Our live blog this Tuesday, May 17, brings you the latest news on tax refunds, stimulus check programs, child tax credit payments and much more, as well as various money-saving tips
Elon Musk warns that China’s economy could surpass that of the U.S.
Tesla CEO Elon Musk said the United States must “stop the infighting” to be competitive with China, warning that the world’s second-largest economy will someday dwarf U.S. production.
“What we’re going to see with China, for the first time that anyone who’s alive can remember, is an economy that’s twice the size of the United States, possibly three times, and it’s going to be very strange to live in that world. So we’d better stop the infighting,” he noted.
Federal Reserve expects smaller interest rate increases
Federal Reserve Bank President Charles Evans favored adopting a path of less intense rate hikes by July or September to give the Fed time to assess inflation and the labor market while raising borrowing costs to the neutral level, and probably beyond.
The Fed has raised interest rates by three-quarters of a percentage point so far this year, including a larger-than-usual half-point hike earlier this month that raised short-term borrowing costs to a range of 0.75% to 1%.
Evans mentions that interest rates will likely have to rise above the neutral level, but that pushing them there makes him “nervous,” in part because it’s hard to know exactly when rates will start to affect growth, and other risks could suddenly emerge.
U.S. proposes tariff on Russian oil
The United States is discussing with the European Union a way to limit the rise in world energy prices which could result in a proposed embargo on Russian oil.
According to Treasury officials, another option is the establishment of a tariff on Russian oil imports.
Treasury Secretary Janet Yellen, who is in Brussels ahead of a meeting of finance ministers from the Group of Seven major economies in Germany this week, has previously said that the proposed EU embargo on Russian oil could significantly increase global oil prices.
Treasury Secretary calls for more financial support for Ukraine
According to Janet Yellen, U.S. Treasury Secretary, Ukraine needs a new World War II-style Marshall Plan as Western countries grapple with increasing economic volatility caused by Russia’s war in Ukraine.
Speaking at the Brussels Economic Forum, Yellen, expressed concern that the costs of the conflict continue to rise despite funding efforts by Western allies.
“What is clear is that the bilateral and multilateral support announced so far will not be sufficient to meet Ukraine’s needs, even in the short term. And I sincerely call on all our partners to join us in increasing their financial support to Ukraine.”
The Marshall Plan was a U.S.-backed funding project after World War II, designed to help rebuild European economies.
And it is now when the war in Ukraine raises fears in the EU that major policy goals such as the Green Deal could take a back seat and slow down the transition to a climate-neutral economy.
U.S. plans to ease economic sanctions on Venezuela
The U.S. government is seeking to ease some economic sanctions on Venezuela in a gesture intended to encourage the resumption of negotiations between the U.S.-backed opposition and the government of President Nicolás Maduro.
The changes will allow Chevron Corp to negotiate its license with state-owned Petroleos de Venezuela (PDVSA), but not to drill for or export Venezuelan-origin oil, two senior U.S. government officials told The Associated Press. The officials spoke on condition of anonymity because the formal announcement had not been made.
If a person needs to change the name on his or her SS card due to marriage, divorce or any other reason, the Social Security Administration (SSA) must be notified as soon as possible so that officials can update his or her file and send a corrected card to ensure that he or she receives the benefits he or she has earned.
However, to have a new card you will need to complete Form SS-5, a standard Social Security card application, which can be downloaded from the Social Security website.
More information here.
Amid the coronavirus pandemic going through it’s third year but already waning a little bit, the United States has delivered many stimulus checks that have helped a lot of people overcome the many hardships caused by this crisis. As we enter the spring, there are many states that are also getting a new stimulus check because the United States Government is continuing to print money to bail out the economy.
This definitely caused a level of inflation that hadn’t been seen in decades. Will this affect the payments the could come during spring time? We are doing an analysis on what may happen during this time and se if new benefits are coming for the American population.
More information here.
Because there are thousands of cryptocurrencies, crypto investors are very interested in the volatile cryptocurrency market. Cryptocurrencies are gaining popularity because they allow for quick and seamless transaction payments.
With a CAGR of 7.1 percent, the global cryptocurrency market is expected to reach US$2.2 billion in 2026. Apart from Bitcoin, the most popular cryptocurrency in the world, there are a number of other cryptos with promise.
More information here.
When trying to get Child Tax Credit payments in the U.S., it is important to know where to go.
Both the Internal Revenue Service (IRS) and GetCTC opened portals in 2021.
Read more here about getting Child Tax Credit payments.
In order to ensure that you receive the full amount in terms of Social Security payments, it is key to avoid some common mistakes.
These include claiming at the wrong age or having spousal benefits delayed.
Read more here about the most common Social Security mistakes.
There are educational credits on offer in the U.S., such as the American Opportunity Tax Credit and the Lifetime Learning Credit, which can provide a helping hand financially.
Anyone who filed a 2020 tax return in the state of Delaware is set to receive a one-time 300 dollar check.
This is part of the Delaware Relief Rebate Program, with the payments going out this month.
Read more here about the Delaware stimulus check.
Funding for the Supplemental Nutrition Assistance Program (SNAP) comes from federal government, but it is the responsibility of states to make sure this money goes to those who need the help most.
As a result, however, it means that there are varying dates with regard to receiving your food stamps payment.
Read more here about the food stamps schedule.
Hello everybody and welcome to this Tuesday’s American Finances live blog. As we do every day in this space, we will keep you updated with the latest financial news, benefits programs and money-saving tips from the United States.
Several states are looking to send out stimulus check-like payments to residents, particularly those from low- and medium-income backgrounds, as a result of the rise in inflation and subsequent increased costs in day-to-day life.
There will also be fresh information about Child Tax Credit payments, Social Security, and tax refunds.
Be sure to keep an eye out for our money-saving tips over the course of the day too, which are more beneficial than ever.
So, as is the case every day, there is a lot that will be discussed on this Tuesday’s live blog, as we look at the latest financial news in the U.S.
You can follow along with all of our updates, with the most recent ones coming nearest the top of this page.
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