Posted on 05/20/2022 11:36:35 AM PDT by EBH
Or you can buy the only grocery item that’s apparently inflation-proof: 99-cent AriZona iced tea.
Context The annual Inflation rate currently stands at a 40-year-high of 8.5%, the highest level of inflation since December 1981. As prices surge, two categories have particularly hit Americans’ wallets.
One is fuel, which reached an all-time record national average of $4.33 per gallon in mid-March, and fuel still remains at a near-high $4.12 per gallon as of this writing. Another is food, which as of February had experienced 7.9% year-over-year inflation.
What the bill does The Food and Fuel Family Savings Act would give millions of Americans $600, to be used only for food or gasoline. The amount of the credit would also be reduced for those making above $40,000.
Children and dependents wouldn’t receive the money directly, but those who claim them as dependents would receive an additional $600 for each dependent. Non-citizens would be ineligible for the funds.
The bill was introduced in the Senate on April 7 as S. 4060, by Sen. Jack Reed (D-RI).
What supporters say Supporters argue the legislation provides much-needed relief on two key spending areas as prices surge, shielding the most disadvantaged from much of the economic effects.
“Hard-working Americans are not at fault for these global price pressures,” Sen. Reed said on the Senate floor when introducing the bill. “Yet these households, which often put a large share of their income towards basic necessities, are being forced to bear the burden of higher costs.”
“The average American household would receive $1,500. Using estimates from [economists], this payment should cover the additional $183 the average family will spend each month on food and fuel for the rest of 2022,” Sen. Reed continued. “In other words, our legislation would ensure households can put food on the table and gas in the car this year.”
What opponents say Republican opponents counter that this legislation is a Band-Aid that doesn’t cover the biggest source of inflation: surging government spending enacted by congressional Democrats. Indeed, this bill would add more such government spending.
Inflation “[gets] worse, in my view, if we do it the way the Democrats propose,” Sen. Rob Portman (R-OH) said on the Senate floor. “Because by adding more fuel to the fire — more stimulus spending, in this case, trillions of dollars — you’re going to stimulate more demand in the economy. And inflation happens when demand outstrips supply. So you have a lot of demand for something, but you don’t have the supply for it and it raises inflation.”
“And that’s exactly what many of us predicted would have happened back in March of [2021], when Congress did the same thing, $1.9 trillion. A lot of it was stimulus spending, and people said, ‘This is going to cause inflation,’” Sen. Portman continued. “And sure enough, it did. It wasn’t just me and other Republicans. It was some Democrats as well.”
Odds of passage The bill has attracted three cosponsors, all Democrats. It awaits a potential vote by the Senate Finance Committee.
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“Non-citizens would be ineligible, LMAO, sure, nod nod, wink wink!”
The fact they even have to mention that they are excluded is pure insanity. Are you telling me that we have ever knowingly handed out incentives to non-citizens?!?
Well of course we'll need a whole new government administration with thousands of new government staffers.
You will purchase what we tell you to purchase with social credits we will dole out if you obey us.
If you don’t...
Typical. Government creates the problem, and then government comes to our “rescue” with government spending that will only make the government-created problem worse.
lol
yeah... hand out free money... THAT will fix inflation!
*rolls eyes*
as I have said before, libs only have 1 playbook, throw money at a problem. But THAT play will only make inflation worse.
We are SCREWED.
AND after saddling us all with more debt what will the families use the next week? Stupid politicians looking for votes from fools.
Remember when used gear bought on Ebay and most
imported used gear was sans sales tax.
Remember when internet interstate sales were not
taxed last year.
These are 2 reasons for the high inflation.
States got a windfall and we all got 8 percent
additional inflation.
From each according to their ability, to each according to their need.
(Of course, the Dems’ lunatic money printing and their suicidal energy policies created the “need”.)
Its wealth redistribution under yet another name/excuse.
Handouts always solve the problem. 🙄
Oh and of course, middle income folks get reduce payment. Middle class getting hammered as they don’t get all the additional dollars on EBT cards. Michigan Gov wants to give anyone working 500.00 payment because of the billions of extra Federal dollars we received because of long lock down during COVID. I bet that will be income limited to 40K and below as well.
At any rate, giving more money to folks isn’t the answer, it’s Biden’s policies and the reversals of Trump’s.
Sure they do.
Only Fools believe there are no consequences for bad actions like this (What did they think was going to happen when you increased the monetary supply by 40% in two years?)
We live in a nation of fools. God help us.
Yup. Another page out of the Venezuela playbook for tyranny.
1. Create billions of dollars out of thin air.
2. Inflation increases drastically.
3. Create billions of dollars out of thin air.
4. Goto 2.
Fuel and Food are pretty much 100% of my daily purchases.
Both are really energy with additives.
I’m sure you can sell it at a discount somewhere for hard cash to buy hard drugs. Happens all the time with EBT card money.
“99-cent AriZona iced tea.”
I hear it’s GREAT as Purple Drank....
They are following a different monetary policy.
I read about it some months ago and thought it was crazy. But it looks like they are serious about following it. It is based around the theory that money is not finite or limited as long as there is production and inflation does not truly factor into the policy. It comes from the American concept to “make money.”
The problem with the theory is the government cannot just keep creating money and hoping that something of value comes from making it ‘easy’ to get. It takes real innovation to add value to the concept of making money. History teaches us the only way for government to make money is to be constantly at war. #ukrainethat
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