Inflation Relief Coming To Millions Of Californians, But Critics Say It's Only A Short-Term Solution
SACRAMENTO (CBS13) -- Californians are finally receiving relief. A newly agreed upon budget by state lawmakers will see a round of stimulus go out to up to 23 million residents.
"I believe it's a good thing. For some people it helps," said Sacramento resident Khaled Zandani. "For people that use it in the right way. People that really need it."
So what are you likely to receive? Relief will work on a sliding scale in the following ways:
-- Individuals who make up to $75,000 and joint filers up to $150,000 will receive $350 per taxpayer and a one time $350 for at least one dependent.
-- Individuals who make up to $125,000 and joint filers up to $250,000 will receive $250 per taxpayer and a one time $250 for at least one dependent.
-- Individuals who make up to $250,000 and joint filers up to $500,000 will receive $200 per taxpayer and a one time $200 for at least one dependent.
-- Individuals who make over $250,000 and joint filers over $500,000 will receive no stimulus.
"California's budget addresses the state's most pressing needs, and prioritizes getting dollars back into the pockets of millions of Californians who are grappling with global inflation and rising prices of everything from gas to groceries," said Gov. Gavin Newsom in a joint statement with California legislative leadership.
But some residents are somewhat resistant to the idea.
"I don't think it's a good thing," said John Gray. "The government's printing out money. Free money can't last forever."
"Stimulus checks? It's BS. Look at these prices," said Zee Zandani, pointing to a gas pump. "People are taking this money and spending it on everything else except the necessary things. I know there's some people that will."
Sacramento State finance professor Dr. Sanjay Varshney said he was "appalled" by the stimulus measure.
"It's a short-term band aid that's going to result in a very severe crisis down the road," he said.
Varshney argues that stimulus checks won't actually alter the price of goods and simply introduce more capital into a market flooded with it. With a $100 billion surplus, he believes the state could have used the money to better attack the roots of inflation.
"Don't give people the money," Varshney said. "Just take that money and invest it sensibly into things that will help people in the long run by bringing the rates and costs of those things down."
There is no current timeline on when stimulus checks will land in the bank accounts of California residents. Early estimates are hopeful that it will come in the fall of 2022.