USA finance and payments: summary news | 6 June – AS USA

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– Tesla boss Elon Musk backtracks on job cuts after saying that 10% of workers would be laid off
–  Federal Reserve expected to address 40-year-highs in inflation with interest rate hikes 
– North Carolina lawmakers propose a $200 tax refund for drivers
– US gas price continued climbing on Monday, now over $4.86 per gallon on average
Unemployment falls to lowest rate since 1969, May jobs report shows
Treasury Secretary Yellen says she was "wrong" about the path of inflation
– A few helpful tips for saving money
– California State Disability Insurance scheme: the lowdown
– Why are mortgage rates beginning to decrease in the US?
Pennsylvania governor wants to send residents $2,000 stimulus check
North Carolina Democrats propose $200 gas tax rebate
More AS USA related articles:
US Unemployment drops to lowest level since 1969
Gas tax rebate: North Carolina lawmakers propose a $200 refund for drivers
How can I save money? five clever money hacks that will increase your savings
Why does Elon Musk reportedly want to lay off 10% of Tesla employees?
Why are mortgage rates beginning to decrease in the US?
What are the differences between the five types of mortgages?
Is Medicare considered an entitlement program?
US Treasury Secretary Janet Yellen admits inflation forecast errors
Why is Elon Musk pulling out of the $44 billion deal to buy Twitter?
How much money can you save with the New York gas tax suspension?
Can I sign up for Medicare if I already get Social Security benefits?
How many hours can I work and still receive Social Security Disability (SSDI)?
Social Security Disability Insurance (SSDI) provides financial assistance for people with disabilities, who are unable to work or to earn a sufficient amount. The program pays benefits to the claimant and in some cases family members, provided they are ‘insured’.
The ‘insured’ status is calculated based on the individual’s earnings history, requiring that people have contributed a certain amount to the Social Security Administration (SSA) during the course of their life. Read more. 

Today, President Biden is announcing that his Administration is sourcing a flight, facilitated by the U.S. Department of Health and Human Services (HHS), for Operation Fly Formula to transport Nestlé infant formulas from Cologne, Germany to Fort Worth, Texas on June 9. This delivery will include 110,000 pounds of Nestlé NAN SupremePro Stage 1 infant formula, approximately 1.6 million 8-ounce bottles. The product will be available across the country through Nestlé/Gerber distribution channels, and additional deliveries of Nestlé formula will be announced in the coming days.

Canceling student loan debt will lift a crushing weight off of millions of borrowers. 
It's time to get this done!
Ford announces $2.3 billion investment to ramp up electric vehicle production
As part of the auto maker's plan to dedicate $50 billion to electric vehicle production by 2026, Ford laid out an initial $2.3 billion investment on Thursday. The company plans to increase global EV output to 2 million annually over the next four years, representing over a third of the cars it will build.
The Michigan-based automaker plans to add a new electric commercial vehicle to its lineup and expand production of the new F-150 Lightning pickup truck to 150,000.
Assembly plants in Michigan, Missouri and Ohio will receive in total $3.7 billion to boost production of both electric and gasoline-powered vehicles. Ford Motor Company said it will add more than 6,200 hourly jobs and convert 3,000 temporary workers into full-time employees who will receive healthcare benefits and higher pay.
American households are struggling without Child Tax Credit boost to incomes
Inflation around the world has been skyrocketing, in the US it has hit highs not seen in four decades. This has pushed up the price on just about everything and families are noticing, forcing them to adjust what they buy even skip meals so that thir kids can eat.
A recent survey from Parents Together Action, a nonprofit, of 500 parents found that almost half of those who received the 2021 Child Tax Credit advance payments said they now can’t afford enough food to feed their families
Over 90 percent of respondents are finding it hard to make ends meet, not only having to cut back on what they purchase, but also dip into emergency funds to keep their heads above water.
Biden's decision on student loan debt forgiveness not expected until summer
Student loan borrowers have been anxiously awaiting news on a mooted plan by the Biden administration to forgive some amount of debt. After he met with the Congressional Hispanic Caucus in April it was revealed that told members that he was looking at options to cancel an unspecified but significant amount of federal student loan debt.
While lawmakers in his party have called for up to $50,000, Biden has repeated said he would consider up to $10,000 of forgiveness. At the time Biden told reporters that he would make an announcement in about two weeks' time, it's been six weeks now.
The Wall Street Journal is reporting that officials say no decision will be made until at the earliest July. The student loan forebearance that has been in place since March 2020 is set to expire 1 September.
Why is Elon Musk pulling out of the $44 billion deal to buy Twitter?
Elon Musk is reportedly threatening to walk away from the deal to buy Twitter after the company refused to turn over full details regarding the number of ‘bot accounts’ on the social media site.
In a letter sent to Twitter, Musk’s lawyers claim that the Tesla and SpaceX CEO has repeatedly asked for the information so he could evaluate the number of fake accounts. However the information has not been shared and Musk appears set to pull out of the deal.
Full details
One in four dollars lost to scammers was paid in cryptocurrencies
Federal Trade Commission released its Consumer Protection Data Spotlight report which found that consumers lost over $1 billion to fraud involving cryptocurrencies from January 2021 through March 2022.
Most of the cryptocurrency losses consumers reported,  a total of $575 million, involved bogus cryptocurrency investment opportunities. 
Nearly half of consumers who reported a cryptocurrency related scam said it started with an ad, post or message on a social media platform.

