New York Gov. Kathy Hochul, D, wants to send inflation checks to millions of New Yorkers. Under her proposed budget for next year, the state would send $500 checks to families making up to $300,000, while individuals making up to $150,000 would receive $300.
“We’re told inflation is getting better,” Hochul said during the policy announcement. “It’s supposedly coming down. But let me ask this question: Do any of you feel like you have more money in your pockets today? No, no, no, I didn’t think so.”
The total cost of the proposed inflation rebates is $3 billion. Gov. Hochul said the state received a windfall in that amount after higher prices brought in more sales tax revenue than expected.
“I’m sure there are some elected officials or some special interest groups will weigh in and say, ‘Oh, I know how that extra money should be spent,’” Hochul said. “But here’s my message: I’m on your side. I believe that this extra inflation-driven sales tax revenue shouldn’t be spent by the state. It’s your money, and it should be back in your pockets.”
Costs are high, and New Yorkers are feeling the strain on their wallets.
— Governor Kathy Hochul (@GovKathyHochul) December 9, 2024
I want to give families making less than $300,000 an Inflation Refund check for $500.
No loopholes. No BS. Just money you can use to pay the bills. pic.twitter.com/1a2yRXRX0t
If passed by the state Legislature, checks would go out in the fall of 2025. Her announcement comes as Hochul deals with a popularity issue and a potential Democratic challenger to her seat.
In a new Siena College poll out Tuesday, Dec. 10, only 39% of New Yorkers said they have a favorable opinion of Gov. Hochul, who is up for reelection in 2026.
Only a third of respondents said they would reelect her, while 57% said they’d prefer someone else. Narrowing it down to just Democrats, 48% said they would vote to reelect Hochul.
In the same poll, New York voters said the top priority for state government to address is the cost of living.
Bronx Rep. Ritchie Torres, D, is weighing a potential primary challenge to Hochul.
He posted on X, “A one-time check will not compensate for the double-digit increases in inflation that New Yorkers have suffered during the Governorship of Kathy Hochul. For three years, the Governor has ignored the millions of New York families crippled by the crushing cost of groceries and gasoline.”
Haunted by the specter of a primary challenge, Governor Hochul is proposing an “inflation refund.” A one-time check will not compensate for the double-digit increases in inflation that New Yorkers have suffered during the Governorship of Kathy Hochul. For three years, the…
— Ritchie Torres (@RitchieTorres) December 9, 2024
Consumer prices nationwide have increased 2.6% over the past year, close to the Federal Reserve’s 2% inflation goal. However, prices in the tri-state area are up 4% over that time.
