000, $3,000 over $3,000 a month from their monthly benefit.
And this encompasses a portion of their retirement income or their monthly income. Most of these people who have higher benefits also have other income sources, maybe from a pension, maybe from annuities, maybe from investments, maybe from real estate, anything like this. These people have other sources of income. Therefore, do they need an ongoing monthly check of $300? No Would they like it? Probably. Everybody wants more money on an ongoing monthly basis. Right, But do they need it?
The answer is no, they don’t need it, but rather they probably want it. But the deal is we don’t always get what we want. Right, I think all of us recognize that that’s not really how the world works all the time. Right, We want a lot of different things, but it’s not really how that actually works. But here’s the thing. About 35 million of these individuals living on those fixed income benefits are actually living at or around or even below the poverty line. Therefore, of about the 70 million beneficiaries who actually are getting monthly benefits right now, only about 35 million of them would actually need ongoing monthly checks. Well, here’s the deal.
As we talked about this talk right now about reinstating the child tax credit payments and potentially even adult tax credit payments around $300 a month. Here’s what it comes out to check this out, 35 million beneficiaries at $300 per month would actually calculate out to $10.5 billion per month. That’s not that much considering last year, the second half of last year, they were considering or not considering, they were actually sending out about $16 billion per month. So effectively, we could look at this and say, look, you’re saving $5.5 billion on a monthly basis by sending it out to all of these fixed-income beneficiaries. Right, So rather than looking at it from the standpoint of your spending, we could look at it and try to sell it to Congress and say you’re saving 5.5 billion. Right. Congress likes to save in some instances, whereas they love to spend in other instances. Right, So anyway, it kind of depends on who you’re talking to in Congress.
But anyway, here’s the deal. It would cost about two thirds of the price that it would cost to send out those monthly checks to all of the 36 to 38 million families as a result of the child tax credit payments. So my point is to send out a $300 ongoing monthly check for about 35 million fixed income and low income beneficiaries that I’ve been mentioning throughout this video would cost about $10.5 billion on a monthly basis, whereas to reinstate the child tax credit payments would actually spend about $16 billion on an ongoing monthly basis.
Therefore, sending out the money to the fixed income beneficiaries would cost about two thirds of what it would cost to send out the same checks to even more families as a result of the child tax credit payments. Kind of get what I’m saying here. It all kind of makes sense now, right? Yeah, exactly. So yet again, another proposal yet again, another program out there talking about sending out monthly checks on an ongoing monthly basis.
Now, there are different people in lawmakers that are actually talking about reinstating these monthly child tax credit payments. And we know that these monthly ongoing checks as a result of guaranteed basic income, monthly stimulus checks or whatever we want to call them, honestly, it doesn’t really matter. It’s all essentially the exact same thing. It all comes down to the same effect. No strings attached payments lift people out of poverty.
And as a result of these checks stopping as of the beginning of 2022, there’s about 4 million people that have fallen back into poverty as a result of ongoing monthly checks not being actually implemented. Kind of makes sense here. So as we look at all the numbers and we shake all of this out, it would actually make more sense to send out monthly ongoing checks to the fixed income and low income beneficiaries of all those benefits. I’ve been mentioning throughout this video on an ongoing monthly basis between now through the rest of the year. Between now through the rest of the year, if they reinstated these or if they actually started sending these out immediately, It would cost about $85 billion.
Whereas last year, as a result of the child tax credit payments, they sent out over $120,000,000,000, they sent out. And that’s not even to mention the lump sum payments that can be claimed this year. Right. It’s a lot of money anyway. It would cost a fraction of the amount of money that it would actually send out as a result of those ongoing child tax credit payments.
Can you get what I’m saying here? Yeah, it all kind of makes sense now, right. So anyway, we’re sitting in a time right now. There’s a lot going on. There’s a lot of moving parts.
There’s a lot of different programs, guaranteed basic income programs, but essentially just like everything, it’s basically all up in the air and in the hands of Congress right now. So hopefully they’ll do the right thing here and again. We’ll continue doing everything we possibly can to get out to Congress to remind them and of course, to encourage them to do something like this in the form of a monthly check program going forward, Especially for those individuals who may not be qualified or who may not actually get the advanced child tax credit payments. Right, That’s why we’re talking about an adult tax credit payment, which may actually have an advanced feature on that, which means monthly checks on an ongoing basis.
Anyway, yeah, kind of a lot of moving parts. Like I said at the beginning of the video, I said stick with me. There’s a lot of moving parts here and hopefully all this makes sense. Anyway, I can always come back and talk through this a little bit more in greater detail if you need me to. Otherwise, please leave your comments or questions or feedback down below.
I’m very much dedicated to being here to help you out and to shake it all out and to make sure that everybody is on the same page here and ultimately do whatever we possibly can to get some extra money, benefits and checks going forward.
Please enjoy your day and I’ll catch you guys.
Also, Read this – Fourth Stimulus Check Update for the Low Income