Some breaking news as an 8.5% increase has just been announced. Also, a separate announcement out of the administration just moments ago and a $2,000 stimulus check for millions of people has been announced have all the details and everything you need to know right here in this video. As I am your one and only daily advocate and I’m very much dedicated to you and this community to do all the research and to break it down into these short topics so that you can stay updated with all of these announcements as they’re coming out each and every day. All right, So first off, I quickly want to talk about this new announcement that just came out of the administration a short time ago.
And then, of course, we can talk about the $2,000 stimulus check announced and the 8.5% increase that once again was also just announced. There’s a lot going on. So let’s quickly talk about this announcement from the administration. All right, So as we know right now, prices continue to rise on everything.
Well, as of lately, the last five or so weeks or so ago, we have had gas prices as a national average hit some new records. Well, the administration came out today and has announced that they are going to be allowing a 15% ethanol blend for gasoline to continue to be sold throughout the entire summer. And now, I’m going to be honest with you, I didn’t realize this until I actually did more research on this and I started reading a bunch of information on it. So here’s what happens. They are always allowing the sale of a 10% blend of ethanol gasoline.
However, just during certain seasons out of the year and dirt at different times throughout the year, they do also allow a 15% blend ethanol. However, between the times of June 1 and September 15, they banned the sale of the 15% ethanol blend because of air quality and things like that. However, this year they’re going to be allowing for this 15% ethanol blend to be sold once again through this entire summertime. So starting June 1 through September 15, you can continue to buy this 15% ethanol blend. So kind of interesting, but this is one way that they’re helping to alleviate some of the gas prices and that’s going to be available for us if that is something that you’re interested in.
Now, generally, this does cost a little bit less than just straight-up unleaded gas. But at the same time, again, I’m no expert on this stuff, but from everything that I’ve read about it. They also say that ethanol-gasoline blends do actually tend to give less gas mileage, so you get less miles per gallon of gas versus just plain old unleaded gasoline. But again, it might depend on the type of vehicle that you drive, things like that. But again, this is another announcement out of the administration just a short time ago to help alleviate some of the prices at the gas pump.
So I’ll keep you posted on that. As we do get more details, let’s quickly talk about the $2000 stimulus check for millions of people that was announced. And then I also want to talk about the 8.5% increase that was just announced a short time ago. Yeah, a lot of stuff going on here. All right.
So let’s quickly talk about the $2,000 check here. All right, So Pennsylvania the governor of Pennsylvania has announced he’s going to Peel off over $500 million that that state received from the American Rescue Plan, which was the last stimulus package that was passed about a year ago. The $1.9 trillion package. Now, this one contained $350,000,000,000 that went out to state.
Every state got billions and billions of dollars, while the governor of Pennsylvania has announced they’re going to Peel off over $500 million of that and send it out in the form of a $2,000 stimulus check for millions of residents in the state of Pennsylvania. So let me tell you the details on it, because this is actually a little bit more generous. Anybody with an income under $80,000, not $18,000, $80,000 would be eligible to receive this one time $2,000 stimulus check. That’s amazing. I’m going to tell you this much.
There’s not a single other state out there that has announced a stimulus check anywhere near $2,000. We’ve seen a $1,000 check in some instances. We’ve seen $850 checks in Maine, we’ve seen a few hundred dollars checks across many different States. We’ve never seen a $2,000 check. This is very generous.
In fact, this is even more generous than what the federal government has given us. Right? So very generous in the state of Pennsylvania. The governor has announced this. And again, for anybody with an income under $80,000, that’s a lot of income.
I’m just saying right now, if you’re somebody earning 80 grand a year and you’re still getting a $2,000 check, I mean, seriously, that is pretty cool stuff right there. $80,000 is well above the national average income right now. So anyway, but again, the governor is citing rapidly rising prices on gasoline rents as well as food and essentially everything else that is going up right now in price. So of course, I’ll keep you posted on that if you’re in the state of Pennsylvania. Hey, keep an eye on this thing because you could be getting two grand here relatively soon.
That’s pretty exciting. Hopefully, some other States will follow through on this. And let’s be real. Hopefully, some the federal government and Congress will start to kind of open up their ears on this one and maybe jump on the bandwagon and maybe send out a $2,000 stimulus check for everybody across the entire country. It’s kind of interesting during a time right now when sometimes we hear different governors or States or even Congress or the administration coming out making different remarks like, oh, the economy is humming.
