Economics
Inflation Is Eroding the Power of Basic Income Checks in America
- Cook County, Illinois is latest to experiment with payments
- US inflation surged to a 40-year high earlier this year
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America’s biggest basic-income program is taking a whack from inflation.
A group of low-income residents of Cook County, Illinois is getting their first $500 checks this week from the $42 million two-year program, which organizers say is the largest-ever such initiative in the US. The idea is to give families a government-funded guaranteed payment every month to help pay for the basics like food, shelter and other living expenses.