"Today, thanks to the economic plan and the vaccination plan that my administration put into action, America has achieved the most robust recovery in modern history just two years removed from the worst economic crisis since the Great Depression. 
The job market is the strongest it’s been since just after World War Two.  We’ve got more evidence of that today.  We learned that in May the economy added another 390,000 new jobs, bringing the total since I took office to 8.7 million new jobs — an all-time record."
How can I save money? five clever money hacks that will increase your savings
The past couple years have seen a great upheaval for many Americans from the near collapse of the US economy to the fastest recovery from a recession in history. The rapid rebound though has brought with it inflation not seen in four decades putting new strain on household finances.
With prices rising on just about everything it can seem impossible to set aside money to save for the future especially considering a new report that found 61 percent of respondents said they had little to nothing left over at the end of the month in April 2022. Here’s a look at what you can do to start saving today…
Read more
Gasoline prices could reach $5.50 per gallon on average
The high cost of gasoline and other motor fuels is causing major concern for motorists and consumers across the country after months of continual increases. The national average price of a gallon of gasoline has reached $4.865, an increase of more than $1.80 on the same point last year. One expert warned that the price could go as high as $5.50 per gallon in the coming months. 
Sen. Sanders calls for Social Security expansion
Progressive Senator Bernie Sanders has reiterated his commitment to a major expansion to Social Security. The SSA oversees a variety of financial support programs which cover an estimated 70 million people in the United States. However the SSA is projected to run out of money to fund the programs in their entirely in roughly 12 years, which could see recipients lose out on their full entitlement unless new funding legislation is passed. 
US Unemployment drops to lowest level since 1969
On Thursday, the Labor Department released data on weekly unemployment claims, the most timely data on the economy’s health, which showed new claims unexpectedly fell last week. The following day a report from the US Bureau of Labor Statistics showed strong job growth continued in May.
Despite the high inflation and price rises, from an employment standpoint the Biden administration appears to be meeting targets on the jobs market recovery. 
Read more
Gas prices expected to remain high for the rest of the year
The sky-high price of gasoline has caused major worries for consumers in recent months and the White House is warning that they could stay high for the rest of 2022. Energy Secretary Jennifer Granholm speaks to ABC News' Alex Presha at the Strategic Petroleum Reserve, reflecting on the White House's aim to release additional reserves of oil and bring about a clean energy transition to help lower gas prices.
What is the average monthly Social Security disability benefit?
Just over 12 percent of 70 million beneficiaries of Social Security Administration (SSA) receive payments due to a disability. This equates to over 8 million Americans needing support.
While Supplemental Security Income is set by the federal government with variations at the state level, Social Security disability payments (SSDI) vary for each individual and are calculated in a similar fashion to retirement benefits. So what is the average Social Security payment for disabled Americans?
Read more

"A new ABC News/Ipsos poll finds that President Joe Biden’s approval rating on a number of key issues—including economic recovery, inflation, and gas prices—remains underwater with the American public, as a majority disapprove of the job the president is doing. "

"Only a quarter approve of Biden’s handling of inflation (28%) and gas prices (27%). Notably, Biden only earns a bare majority of Democrats’ support on both of these issues: 56% of Democrats approve of the job he’s doing on inflation, and 51% feel the same about gas prices."
US Economy: Experts fear United States could enter a recession if spending continues to slow
Despite positive unemployment figures and the end of nearly every pandemic restriction, the US economy could be headed for the rocks. Inflation, currently standing at 8.3 percent year-on-year, is threatening to pull the plug on economic progress. Prices for some of the most neccessary commodities are at record levels, such as fuel and grain, without a clear end date for when things may get better.
Read more
What next for Social Security and Medicare?
Annual government reports by trustees of the Social Security and Medicare programs released on Thursday said that their financial health improved slightly in 2021 on the back of a strong post-pandemic economic recovery. However, the long-term solvency of the programs is still uncertain unless lawmakers take steps to shore up long-term financing shortfalls.
“Taking action sooner rather than later will allow consideration of a broader range of solutions and provide more time to phase in changes so that the public has adequate time to prepare.,”  the trustees said.
Gas prices expected to exceed $5 per gallon
Over the weekend AAA found that the average price of a gallon of gasoline in the United States had reached $4.85, once again breaking the national record. Diesel prices are also at a record high, affecting industries and businesses, with the cost expected to be passed on to consumers. GasBuddy’s Patrick De Haan thinks that the price rises will continue for as long as the demand for gas exceeds the oil refineries' supply. 
Are you missing a tax refund payment from the IRS?
As of 20 May, the IRS had sent out over 96 million tax refunds for 2021 fiscal declarations. So far, the average refund in 2022 was a little over $200 more than last year. Those who are looking for past refunds can use the IRS's online tool "Where's My Refund?" to consult the status from the past two years.
Is Elon Musk going to sack 10% of Tesla staff?
In an email to company executives last Thursday, Elon Musk said that he had a "super bad feeling" about the US economy necessitating job cuts. In a separate email on Friday he informed workers that the electric car maker was "overstaffed in many areas" and Tesla would reduce salaried headcount by 10 percent.
However Musk reversed course on Saturday, tweeting that "total headcount will increase, but salaried should be fairly flat." The company and its subsidiaries employed around 100,000 people at the end of 2021.
Is the Biden administration to blame for high inflation rates?
Speaking to CNN over the weekend, Secretary of Commerce Gina Raimondo dismissed claims that the Biden administration has been caught flat footed in response to economic crises.
Raimondo said: "Yes, inflation is a problem. In no way do i want to minimize that. The Fed is independent, they are taking action and you're already starting to see that. But fundamentally what we have here is a robust economic recovery. And I think that's in large part due to the President's leadership."
Good morning and welcome to AS USA
Welcome to our dedicated financial news live feed, bringing you all the latest information from the United States on the continued high price rises. President Biden is tasked with bringing down the record-high cost of gasoline. 
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