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USA finance and payments live updates: Bitcoin drops, $400 monthly check car owners, Child Tax Credit 2022, S. – AS USA

– Senior Citizens League predicts a COLA rise of 8.6 percent for Social Security recipients in 2023.
Perigo CEO says baby formula shortage could last the rest of the year. What has the White House said?
– Bitcoin falls below $30,000 what is causing the crypto-collapse?
Russia's currency, the ruble, is one of three that made gains against the US dollar this year,  in spite of sanctions.
California governor Gavin Newsom releases new proposal that includes the sending of gas stimulus checks to the state's residents.
Average price for gallon of gas in US inches up further, $4.43 on Friday.
Inflation increased 0.3 percent in April, for a year over year increase of 8.3 percent.
– US 30-year fixed mortgage rate rises to 5.3% according to St Louis Fed, increased rate could cool house price rise.
– What is the average retirement income for a single person?
– How long does it take for a SNAP application to be approved?
– Pros and cons of a 30-year or 20-year mortgage for home purchases
US NEWS
$400 check for car owners: what does the proposal consist of and who is in favor of its approval?
Latest News
What has the White House said about the baby formula shortage?
US NEWS
Will US home prices drop in 2022 according to experts?

Russian ruble makes large gains in spite of sanctions: are they working?
US NEWS
What is causing Bitcoin and other cryptocurrencies to crash?
US NEWS
What is causing inflation in US and when will it go down according to experts?
– Elon Musk temporarily puts Twitter purchase on hold
Perigo CEO says baby formula shortage could last the rest of the year. What has the White House said?
– Bitcoin falls below $30,000 what is causing the crypto-collapse?
Russia's currency, the ruble, is one of three that made gains against the US dollar this year,  in spite of sanctions.
California governor Gavin Newsom releases new proposal that includes the sending of gas stimulus checks to the state's residents.
Average price for gallon of gas in US inches up further, $4.43 on Friday.
Inflation increased 0.3 percent in April, for a year over year increase of 8.3 percent.
– US 30-year fixed mortgage rate rises to 5.3% according to St Louis Fed, increased rate could cool house price rise.
– What is the average retirement income for a single person?
– How long does it take for a SNAP application to be approved?
– Pros and cons of a 30-year or 20-year mortgage for home purchases
US NEWS
$400 check for car owners: what does the proposal consist of and who is in favor of its approval?
Latest News
What has the White House said about the baby formula shortage?
US NEWS
Will US home prices drop in 2022 according to experts?

