The big difference between USDA’s 2021 income figures and its 2022 income forecast, however, is federal government payments to farmers. A year ago those dollars totaled a whopping $25.5 billion; in 2022, the payments totaled “only” $13 billion.
Now Democrats have junked the original title of President Biden’s “Build Back Better” massive spending plan and rebranded it “The Inflation Reduction Act of 2022.”
Across the state, housing has become more expensive with the rise in inflation, leaving some residents with few affordable options and others unable to afford buying a home or renting an apartment.
The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal rates, and he will challenge major oil companies to bring back idled refining capacity.
Particularly galling to the White House is the jump in industry stock buybacks, returning to investors profits that the administration wants invested in more refining capacity to bring gasoline prices down.
Biden also said his staff would meet with oil industry executives this week after he told U.S. refiners in a letter last week that unprecedented profit margins are unacceptable and called for “immediate action” to improve capacity.
June 20, 2022 05:23 PM
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By Josh Wingrove and Jenny Leonard / Bloomberg News
The average price of gas in Minnesota and nationwide hit record highs last week, including at $4.98 per gallon nationwide on Monday, according to AAA. The national average rose to $5 a gallon last week for the first time.
More than a year later, price increases at 40-year peaks have proven to be anything but, so much so that the Fed this week appears ready to hike interest rates by the most since 1994 to quell them.
