Money, Money, Money, it is so funny; it’s a rich man’s world. While we are singing this loudly, we don’t think America can say the same thing at the moment. With Donald Trump’s erratic policies and overall global chaos, like Russia and Ukraine’s never-ending fights and now the ongoing war between Pakistan and India, millions of people, including Americans, are struggling with rising costs and inflation.
However, the citizens could soon see some financial relief in the form of a one-time stimulus payment worth up to $400. This new rule has been introduced to ease the burden of inflation, which has been a major issue over the last couple of months.
More than eight million Americans are set to benefit from this relief measure, which Governor Kathy Hochul announced. As per The Sun, there are some exceptions to getting the check. Certain people who meet particular financial brackets can only be rewarded with this extra income.
For instance, joint filers earning up to $150,000 will receive the maximum $400 payment, followed by single taxpayers earning up to $75,000, who are eligible for $200. Then those earning between $75,000 and $150,000 will receive $150.
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While the payments are confirmed, the dates for the distribution are yet to be announced. Governor Kathy Hochul has said that they will surely be given out by later this year.
Meanwhile, even though the scheme was formed with the citizens’ best interests in mind, New York Governor Kathy Hochul was criticised by other political figures like Jamaal Bowman and Representative Ritchie Torres.
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Furthermore, recent surveys from April reveal that New Yorkers seem to have mixed opinions about Hochul. 46% of New Yorkers dislike her performance, according to recent Marist polling.
Similarly, nearly six in ten voters do not want the state’s first female governor to run for re-election, including 40% of Democrats.
Residents of the state further believe that the quality of life has degraded since her arrival. Besides New York, other states like Georgia have also pitched in to provide relief funds for people.
Georgia is distributing payments up to $500, following a proposal by Governor Brian Kemp. Meanwhile, thousands of South Carolina residents are in line to receive approximately $500 from a $950 million surplus fund.
As per Statista, in January 2025, consumer prices in the United States rose by 3 per cent compared to January 2024, based on the 12-month percentage change in the Consumer Price Index (CPI).
This rate reflects how much the prices of goods in the country have increased. People might take the inflation issue lightly, but it is a key factor in determining how the general price level shifts over time, directly impacting the purchasing power of money.
It’s basic economics: when costs rise, the value of money falls, meaning consumers can buy less with the same amount of cash.
Since 2022 and the post-COVID era, the economy in America has been rapidly changing.
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This shift has happened due to business disruptions during the pandemic, the brutal Russia-Ukraine war, and overall global issues. In addition, even though the US dollar is known to be a strong currency, its inflation rate surged from 3.2 per cent in 2011 to a high of 8.3 percent in 2022.
Consequently, several Americans believe that the persistent issue of inflation played a big role in Joe Biden’s failure to secure a second term. Reports suggest that inflation continued to rise in December 2024 for the third month in a row. Despite Trump’s return to the White House in January, the issue of inflation remains the same.
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Interestingly, Elon Musk and Trump both appeared in a joint interview with Sean Hannity on Fox News, which aired in February. When questioned about inflation, Donald Trump asserted that he had nothing to do with it. (inflation) “We inherited it. However, as wise men say, there’s always light at the end of the tunnel. Knowing America, they will always find a way to tackle these issues.