Russian ruble makes large gains in spite of sanctions: are they working?
US NEWS
What is causing Bitcoin and other cryptocurrencies to crash?
US NEWS
What is causing inflation in US and when will it go down according to experts?
US NEWS
$400 check for car owners: what does the proposal consist of and who is in favor of its approval?
The state of California is expected to record a budget surplus at the end of this financial year, allowing the state to take steps to ease the hardship residents are experiencing due to higher living costs. A group of measures is directed at alleviating the rising cost of getting around in the Golden State included in a $18.1 billion inflation relief package.
In a proposal put forward by Democrats and supported by Republicans, car owners could be set to receive at least $400 gas checks. Republicans had been pushing for a gas tax holiday for the state that tacks the most additional cost on filling up in the US, which is set to rise again to 53.9 cents per gallon 1 July.
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Even that [5.9% increase] isn’t keeping up with the rate of inflation today — and that is what is really difficult when you are trying to live on a fixed income. We are under some extreme circumstances.
US NEWS
Social Security: How large could the 2023 COLA increase be?
Last year, it was announced that the COLA rise would be 5.9 percent. This was done at a time when annual inflation stood at 6.2 percent, so was slightly behind. Now, with inflation at 8.3 percent, this increase was woefully short of what was necessary.
The Senior Citizens League (SCL) regularly forecasts their expectations for the COLA adjustment; their are a pressure group to support seniors after all. For 2023, the group predicts that the increase could be as much as 8.6 percent. This would smash the previous record from 1981 of 7.4 percent.
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Year on year inflation change shows the damage
While the Biden administration hoped the inflation caused by the pandemic recovery would be transitory, the war in Ukraine has caused an even deeper economic crisis that threatens many more countries than just the US.
As both Russia and Ukraine are large producers of natural resources, the price of commodities has gone through the roof. This is especially true for natural gas and oil as Russia has been sanctioned by much of NATO, cutting a large part of the world off from such an important resource. The cost of gas in the US has continued to grow, soaring to an all-time high of $4.33 in March 2022, up from a pandemic low of $1.94 in May 2020.
US NEWS
Social security disabilities: why did the Supreme Court deny benefits for residents in Puerto Rico?
The Supreme Court has ruled that, as a territory and not a state, the same rules and rights need not be passed on to Puerto Rico that exist in other parts of the US, including federal social security levels.
One of the points made by Justice Kavanaugh, who penned the 8-1 opinion, was that “just as not every federal tax extends to residents of Puerto Rico, so too not every federal benefits program extends to residents of Puerto Rico.”
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Still haven't filed a 2021 tax return? IRS wants you to get it in ASAP to avoid penalties
The majority of taxpayers managed to file their 2021 tax returns on time, but there are still around 26 million fewer tax declarations submitted than at the end of 2021. The IRS advises to get your tax filing in as soon as possible, not only to receive your tax refund but to avoid any potential late penalties.
That is especially true for taxpayers that have an outstanding bill with Uncle Sam. Even if you file on time or requested a six-month extension, interest and penalties start to accrue from the tax deadline, which was 18 April in 2022.
Here’s what you need to know…
SOCIAL SECURITY
What are the requirements and how to apply for Social Security disability benefits?
With the first inklings of further benefits increases for 2023, it is as good a time as ever to understand your rights as a citizen and how that translates into government support.
Around 17 million Americans received payments from either Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) at the end of 2021. Qualification for each program vary as they are funded in different ways. While SSDI is a contributory program, workers pay into the system through a tax on their wages, SSI is a non-contributory entitlement and is based on need.
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Social Security beneficiaries will receive a further benefits increase next year
Just like the record cost of living adjustment (COLA) increase for 2022, 2023 promises to be a bumper year for those receiving social security as the average payment will increase yet again, wholly due to the rampant inflation in the US economy.
Currently, the average monthly benefit for a retired worker is $1,615.81. This is expected to rise a further 8.6 percent next year, according to CBS news estimates.
US NEWS
$400 check for car owners: what does the proposal consist of and who is in favor of its approval?
California expects another bumper budget surplus allowing the state to take steps to ease the hardship residents are experiencing due to higher living costs. A group of measures is directed at alleviating the rising cost of getting around in the Golden State included in a $18.1 billion inflation relief package.
In a proposal put forward by Democrats and supported by Republicans, car owners could be set to receive at least $400 gas checks. Republicans had been pushing for a gas tax holiday for the state that tacks the most additional cost on filling up in the US, which is set to rise again to 53.9 cents per gallon 1 July.
Read more
High gas prices are pushing buyers toward electrics
In the next 24 months car buyers are going to have a broad selection of electric vehicles to choose from with 50 different electric vehicles (EV) coming to market. People who might not have considered going electric and having a change of heart with gas prices breaking records now over $4.43 can already choose from a selection that covers the full range of prices and styles.
Ford's F-150 Lightining, which has been getting great reviews, is finally hitting the road. The vehicle designed for those that use trucks has a starting price of $40,000, nearly a third less than a competitors basic model and half the price of the cheapest EV Hummer by GM. Unfortunately, Ford is not accepting any new orders for this year's model due to a flood of demand.
US NEWS
What is causing Bitcoin and other cryptocurrencies to crash?
Bitcoin, the biggest cryptocurrency in the world, has had a difficult ride since it reached its peak value at the back end of last year. From a high of $1 trillion in November, the cryptocurrency now has a value of $562 billion. In just the last week, Bitcoin has lost 20 percent of its value. And it isn’t the only cryptocurrency in trouble.
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Stablecoin "house of cards" collapses after cryptocurrency slide
The cryptocurrency market has seen a step decline in value with the combined market value of all cryptocurrencies down to around $1.2 trillion, less than half its level in November 2021. While most digital coins can see wild fluctuations in their value some cryptocurrencies have been set up to remain "stable" based on the value of a fixed asset.
One such stablecoin, TerraUSD, was pegged to the dollar but saw it come completely unhinged from the greenback.  Its value has dropped below 8 cents on Thursday, now hovering around 15 cents. Its free fall also pulled Tether off its peg, although due to differences in how they work the latter has held just shy of a 1 to 1 exchange rate with the dollar. 
Why is this? Jeremy Allaire, Co-founder & CEO of Circle, explains.
A look back a the financial highs and lows of the past week… it's not good for crypto
Investors have had a rough week. Although markets are rebounding on Friday, they are still down from the start of the week after plunging last Thursday. Investors in Bitcoin saw the price drop from near $40,000 last week bottoming out around $25,500 before regaining ground but are still down about a quarter.
The selloff has caused Elon Musk to put the brakes on his acquisition of Twitter. He may look to ask for a discount on his $44 billion bid to takeover the company. Tesla was not spared by the downturn losing around 18 percent since the rout in the markets.
Data on inflation in April came out surpassing economists expectations at 8.3 percent. The silver lining is that it was slightly less than the month before which may signal rising prices have peaked.
US NEWS
Baby formula: why is there a shortage in the US and when could it end
American consumers have been dealing with one issue after another as disruptions from the covid-19 pandemic keep popping up. One of the latest is a shortage of baby formula that is growing more acute forcing more retailers to place limits per customer on purchases.
Although the shortage is not uniform across the US, the most recent analysis from Datasembly reports that 43 percent of top-selling baby formula products were out of stock. The stocking challenge began in July 2021 and accelerated in December, well before the biggest producer ordered a recall.
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I would say as it relates to baby formula, what we know is that we are certainly seeing, and we have seen, hoarding happen.  And so we are looking for, you know, that to be looked into.  And we think that’s an issue where if there’s caps — and this is something we have been working to institute — on the number of containers that can be purchased, that will help.  But also, we’re — we are — we are taking every step we can to ensure that that is tracked and that can be addressed, if needed, to — in the pool of doing everything we can to address this.
Latest News
What has the White House said about the baby formula shortage?
We start this morning with the baby food shortage. Supply chain disruptions have caused many issues across various markets, but none compare to the stress caused by baby formula shortages across the country. Perigo CEO, Murray S. Kessler, believes that the shortage could last through the rest of this year. The White House has announced various steps today to support families with infants during this difficult time.
Read more
Hello and welcome to AS USA
Good morning, 
We'll bring you all the latest financial news for Saturday, May 14. After brief rebound a week ago, all three major indexes have regisitered losses on the six consecutive tradings days since. Crypto currencies have also taken a beating falling nearly in tandem with the Nasdaq.
On Tuesday President Biden spoke from the White House on the economic situation in the United States, including the threat of continued high inflation and soaring gas prices. 
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