Everything is great here. Okay? If it’s humming and everything is great, then why are these States handing out thousands of dollars in the form of stimulus checks kind of get what I’m saying? And then why did last week the President come out and cite Covet and the pause on student loan payments and saying that if they were to resume those payments, that it would cause a lot of financial hardship for millions of people? I don’t know.
Just seems like a lot of contradicting statements these days. But I don’t know. That’s just the things that I’m finding during my research. All right, so let’s talk about the 8.5% increase that was just announced moments ago. All right, so this is big stuff.
This announcement comes out once per month, and this is in regards to the CPI Consumer Price index. Well, that announcement just came out a short time ago this morning and it came in at 8.5%. This is the biggest inflation number that we’ve seen since 19, 81, 41 years ago. Was the last time that we saw inflation this high. During that time in 1981, it was 8.9%.
Well, according to the analysts and what everybody is saying this morning already, they’re anticipating that we’re likely going to breach that number here probably within the next month or two. So the next inflation data number that comes out in about a month from now is likely going to be over that 8.9%. So hold your hats, everybody. It is getting really hot here and the wind is picking up and it is not a good situation. This inflation is just eating people up right now.
Seriously, this is unbelievable. So what was interesting about this is yesterday the administration and the press Secretary, Jamesacki was also out suggesting, hello, everybody. Be prepared. We’re going to likely see a very high inflation number. Well, yeah, you’re right.
We did see a very high inflation number. So actually month over month, it was up 1.2%. That’s huge. Seriously, we should not be seeing 1.2% inflation on a month-over-month basis. That is not good.
So this thing is likely going to continue raging much, much faster. So here’s the thing. I’ve been reading a lot of information about this so far today. I’ve seen conflicting information. Not information.
Sorry. I’ve seen conflicting opinions on this. However, the consensus is that this inflation is not over yet and we’re likely going to continue to see increased inflation numbers over the coming months here. Here’s what I have seen. I’ve seen just a small handful of economists coming out today when I say a small handful.
I mean, literally two or three. I think I saw three different people coming out saying they’re anticipating this is the peak and they will start to go down from here because of the supply chain issues have started to be resolved a little bit, and some of the other issues that are out there right now are starting to be resolved a little bit. However, the vast majority of economists, analysts, and the experts that I’ve been reading and listening to so far today are saying, no, this thing is not over yet. This train is still whipping down the tracks at 60 miles an hour. You better get out of the way because it is going fast.
So the people that I’ve been looking at this morning so far that I’ve been researching and everything that I’ve been hearing so far is saying that this inflation is not over yet and it’s likely going to peak sometime in summer. Now, again, that could be in June, it could be in July, it could be in August, it could be in early September. Right? Wow. Yeah.
I mean, seriously, we could be seeing this for many, many more months now. And again, they’re still pointing toward inflation over 10%. Double-digit inflation not a good thing. Right. But anyway, as I mentioned in previous videos, this may actually be a good thing for fixed income beneficiaries, especially the timing on this when it comes to Social Security, SSDI survivors, and SSI as well as VA.
But I can always follow that up in a separate video. But again, this inflation is continuing to rage on right now. I’m curious to see what kind of announcements coming out of the administration today. And seriously, when it comes to this, all these announcements like this, we know this much the Federal Reserve is likely going to be raising interest rates probably zero. 5% or half of a point or 50 basis points during their next meeting here in a couple of weeks.
So we’re probably going to see that massive rate hike. But again, this is also going to really throw kind of a wet towel on the economy and the market as a whole.
So anyway, it’s kind of all up in the air right now. But anyway, we’ll have to see what actually happens here over the coming days and weeks. I’m curious to see what the administration says about this inflation number today. And I’m kind of curious to see if anybody comes out and says people are getting chewed up right now by this inflation. We’ve got to do something about it, especially for the low income and the fixed income.
As you know here on this channel, I am very much an advocate for all the low income and fixed income. I am very much dedicated to doing anything we possibly can. And I am all ears when it comes to anything, when it comes to announcements for these groups of people, all of you right here in this community, seriously, I’m just completely shocked that the administration and Congress as a whole, not just the administration, Congress as a whole has not come out and said, okay, it’s about time now. We’ve got to do something to help out the low income and the fixed income. This inflation is not a good thing.
It is not fair for those people living on a fixed income. It is just not a good situation. Right. So I’m completely shocked that they have not come out yet and actually announced something as far as direct payments, a one-time stimulus check, highly, highly focused check, maybe ongoing checks, something like this. But you never know.
Maybe this will be the one that does it. I’m not really sure either way, as I do get more information, of course. Please enjoy your day. Thanks again for reading and I’ll catch you again later in the next topic.