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.
— — — — — — — — — — — — — — — — —
Couldn’t they send gold bullion, instead? Dollars are not worth much anymore.
More invented out of thin air.
Only possible use will be for food and for gas....
So if truckers pull in at the joints with the sign Eat Here and Get Gas will that count as a twofer?
... the amount of the checks.”
__________________________
In order to be programmable (only food/fuel), it will have to be a separate card. There will be a pin, as in any debit card. And BONUS: they will have a record of what food is bought in what amounts and how often how much fuel is purchased and where.
Just another little increment/experiment to work out the kinks for the new Federal Digital Scrip.
Butter is at least $1 a stick now.
________________________________
I paid $5 for 4 quarters yesterday at a regional small chain that has tried to keep essentials affordable. Mu husband loves butter and has started melting a bit into some oilve oil for dipping instead of spreading the butter.
I looked at rolled butter: it was $11 and change for 2+ pounds. Same price, more storage/measurement hassle.
The answer is extremely simple:
Increase the supply
of fuel
of fertilizer
of food
Yes when you’re trying to bring inflation under control dumping more money into the economy is just the way to do it. </sarcasm>
HOW STUPID!
RELEASE THE OIL KRAKEN!
When does it end? Are Americans just going to sit there and let the government pay them to get through life?
These people are just evil and stupid — and that also goes for the voters who put them in office.
With inflation at 40-year high, Food and Fuel Family Savings Act would give millions of Americans $600, usable only for food and gas
—
Translation: “You know what we need to put out this fire is more gasoline!”
TP & Paper towels are $1 a roll, too. I guess I Shouldn't have thrown out all those leaves last fall .
We finally used up our Spring of 2020 COVID TP and paper towel hoard last month.
Keep the money! Too many Leftists turning our nation into a deepening shit show!
Keep the money! Too many Leftists turning our nation into a deepening shit show!
Great, all they can come up with is Deutschmarks? Haven’t they learned anything from history? Wallet Makers, stop production, start producing wheel barrels.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.