Inflation relief checks by state live online, summary Saturday 27 November 2022
Inflation relief in the US: latest updates
Headlines: Sunday 27 November 2022
- We took a look at the drivers of inflation, not only in the US but around the world
- Student loan borrowerswill get a few more months of relief as Supreme Court evaluates the constitutionality of the White House's forgiveness program.
- US stores prepare for Cyber Monday 2022
- What are the origins of Cyber Monday?
- Unemployment rose in 24 US states in October
- California continues to send Middle-Class Tax Refunds to households across the state
FTX collapse: what to know
- Collapse of major exchange FTX continues to roil cryptocurrency markets
- Lawsuit filed against FTX founder and several celebrity promoters, including NFL star Tom Brady
Take a look at some of AS USA's latest related articles:
Another year is drawing to a close, and with it comes new changes to Social Security benefits, among them an 8.7 percent cost of living adjustment (COLA) that will be applied to benefits starting in January.
Under federal law, the Social Security Administration (SSA) must increase the monthly payments sent to retirees, those with disabilities, and their families, with the objective of equalizing the benefits with the current rate of inflation. In this way, purchasing losses are avoided for beneficiaries when inflation is high. This equalization is known as COLA. And, while the COLA does help keep the purchasing power of these recipients up, compared to where they would be without it, the Senior Citizens League says it’s not enough.
Read our full coverage for more information on when the increased benefits will hit accounts.
President Biden provides an update on student debt relief
After a DC court sided with loan servicers over the legality of the Biden administration's plan to forgive up to $20,000 in debt, the case is headed to the Supreme Court.
While the White House has said that the extension to the student loan moratorium enacted in August would be the last, another has been approved through 30 June. This extension was allowed because it helps to avoid confusion for borrowers who could have all or some of their debt forgiven if the Supreme Court upholds the constitutionality of the program. If the program is allowed to be enacted, it ensures that the Departmetn of Education does not need to process millions of refunds for payments made between January and whenever the court releases its opinion.
All major supply chains in the United States are dependent on truck drivers. These essential workers are responsible for ensuring grocery stores are stocked, drivers are able to pump gas, and retailers have goods to sell.
In the United States, seventy percent of freight is delivered by truck, so without these workers, supply chains would fall apart, particularly during the holiday season when shoppers begin to buy gifts online and in person.
In 2021, around 1.9 million truck drivers with an average salary of $49,887.96 worked to transport $671 billion of merchandise.
Read our full coverage for details on how wages and salaries differ from state to state.
A person shops in the beverage aisle at a grocery store in Toronto, Ontario, Canada November 22, 2022. REUTERS/Carlos Osorio / CARLOS OSORIO / REUTERS
What are the main causes of inflation in the US?
Inflation is decreasing, but consumer prices remain almost eight percent higher than they were a year ago. For many families, this news is troubling as the holiday season approaches, and many evaluate their travel and gift-buying plans in the coming weeks.
The current inflationary crisis is not only being felt in the United States.
Germany has seen prices rise 10.4 percent since October 2021, and consumers in Argentina are trying to keep up with historic inflation that is expected to clock in 73.5 percent higher in January 2023 compared to the same period this year.
Around the world, the supply chain breakdowns caused by the covid-19 pandemic, the energy crisis caused by the Russian invasion of Ukraine, and corporate greed are leading to higher prices across critical markets, including food and shelter.
Read our full coverage for the details and what actions are being taken to reduce inflationary pressure across markets.
How does US inflation stack up?
The rate of 7.7% in October is still the highest figure since 1982, prior to this year.
Among the G20, the US sits around the middle of the pack.
China 2.1%
Saudi Arabia 3.0%
Switzerland 3.0%
Japan 3.7%
South Korea 5.7%
Indonesia 5.7%
France 6.2%
Brazil 6.5%
Singapore 6.7%
India 6.8%
Canada 6.9%
Australia 7.3%
Spain 7.3%
South Africa 7.6%
United States 7.7%
Mexico 8.4%
Germany 10.4%
United Kingdom 11.1%
Italy 11.8%
Russia 12.6%
Netherlands 14.3%
Turkey 85.51%
Argentina 88%
Both Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) can be collected by the same person. For claimants, there are no rules in place to prevent them from receiving both parts of benefit support. However, receiving both payments could take you over the income threshold for SSI payments as SSDI payments are included in counting towards the eligibility for the former.
Federal minimum wage woefully low for majority of Americans
According to MIT’s Living Wage Calculations the living wage in the US is $24.16 per hour before taxes for a family of four. That estimate is nearly $3 per hour higher than the year before. While the cost of living varies from state to state and urban versus rural areas, generally the places that have the highest minimum wage also have the highest cost of living.
A study released by Oxfam America found that 52 million Americans were earning less than $15 per hour.
With prices getting ever higher, despite recent drops in speed, people will be asking bosses for more money so inflation doesn’t swallow their wallet. Living is expensive and although there are laws for minimum amounts jobs can pay workers, the amount is so low that it is not at all liveable for any person.
In fact, the current minimum wage has not changed since July 2009.
Currently, the US federal minimum wage is $7.25 per hour, meaning that a person earning this wage who worked 40 per week every week of the year, would bring home $15,080 annually. That is less than half the US median annual average and slightly above the US poverty threshold at $13,590 for an individual.
All major supply chains in the United States are dependent on truck drivers. These essential workers are responsible for ensuring grocery stores are stocked, drivers are able to pump gas, and retailers have goods to sell.
In the United States, seventy percent of freight is delivered by truck, so without these workers, supply chains would fall apart, particularly during the holiday season when shoppers begin to buy gifts online and in person.
In 2021, around 1.9 million truck drivers with an average salary of $49,887.96 worked to transport $671 billion of merchandise.
California's Middle Class Tax Refund payment schedule
The California Franchise Tax Board has sent payments for the Middle Class Tax Refund to over 17 million people in the Golden State, with the inflation relief checks ranging from $200 to $1,050.
They're sent as either a direct deposit or debit card - and while the final direct-deposit payments were scheduled to go out on 14 November, the mailing of debit cards is following a separate schedule.
These payments will continue until January 2023.
AS USA's Greg Heilman has the full lowdown on the Middle Class Tax Refund payment schedule.
(Photo: Tayfun Coskun/Anadolu Agency via Getty Images)
Also on the subject of Cyber Monday, AS USA's Oli Povey and Will Gittins look into the origins of the shopping day.
And my colleague Reem Abdalazem takes a look at the question: which day has the better deals, Black Friday or Cyber Monday?
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Cyber Monday is coming tomorrow - and we've prepared a preview of the shopping day, which stands alongside Black Friday as one of the two biggest days of the year for consumers in the States.
Good morning and welcome to AS USA's daily live blog for Sunday 27 November 2022, bringing you the latest financial news from the US and information on inflation relief measures in the country.