US financial news summary | 23 June
Finance news: Latest Updates
Headlines | Friday, 23 June 2023
- Fed Chair Jerome Powell testifies before Congress
- Initial unemployment claims remained steady at 262,000 last week
- Retail sales unexpectedly rise 0.3% in May
- Federal Reserve held rates steady in June, but signaled two more rate hikes in 2023
- The Consumer Price Index tracks a 0.1 percent increase in prices in May
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Each month, the Social Security Administration sends monthly benefits to retired workers. In addition, the SSA is responsible for remitting Supplemental Security Income program payments, as well as disability and survivor benefits.
The SSA continues to send monthly payments for June. Here’s who will receive up to $914 by the end of this month.
Starbucks employees to stage strike over Pride decor dispute
More than 3,000 workers at over 150 Starbucks stores in the US will walk off the job over the next week, the union representing the coffee chain's baristas said on Friday, following claims the company had banned Pride Month decorations at some of its cafes.
The strikes are also aimed at pushing the company to reach fair labor contracts for improved pay and benefits, the Starbucks Workers United union added. The company is yet to reach any collective bargaining agreements at its newly unionized cafes.
Prior to the debt ceiling deal, work requirements were already in place to avail of SNAP benefits. The rules require most able-bodied adults from the ages of 18 to 49 to work and earn wages equivalent to 30 hours per week, look for a job, or sign up for a SNAP employment training program for a minimum of 80 hours a month.
SNAP recipients have encountered problems with the program in the past. Complaints range from issues related to eligibility determinations, to benefit calculations, program administration, discrimination, benefits trafficking, fraud, and other matters that require attention or resolution.
If you have a complaint or want to report an issue related to SNAP, here are the steps you can take.
Maximum SNAP benefits on Hawaii and Alaska
For recipients living in Alaska, the maximum is $1,172 for urban families of four, $1,494 for rural zone 1, and $1,819 for recipients living in Alaska rural zone 2.
In Hawaii, the maximum is $1,794 for a family of four.
Breakdown of SNAP benefits for 2023
To be eligible for SNAP benefits you must meet certain criteria, such as having a household income below a certain threshold, being a US citizen or legal immigrant, and meeting other program requirements.
These are the maximum amounts awarded in the 48 contiguous United States, including the District of Columbia, depending on the number of family members:
- one member: $281
- two members: $516
- three members: $740
- four members: $939
- five members: $1,116
- six members: $1,339
- seven members: $1,480
- eight members: $1,691
- any further additional member: +$211
To be eligible for SNAP benefits you must meet certain criteria, such as having a household income below a certain threshold, being a US citizen or legal immigrant, and meeting other program requirements. The amount of SNAP benefits you receive is based on your income and household size.
These are the maximum amounts awarded in the 48 contiguous United States, including the District of Columbia, depending on the number of family members...
There are over 68 million Americans that receive Social Security payments every month, the vast majority, 51 million, are receiving retirement benefits. The amount that each recipient receives is specific to them and is based on a number of factors, including the age when the recipient begins to claim benefits and earnings history.
How are Social Security payments calculated?
The SSA bases the Social Security entitlement on data gathered throughout your working life which is formed into an earnings record. This information is than used, with a three-part process, to calculate the size of payments.
Formerly known as the Food Stamp Program, SNAP plays a significant role in combating hunger and improving nutrition for vulnerable populations.
Eligibility for SNAP benefits is primarily based on income and household size. Generally, households with gross incomes at or below 130% of the federal poverty level (FPL) qualify for assistance.
Simply put, recertification is a simplified process to renew SNAP benefits similar to how beneficiaries applied for the program in the first place. Recertification is required periodically to make sure that you are still eligible for SNAP benefits.
Any changes to your situation, be it family or financial, must be reported to the agency that is providing your SNAP benefits. The amount of time you have to inform the state agency of any change varies, but generally you are given a maximum of 10 days from the change or within 10 days after the end of the month in which the changes happened. Failure to report the change could result in loss of assistance, being banned from using the program even large fines or prison.
US credit card debt
Credit cards are widely used in the US for daily expenses, online shopping, and convenience. The ease of obtaining and using credit cards contributes to their popularity. A major problem with them is the culture of consumerism and a desire for instant gratification, leading many individuals to rely on credit cards for purchases beyond their immediate financial means.
Failing to pay your credit card debt can have serious implications. Late payment fees and increased interest rates are common penalties, making your debt more expensive. Your credit score will be negatively impacted, affecting your ability to obtain credit in the future.
These issues pale in comparison to the ultimate consequence of financial ruin.