USA finance and payments live updates: Bitcoin drops, $400 monthly check car owners, Child Tax Credit 2022, S.S. disability… – AS USA

The Great Resignation continued in April with eight states seeing an increase in the number of workers who quit their jobs.
Crude oil prices hit $114, an eleven percent increase over prices recorded this time last month.
– The Bitcoin and crypto-collapse continues to have massive impacts on Wall Street, some coins like Luna have hit zero. 
Inflation continues to cut into the purchasing power of consumers: what products have seen a decrease in price?
– Does working after one’s full retirement age increase Social Security benefits?
New York State offers home loan forgiveness program
Wide support for California $400 gas check
Why is gas so expensive and how long will its price continue to rise?
NY home loan forgiveness program: how to apply and what are the requirements?
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Does working after one’s full retirement age increase Social Security benefits?
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Inflation crisis USA: what products have decreased in price?
Cryptocrash: are sports sponsorships in danger after cryptocurrencies lose value?
Cryptocurrency prices: what is the correlation between UST and Luna that explains its big drop?
Baby formula shortage worsens: Why is there a limit on buying infant formula?
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Does working after one’s full retirement age increase Social Security benefits?
The age at which a worker can retire and receive their maximum Social Security benefit amount depends on the year they were born. At sixty-two, Social Security benefits can be claimed, but it is not until almost a decade later that the maximum benefit becomes available.
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How can I check my Social Security entitlement?
The amount of money on offer from the Social Security Administration (SSA) varies from person to person, because your personal entitlement is a reflection of your working history and personal situation. However it can be difficult to calculate how much you are entitled to get, and to work out how best to maximise your earning potential and ensure youre all set for retirement. 
Fortunately the SSA offers a free-to-use online portal which shows your earnings history, allowing you to work out your future payment size…
Since April 2021, food prices have increased 10.8 percent
The Bureau of Labor Statistics has reported that over the last twelve months, food prices have increased more than 10.8 percent. This represents the greatest year over year increase since 1980.
Some of the foods that saw the greatest increase at 14.3 percent include meats, poultry, fish, and eggs.

Imports of baby formula will serve as a bridge to this ramped up production, therefore, I am requesting you take all appropriate measures available to get additional safe formula into the country immediately.

Directing firms to prioritize and allocate the production of key infant formula inputs will help increase production and speed up in supply chains.
Defense Production Act invoked to increase baby formula production
The White House announced that President Joe Biden would use a Cold War-era law to require suppliers to “direct needed resources to infant formula manufacturers before any other customer who may have ordered that good.” 
It will include the priritising of formula production as well as licensing the Defense Department to purchase and fly formual that meets US standards to the country from abroad.
Baby formula shortage worsens: Why is there a limit on buying infant formula?
A number of major retailers in the United States have imposed new purchasing restrictions on infant formula in response to a worrying supply shortage.
Last month CVS said it was limiting both in-store and online purchases of baby formula to three per order, following a similar cap introduced by Walgreens in March. Kroger has opted for a four-item limit per customer while Target has also placed restrictions on order size.
The shortage has been exacerbated by a product recall from top supplier Abbott Laboratories back in February that has reduced the supply significantly. 
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A new study showed just how much families needed the Child Tax Credit
The enhanced Child Tax Credit which was distributed last year as a part of the American Rescue Plan was a lifeline for many struggling families. Estimates on the impact of the credit show that child poverty was cut in half as a result of over 24 million more children, many of whom come from low-income families, becoming eligible to receive the benefit.
For those wondering the credit will be extended, such a prospect seems unlikely. There is currently very little movement on Capitol Hill surrounding the issue with much of the legislative focus set towards inflation, the War in Ukraine, and the draft opinion overturning Roe V Wade which was leaked earlier this month.
Members of Congress continue to call for the extension of the Child Tax Credit
In light of the baby formula shortage in the US, California Congresswomen Barbara Lee has called on Congress to extend the enhanced child tax credit another year.
The formula crisis has left low-income families extremely vulnerable as prices the product have surged around the country. For Lee, extending the credit would provide these families with a lifeline that could help them better compete in the market.
For more on the baby formula shortage, read our full coverage.

The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers. Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.
Will there be $6 gasoline this summer?
It is no secret that motorists and consumers in general are suffering under the weight of rapidly increasing gasoline prices, which has once again reached new height today. This morning AAA confirmed that the average price of a gallon of gasoline in the United States had risen to $4.567, nearly 50 cents higher than it was just a month earlier. 
As we approach the summer months, when Americans are most likely to embark on long holiday trips, pushing the demand up, it is thought that the average price could go even higher. Experts are now warning that a $6 gallon of gasoline could become the reality for millions of people in the coming months. 
Why is gas so expensive and how long will its price continue to rise?
Prices of fuel have been rising since the turn of the year. According to the AAA, the average price for a gallon of fuel was $3.28 in January, but it now stands at nearly $5. While it had been rising after the lows of the pandemic, the Russian war in Ukraine has caused a huge surge in prices.
While the national average has been greater than $4 since March, there were three midwestern states that were under $4 a gallon: Georgia, Kansas and Oklahoma. With price rises on Tuesday, these three are over the mark. Some drivers, like those in California, are paying over $6 for a gallon.
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Every states records $4 gasoline average
For the first time, the average price of a gallon of gasoline exceeds $4 in every state. The price of motor fuel has soared in recent months, along with other products made using crude oil, in response to inflationary pressures and the trade sanctions on Russia. Americans all across the country are feeling the consequences at the pump and the situation looks like being a major factor in the upcoming midterm elections. 
Hello and welcome to AS USA's Financial News live blog for Thursday, 19 May 2022.
We will be bringing you all the investment and monetary news you need.
Still haven't received your tax refund? Do not worry, we have you covered on how to contact the IRS.
Cryptocurrency is seeing one of its largest decreases in years, with many long-term investors exiting the market, what does this mean for Bitcoin?
Gas prices are up around the country, a sign that while inflation began to slow in April, numbers could spike again in May.
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