California is giving residents extra money to deal with soaring prices at the gas pump and grocery stores.
The state will send out $1,050 ‘inflation relief’ checks to roughly 23 million residents, Gov. Gavin Newsom announced this week. California has seen the highest gas prices in the country, with an average of $6.32 per gallon.
Inflation in the country has been caused, in part, by the Federal Reserve ‘printing’ or creating and distributing money as aid during the COVID-19 pandemic. The new money has outpaced supply and devalued the currency, leading critics of California’s plan to say the ‘inflation relief’ only exacerbates the problem. However, officials say these checks are designed as a tax refund and stem from the state’s budget surplus.
The first round of payments is due to go out in late October.
