Predictions for further stimulus

[Scallywag]

The stimulus money has income restrictions. Maybe those that received the money met the income guidelines. In the part of California where I live, an annual GROSS income of $150K is "middle class", because you'd make around $90K post tax - which is hardly anything when you consider that a one bedroom apartment costs around $2100. It's outrageous.

We've struggled to save & can't wait to move. My H works in a very niche sector, is older and, unfortunately, does not interview well. So we've been stuck. But once he hits retirement age, we'd move elsewhere. Anyway, to reiterate, any further stimulus payments must be income restricted, preferably based on COL because, in some places, the dollar really does not go very far.

Unfortunately.

[QuarterMillionMan]

I activated this California middle class refund just now for $350 out of $1050 (I think). I was hoping for $1050 but $350 is great and I'm not complaining, lol.

[QuarterMillionMan]

[QuarterMillionMan]

I thought it was junk mail, this is what the envelope looks like which I almost tossed out but I felt the plastic card inside so decided to open it up and good thing that I opened it. Also, if I had one kid the amount would be $700. So I'm guessing a married couple filing jointly with kids gets the max of $1050.

[rennigade]

How much more welfare can the feds pass out?

[QuarterMillionMan]

I hold the same sentiment as rennigade, and I am on the receiving end of all this helicopter money. All this free money will cause more inflation. It's not sustainable to keep giving away free money.

[ua_guy]

How much more welfare can the feds pass out?

Well since it's a tax refund and not a stimulus, and it's being implemented by the State of California, and not the Federal Government, you don't have to worry. QMM is getting money returned to him from the previous year's taxes.

QMM...if you're against the "helicopter money" then return the funds to the CA treasury as a donation.

[QuarterMillionMan]

Ha-ha.

[QuarterMillionMan]

I tried to link the debit card to my Coinbase account to buy $350 worth of bitcoin but no can do (I think Coinbase considers this a prepaid VISA card so cannot link). Instead on Money Network website they list ATMs where cash withdrawals can be made without the surcharge fee. After work today I'll try to get the $350 from a CVS near me in Los Angeles, good problem to have. Beats having to spend it for gas, groceries, etc. And having to keep track of the balance remaining on the card but another good problem to have as well.

[Petunia 100]

How much more welfare can the feds pass out?

It's a refund of budget surplus as required by the state constitution.

[Petunia 100]

I activated this California middle class refund just now for $350 out of $1050 (I think). I was hoping for $1050 but $350 is great and I'm not complaining, lol.

I received my $350 by direct deposit on 10/11/22.

[QuarterMillionMan]

I see they started with direct deposits first, then debit cards. They also started in alphabetical order. This is the AGI breakdown they used;

[myrdale]

Well since it's a tax refund and not a stimulus, and it's being implemented by the State of California, and not the Federal Government, you don't have to worry. QMM is getting money returned to him from the previous year's taxes.

If it is the case that the state is returning a surplus to the tax paying public, that is a good thing. A better thing would be to cut taxes going forward. Now the next question is, is this money really being taken out of the tax coffers or is this money provided to the state by the federal government? California collected $248 B in taxes in 2021, we'll assume its the same for 2022, and took $44 B in federal aid. If California expects to send out 18 million checks, and the average is $500 (I am assuming that value), then the total amount returned would be $9 B. So roughly 4% of this money is coming from the federal government.

[QuarterMillionMan]

These out of network ATMs are notorious for its fees. Upon entering my PIN, the first screen asked if I wanted to check my balance and said "this machine doesn't charge a fee for a balance inquiry." So I pressed yes and out pops the receipt on the left for a $3.37 fee, dang it (lol). Withdrew only $50 (on the right) being afraid it might charge more fees if I withdrew over a certain amount or some other fee but luckily no other fees. Direct deposit would be a better option.

[amarowsky]

Going back to the original post, but re-racking it for 2023, now that the 2022 mid-terms have closed....

I'd say I'm 75% confident, gov't will do another stimulus (probably same as last few, 70% or so going to ensure big businesses stock prices are inflated to their minimal requirement, then probably in-efficiently sprinkle 30% around certain carefully targeted , means tested groups of people). I would expect it sometime very late 2023, to before 11/2024. No way they (gov't corporate parties) will issue anything unless it will be clearly coupled w/ the optics needed to entice votes for whichever side of the same party.

I'm super cynical here, but nothing has changed enough from my perspective to ensure otherwise..... @ best, it'll be a slightly smaller bailout than the most recent ones.