Inflation is at the worst level in half a century. Joe Biden’s reckless spending and Green New Deal rhetoric just keep ramping up.
Though at least in the short term, some Americans are getting inflation relief, even if it makes the overall problem worse.
The latest state to get checks to residents is California, where people will receive $200 up to $1,050 in relief checks, depending on their income.
Details of the California Payout
The money started going out yesterday in what Governor Gavin Newsom calls the biggest “tax rebate” in America. This comes as part of a tax refund put through four months ago at the statehouse in Sacramento in response to rising inflation.
Prices have been skyrocketing across the country. California has seen some of the highest, especially in the San Francisco area where gas is surpassing $6 a gallon.
The first people who are going to see this money show up are those who got the Golden State check last year through the direct method of deposit. The next stage of depositing money happens at the end of this month until mid-November for those who filed electronically.
According to Newsom, 23 million Californians qualify for some money as part of this inflation relief, which is 58% of the state.
If you haven’t signed up for direct deposit or filed physical tax returns, the check will be paid out as a debit card that’s physically mailed to you. This will happen on or before January 15, starting on Oct. 25 for those who got the stimulus check last year.
California is sending up to 23 million Golden state residents “inflation relief” checks of up to $1,050 to ease the financial burden of the highest U.S. inflation in the past 41 years. Here's who qualifies: https://t.co/v1wbkWtVeC
— MarketWatch (@MarketWatch) October 8, 2022
How Much Will You Get?
The amount you get depends on your income on past taxes. Those who filed income taxes in 2020 and still reside in the state of California today are eligible for the handout.
The highest amount of $1,050 is for a joint income of less than $150,000 with dependents. The lowest amount of $200 is for individual filers with over $125,000 in income and no dependents.
This relief is part of the budget passed earlier in Sacramento with a price tag of $308 billion. These checks are $17 billion of that budget.
If you are a California resident who filed income tax last year, you can find out how much you will receive by calculating it here.
Gavin Newsom's 'inflation relief checks' will only put fuel on the fire.
California Democrats so-called 'solutions' only make our problems WORSE!
— steve hilton (@SteveHiltonx) October 5, 2022
The Bottom Line
This policy of giving out money to fight inflation makes no real sense, since it will generally increase inflation to give away money and increase the supply of money.
However, if the state of California is doing this to try to spur consumer spending or offer some temporary relief, it’s still better than nothing.
Residents aren’t going to turn down a few hundred dollars up to a thousand dollars, especially working families who are struggling to put food on the table.