Inflation relief checks: California, Florida... | Middle-class tax refund, payments... | Summary news 21 November
Inflation relief: live updates
Headlines: Monday 21 November 2022
- 24 states saw increases in their unemployment rate in October
- 30-year fixed mortgage rates see biggest drop in almost 40 years
- Estimated $183 bn wiped off crypto markets after FTX collapse
- Class action lawsuit filed against FTX founder and numerous celebrity promoters, including Tom Brady
- Mass resignations at Twitter, Elon Musk closes offices to workers
- St Louis court issues another block on Student Loan Forgiveness
- White House considers extending the student loan moratorium
Browse our latest articles:
Approval letters sent to Student Loan Forgiveness claimants
There's good news and bad news for student loan borrowers hoping to receive financial relief. The Department of Education has began sending out letters to claimants confirming that they are eligible for the support, which is worth up to $20,000 per person.
However the letter also makes clear that the legal challenges to the program will cause delays and the White House is currently unable to action any of the $1.6 billion set aside for the initiative.
During the pandemic a variety of economic factors conspired to push house prices in the US to historic levels. As interest rates fell rapidly it made mortgages more affordable, pushing prospective buyers to make a purchase quickly, while the low rates were available.
This has caused concern that there is a housing market bubble. But what does this mean, and should you be worried about it?
Wondering why you California inflation relief check still hasn't arrived? The Middle Class Tax Refund will be worth up to $1,050 per recipient and are on offer for millions of people across the state.
As such, the distribution process is a long one, with different groups getting their in a series of staggered payments. Check this breakdown of California inflation check distribution dates to find out when you'll get yours...
When will I receive Student Loan Forgiveness?
President Biden has been under pressure to introduce widespread student debt relief since he took office, but it wasn't until August that he was able to outline a solid plan. However before the program, known as Student Loan Forgiveness, has even gone live the plan has been thrown into disarray with by a series of legal challenges.
The Biden administration is currently unable to action any of the support due to an appeals court ruling. Here's what the White House has to say about the current situation...
Thanksgiving dinner staples that inflation has made more expensive in 2022
Nearly 70 percent of Americans will be adjusting their Thanksgiving spending due to rising prices according to a NielsenIQ survey. While the US Bureau of Labor Statistics (BLS) no longer does a survey on the cost of a typical Thanksgiving dinner, even their own officials had diffculty explaining the data to the public, most of the items are contemplated in their monthly Consumer Price Index.
This year eggs have seen the biggest year-on-year increase at 43 percent Turkey will be a bit more dear, almost 17 percent more expensive. This could be why 38 percent of Americans are considering buying a smaller gobbler this year.
Gas prices lower for Thanksgiving travels
The price of gasoline is still on average in the US about 20 cents above where is was this time last year Regular has dropped by just over 11 cents in the past week. That will be welcome news to the nearly 50 million people that will hit the road to visit friends and family of Thanksgiving.
The Fed is obviously deeply committed to being the first and foremost inflation fighter that's something President Biden has endorsed.
The key variables for them is inflation itself and to some extent the labor market and wage growth they're also watching very closely.
Tips on how to land you next job from Dave Carvajal
The US currently has almost two jobs available for every person that is unemployed. But even though there is a labor shortage, landing the job your looking for is not always cut and dry.
To help job seekers land an interview and nail it Dave Carvajal, builder of billion dollar businesses and author of "Hire Smart from the Start" has some advice.
Black Friday is a relatively recent invention but has quickly become an important date in the diary for people looking to get some incredible offers in the lead-up to Christmas.
Many outlets offer major discounts across their product ranges to encourage shopping during the holiday period. Many also use the event as an excuse to consider major purchases for electronics and appliances as they hit record-low prices.
Here's what you need to know about thebig sales day in 2022...
Interest rates for 30-year fixed rate mortgages plunge
The 30-year fix mortgage rates have been rising rapidly since the Federal Reserve moved to increase rates in an attempt to slow inflation. In the housing market, rate increases have lowered demand as mortgage payments are much higher now than they would have been a year ago. The higher interest is also aggravated by soaring home prices since the covid-19 pandemic upended life.
However, the lower than expected inflation numbers for October have reversed upward pressure on mortgage rates sending them plummeting. This week saw them drop by half a percentage point compared to last week to 6.61%, the largest drop in almost forty years.
Will inflation affect Thanksgiving travel plans?
Travel site hopper.com reports that airfares cost 22 percent more this year than in 2019, while the U.S. Travel Association claims that travellers are shifting their plans, travelling shorter distances, curtailing visits and lodging with friends or family instead of renting hotel rooms,
But, the AAA says that doesn't mean travelling isn't going to be busy. "The AAA predicts 54.6 million people will travel at least 50 miles to celebrate this Turkey Day season. It could be the third-busiest Thanksgiving travel period since AAA started tracking in 2000, but experts forecast that both car and air travel will remain just shy of pre-pandemic levels set in 2019."
Beware of scams linked to California Middle Class Tax Refund
The California Legislature approved a one-time direct payment to Golden Staters to help ease the economic hardship brought by rising prices. The Californian tax authority began sending reisdents payments up to $1,050 for the Middle Class Tax Refund in October but lack of knowledge about the financial assitance has opened the door to scammers.
The payments will either be sent via direct deposit or debit card on a payment schedule laid out by the California Franchise Tax Board.
The state of California is still in the process of distributing one-off payments worth up to $1,050 per person, to help residents deal with the crippling price rises recorded in 2022. Most of those receiving their payments now are doing so via a pre-paid debit card sent out by the state.
But how can you tell if you card are verfied? Here's what you need to look out for...
Each year the IRS issues a standard mileage rate, which is used by taxpayers who need to buy motor fuel for business reasons. The rate is used to calculate the deductible costs associated with operating an automobile for business.
Usually the reimbursement rate is fixed for a year but in 2022, with inflation running high and gasoline prices hitting record levels, the IRS opted to increase the rate.
The Biden Administration has requested that the Supreme Court lift a lower court’s ruling to block the distribution of billions of dollars in student debt relief. President Biden’s Student Loan Forgiveness program was put on hold after a challenge brought by six Republican-led states.
Over 2,000 Starbucks employees at 125 stores staged a mass, nationwide walk-out on Thursday in protest at the company's reluctance to strike a new labor deal with workers' unions. Starbucks Workers United said it wants to provide a safer work environment for its members and deal with other key issues such as understaffing and overworking.
Union requests include stopping harassment from managers, allowing employees to defend themselves against aggressive customers, letting workers pick up shifts at other non-union locations and formalizing employees' roles so that they cannot be asked to do additional work.
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