FAfter two years of confinement, it is not surprising to see the world in the midst of a cost of living crisis. The two main contributors to this are supply chain shortages caused by COVID-imposed lockdowns and sanctions on Russian oil imports.
This has meant that Americans across the United States now pay more for everything from groceries to rent to utilities. With winter fast approaching, the worst may be yet to come with many Americans, especially those from low-income households struggling to make ends meet.
Fortunately, there are several social protection schemes in place to help ease the financial burden for those most at risk.
In total, there are six major welfare programs that US residents can take advantage of during difficult times. These are Housing Assistance, Medicaid, Supplemental Nutrition Assistance Programs (SNAP), Supplemental Security Income and Temporary Assistance for Needy Families (TANF) and lastly the Income Tax Credit. earned income.
The value of each benefit varies by state and your personal circumstances, although a rough average estimate can be derived based on the data recorded by those claiming these benefits.
So how much are each of these benefits worth?
Housing assistance
The two main initiatives of this program are the housing choice vouchers, which are designed to help low-income residents find housing in the private sector and the public housing program.
In 2019, the average cost of renting a home with utilities included was $1,100 per month.
Medical help
A program designed to help eligible low-income residents obtain both federally and state-funded health coverage, the average amount spent per American in the United States in 2019 was estimated at $8,436.
Supplemental Nutrition Assistance Programs (SNAP)
Replacing food stamps, SNAP helps low-income and eligible residents get food. SNAP is estimated to pay an average of $243.42 to a single person and $460.64 to each household.
Supplemental Security Income (SSI)
SSI is a program that helps American adults cover basic expenses such as food and housing. Unlike Social Security, SSI is a needs-based federal assistance program that does not require a worker to contribute.
The average monthly SSI payment was $617 in 2021.
Temporary Assistance for Needy Families (TANF)
TANF is a federal program where the center issues a certain amount of funds to the state. While various factors go into the final payment, TANF payments are estimated to hit $418 per month for a single parent with two children.
Earned Income Tax Credit (EITC)
EITC helps low-income families economically by providing tax credits. On average, the tax rebate claimed in 2021 was $2,411.