US financial news summary | 22 October 2023
US finance news: live updates
Headlines: Sunday 22 October 2023
- Housingsales fall to the lowest level in more than a decade
- Five biggest US banks expected to lay off 20,000 workers this year
- The different kinds of stocks explained
- Americans’ net worth increased by 37%during the pandemic
- SSI beneficiaries will see their first2024 COLA applied check in December
Check out some of our related news articles:
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Since the more valuable Child Tax Credit, included in the American Resuce Plan, expired in 2023, various states have moved to increase the value of their state-level credit to support families with children. One of these states is Minnesota, where a new Child Tax Credit worth up to $1,750 has been approved for the 2024 fiscal year.
According to a message put out by the office of Governor Tim Walz, the expanded credit is expected to cut child poverty in the state by one-third and will be received by “nearly 300,000 households, including 513,000 children.” These figures represent around ten percent of households and more than a third of households with children. The Governor called attention to the fact that outside the counties that make up the Minneapolis and St. Paul region, “with five Minnesota counties where at least 1 in 5 children are living in poverty and each of those counties located outside the seven-county metro.”
Read more on who is eligible and how to claim in our full coverage.
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The Medicare premiums and deductibles for parts A, B, C, and D for 2024 have been released by the Center for Medicare and Medicaid (CMM). Compared to last year, will only increase slightly. Read more in our full coverage.
The minimum wage in California, already double the federal minimum wage, is scheduled to increase for all workers next year. However, there are select groups of workers that will get an even bigger increase.
McDonald’s is the largest fast food restaurant chain in the United States and for that matter in the world, with a workforce of tens of thousands of people.
Salaries at the Golden Arches vary depending on several factors, such as experience, location, and department. However, the average hourly wage is slightly above the federal minimum of $7.25.
Here’s a look at the best and worst paying jobs.
Through the Choose Topeka program, this Kansas city is offering up to $15,000 to select individuals and families who opt to move there for economic opportunities.
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The covid-19 pandemic took a toll on the economy, and Americans were hit by record levels of inflation. Despite these developments, average net worth in the country surged by the inflation-adjusted figure of 37% in 2022 as compared to pre-pandemic numbers in 2019.
According to the Survey of Consumer Finances by the Federal Reserve, this is the biggest three-year rise since the Fed started conducting the triennial survey in 1989. The study measures income, net worth, debt, and home ownership, among other financial indicators. Read more.
Would-be homebuyers have watched mortgage rates climb up over the past two years, limiting what they can afford on their budgets.
The official IRS release for 2024 tax brackets is expected soon. However, a look at reported inflation this year provides insight at what they could be.
Medicare participants will have just over seven weeks to take advantage of open enrollment to sign up or change their coverage.
A tax credit that was enhanced in the Inflation Reduction Act is being made easier to access. The $7,500 electric vehicle tax credit used to only be accessed through tax returns but a major change means it can now be qualified upfront when the car is purchased.
This means the the full tax break can be qualified for even if they don’t owe federal taxes, making it basically a $7,500 discount on an electric vehicle.
Across the country, renters are facing an unsustainable situation. In September, the average rental price rose half a percent, leading to a year-over-year increase in prices of 7.4 percent, according to the Bureau of Labor Statistics (BLS). Incomes are not increasing at the same rate, leaving many tenants to spend more on their rent.
Not all cities have seen rental prices surge at the same rates. According to the Bureau of Labor Statistics, over the last year, the cities that have seen the highest increases in rent are...
The United States has various economic assistance programs for individuals with limited resources. Relief is distributed at the federal, state, county, and local levels, with residents in some areas eligible for far more assistance than others.
Harris County in Texas has allocated $20.5 million towards the Uplif program, which will allow for the sending of $500 checks on a monthly basis to a small group of beneficiaries. In total, over 18 months, those enrolled in the program will receive $9,000. The program was approved by the county in June of this year.
Read more on the program in our full coverage.
Social Security checks are not the only benefits that will be higher in 2024. Recipients of the SNAP food-stamps scheme, which is run by the US Department of Agriculture (USDA), are also getting a 3.2% cost-of-living adjustment.
Unlike the Social Security Administration, though, the USDA is implementing that increase right away.
When choosing what kind of plan they want, those eligible to participate in Medicare can purchase additional health insurance to get extra coverage.
Tax filing time is still a while away, thank goodness, but that doesn’t mean preparations are yet to begin. Indeed, the IRS has announced plans for a huge trial for a new federal income tax pilot that aims to finally make taxes free, easy, and accessible.
The “Direct File” pilot test will provide taxpayers with the choice to electronically file their federal tax return directly with the IRS for free. Taxpayers can choose to use it for tax year 2023 and it will be a mobile-friendly, interview-based service that works on all devices. It will be an option for hundreds of thousands of taxpayers in 13 states in 2024. Read more.
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The Social Security Administration has released the cost of living adjustment for 2024, which is calculated based on inflation so as not to affect the purchasing power of beneficiaries.
The COLA for next year will be 3.2%. This percentage will apply to the millions of payments the SSA sends each month, including retired worker benefits and disability payments.
The latter include Social Security Disability Insurance and payments from the Supplemental Security Income program.
The issue of student loan forgiveness continues to be a contentious one, with the debt relief efforts of President Joe Biden government’s being thwarted at every turn.
To help lessen the financial burden caused by expensive college education on students and their families, some universities have begun to implement no-loan policies. They have removed federal loans from the financial aid programs that they offer, and instead are providing alternatives such as scholarships and grants.
Here are some top universities which are trying to ease the financial burden of college students.
US finance news, live updates: welcome
Good morning and welcome to AS USA's daily live blog for Sunday 21 October 2023, bringing you the latest US financial news.
We’ll be looking at the major stories affecting Americans like the Social Security 2024 COLA increase that will boost benefits for the over 70 million recipients of monthly payments from the agency. Also changes to SNAP benefits and when they will be paid.
Likewise, how inflation is still being felt by consumers across the country and what the Federal Reserve's next steps will be. Additionally, the knock-on effects of those measures.