Maine Governor Proposes Greater Inflation Stimulus

In the absence of federal incentives, states continue to send targeted aid to their residents. Several states have already sent stimulus checks or are in the process of sending stimulus checks, including Maine. Gov. Janet Mills is working to increase inflation stimulus by about $250. Mills’ plan to increase the amount of inflation incentives comes after the state commission estimated an increase in state revenues.

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Boost Inflation Stimulus Control

Mills announced her decision to increase the amount of inflation stimulus controls after a meeting of the state’s revenue forecasting committee on Tuesday. The panel estimated $411.6 million in additional revenue through June 2023. Previously, the panel forecast the state’s revenue at $822 million.

Mills decided to use half of the estimated increase in revenue to boost the state’s inflation stimulus to $750. The inflation stimulus control will benefit approximately 800,000 Maine residents and begin sometime in July if the state legislature approves Mills’ additional budget proposal. .

“…I will propose to return at least half of this additional revenue to taxpayers, consistent with my current proposal and in line with the Republicans’ appeals, along with other tax-responsible ways in which we support the people in Maine during these challenging times,” Mills said in a statement.

In addition to increasing the scope of inflation-stimulus control, Mills’s proposal, if approved, would also “provide tax relief for working families and seniors in Maine.” The proposal also calls for two years of free community college for students affected by the coronavirus pandemic and an overhaul of the state’s student loan repayment program. The proposal also provides additional assistance to hospitals and nursing homes in Maine.

Can the revenue forecasts be trusted?

While Mills’s proposal to return money to state taxpayers has been welcomed, economists have warned the governor of uncertainty in the coming years.

“However, economists also warn us that earnings, especially those in later years, are volatile and should not be counted on,” Mills said.

Economists believe that potential uncertainty in the economy, such as geopolitical tensions and rising inflation, can affect the prices of mainstream goods. In such a scenario, it becomes even more important to give taxpayers more to counteract the inflationary impact. However, experts believe that earnings forecasts cannot be fully trusted in such an uncertain scenario.

“These new revenue forecasts come nationally in uncertain economic times,” said Kirsten Figueroa, commissioner of the Department of Administrative and Financial Services.

She added that the price of oil has risen from $72 to more than $100 a barrel in recent weeks, while inflation based on the consumer price index is at its highest in 40 years. Figueroa also noted that the war between Russia and Ukraine could put further strain on energy prices and financial markets.

“We will closely monitor actual earnings against these new projections,” Figueroa said.

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