by Martin Armstrong
Armstrong Economics
Governor Kathy Hochul is up for re-election next year, and she’s prepared to throw state revenue at potential voters. New York is introducing the first “inflation refund check,” which will provide over 8.2 million state residents with a cash payout.
“Starting in October, over 8 million New Yorkers will get an inflation refund because it’s simple — this is your money and we’re putting it back in your pockets,” Hochul said in a statement. Hochul claims low and middle-income households will benefit from these checks, which she had already allotted in the state budget for FY 2026. Payouts will be $200 for single filers making up to $75,000 and up to $400 for joint filers making up to $150,00. This is reminiscent of the stimulus checks sent out during the coronavirus pandemic, although the threshold was not adjusted for inflation.