Could Maine Soon See 'Inflation Reduction' Checks?

Unless you are fortunate enough to be 'independently wealthy' there is a good chance that you have spent at least a few hours worrying about money over the last few years.

Sadly, these days, even those who have what are considered good jobs, are facing financial hardships.

Even though many companies have given their employees pay bumps, those increases rarely outpace the level of inflation.

These increases are affecting all areas of life. Housing, food, utilities, car payments, and don't even get us started on how much we're paying for Netflix these days!

These economic hardships are not just a Maine thing, either. Every state in the nation is dealing with at least a few of these increased costs.

One state is doing something in order to combat these financial hardships.

Inflation Refund Checks in New York

According to NBC News 10, the State of New York will soon start issuing residents what they are calling 'inflation refund checks'.

Similar to the stimulus checks that we all got during the pandemic, and the budget surplus checks that Mainers got in early 2022, these checks are meant to help residents pay for basic needs.

As with the pandemic stimulus checks, you will need to meet the income requirements. However, unlike the COVID-19 stimulus checks, the amount of money you get will be determined by how much you make.

The article explains that joint filers earning up to $150,000 will get $400 and joint filers earning between $150,000 and $300,000 get $300. If you are a single filer and head of household who earns up to $75,000 you will get $200. If you are a single filer and head of household earning between $75,000 and $150,000 you will get $150.

So, who's paying for these checks? New York residents, of course! The $2 billion necessary for the program is part of the state's $254 billion 2025 budget.

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Could We See Inflation Refund Checks in Maine?

In some ways, we already have gotten a check meant to offset the increased cost of living in Maine. Following the 2022 State of the State Address, Governor Mills took the advice of Republican lawmakers and used the budget surplus to help Mainers in need.

Could it happen again?

Yes, but it would be a process. This is not something that could happen overnight. A bill would have to be proposed in the Maine Legislature. It would have to be voted on and signed into law.

If the program operated the way that it does in New York, it would have to be built into the annual budget. Since a new 2-year budget was recently approved, it would probably be several more years before this could happen here in Maine.

It is important to note that, as far as we know, this has not been discussed here in Maine. We are just speculating.

Clearly, if you have thoughts on this, we'd love to hear from you. Feel free to send us a message through our app.