Guess what?
The State of California Gov. Gavin Newsom and Democratic legislative leaders is offering a rebate plan as ‘inflation relief'!
Who qualifies for the checks?
Under the tax rebate plan, Californians earning as much as $75,000 for individuals or $150,000 for joint filers would receive $350 per taxpayer, plus an additional $350 if they have at least one dependent. A single parent would therefore receive $700 and two-parent families would receive $1,050.
Of course I don't qualify. Come to think of it, I did not qualify for of the covid-related rebates (um... except the first one- a miniscule amount!)
Here is a simple explanation of inflation in 2022 and its effect on dollar value given by Ian Webster, an engineer and data expert based in San Mateo, California.
$1 in 2021 is equivalent in purchasing power to about $1.08 today. The dollar had an average inflation rate of 8.58% in the last 12 months. As a result, the real value of a dollar has been decreasing recently. Purchasing power decreased by 8.58% in 2022 compared to 2021. On average, you would have to spend 8.58% more money in 2022 than in 2021 for the same item.
This means that today's prices are 1.08 times higher than average prices since 2021, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 92.593% of what it could buy back then.
The inflation rate in 2021 was 4.70%. The current inflation rate compared to last year is now 8.58%. If this number holds, $1 today will be equivalent in buying power to $1.09 next year. The current inflation rate page gives more detail on the latest inflation rates.
Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2022 is 292.30. It was 270.97 in the previous year, 2021. The difference in CPI between the years is used by the Bureau of Labor Statistics to officially determine inflation.
Source: Inflation Rate in 2022
Some Californians are saying that the “inflation relief” package promoted by Gov. Gavin Newsom will push inflation to a higher level. Read it in Sacramento Bee
What is your opinion in the matter? Will the "inflation relief" push it to a higher level?
As for as the State government is concerned:
“It’s our view that this package will have a minimal effect on inflation — as it’s one-time and not ongoing relief — and by comparison is dwarfed by the size of the federal assistance provided during the pandemic. While we appreciate the academic arguments over what incremental effect this might have in the long term, Californians are dealing directly with the real-time price spikes fueled by inflation — and how it’s squeezing their day-to-day budgets right now.”
- H.D. Palmer, spokesman for the state Department of Finance
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They are already planning the $2100 inflation relief check to address the inflation caused by the $1050 check, and then the $4200 check to counter the inflation from the $2100 check, and...
I doubt that this program will cause inflation. The money’s from a budget surplus, right? The Federal government can effectively create dollars, fueling inflation, but states can only spend existing dollars. How would this create inflation any more than if a state government spent part of a surplus on public works or funding for police?
Yeah, you are absolutely right.
But, hehehe, I'm not an economist.
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A highly indebted state giving out money. When they run out of money they will want to be bailed out by the Federal government or other states.
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They always deflect by saying they are the 7th largest economy in the world while simultaneously admitting that we are $30T in debt, unsustainable, and yet the #1 economy in the world.
Hahaha!
You betcha we are:
https://www.worlddata.info/largest-economies.php#
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Hahaha... California will never get a bail out from a Republican controlled senate;
with a Democratic leadership, why yes!!! Hehehe!
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And where is this cash coming from? More borrowed debt? We know that this CPI of 8.58% is derived net of Energy and groceries so I believe is much higher. Is gas really getting to $9/US Gal there?
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State Taxes! This is a drop in the bucket!
Oh I will get some monies, 400... miniscule!!!
SFChronicle
Inflation is increasing at 8%. So last year the $100 could only buy $92 now, that's quite a lot for everyday expenses !
If it's not from taxes and they just going to print more money to give those that quality it's not going to help it's going to make things worse
Nah, it is from taxes. It's rebate on taxes paid, so you have to be a taxpayer.
The inflation rate keeps on getting higher as each day passes which really needs solutions to get it resolved to reduce the hike in price
Inflation won't go any higher with this since the State of CA doesn't print money.
However, thinking the year-to-year inflation is only 8% is actually kinda funny. The CPI completely ignores things that have risen the most in everyone's daily lives.
Sounds like there's a election in the very near future.. gotta bribe the poor people in order to stay in power..
Yup, it is buying votes. hahaha!!!
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They're just so immersive.
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Hello friend @silversaver888.
You did an excellent analysis. How unfortunate that this is happening in so many parts of the world, I hope this stops for the good of all, and the situation stabilizes.
Hugs, and blessings... 💖
Most times I quite wonder whether inflation affect gold or silver
Inflation going back to how it was in the late 70’s to 80’ @silversaver888 😳
Maybe this will spur more to stack precious metals, and save a rainy day cash fund of at least six months of fiat!😇
Print money against inflation, will work for sure :D
And holy moly your silver collection is unbelievable impressive!
Inflation will continue on given the way that the monetary standard is set. I remember well, the recession of the 80's when we bought our first house at 15.75% interest! Will the additional money increase the inflation rate? Possibly, but until we have some kind of reset, I suspect it will continue on anyway.
That's why it's a good idea to have the gold and silver stacked-to help us continue on when things go nuts! The hope is that we never really have to use it, but it's good to know it's there just in case.
Love ya much, sis!🤗😘💕🌸
Honestly, $350 probably wouldn't help people that much with the current price increases. I feel like it's not solving the underlying issues and just delaying the issue.
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