Consumer

American consumers are already struggling with the highest inflation in four decades — a phenomenon that is eating into buying power and eroding wages. But more economic pain may be in store, with one analyst estimating that the recent surge in gas prices following Russia’s invasion of Ukraine could add up to $2,000 in annual costs to the typical household budget. CBS News reports:

The average cost for a gallon of regular gasoline has surpassed $4 per gallon for the first time since 2008. Many consumers have seen prices at the gas pump rise swiftly, with the price of regular gas jumping 41 cents during the first full week of Russia’s war in Ukraine, according to AAA.

That will likely cost the typical household an additional $2,000 per year in gasoline costs, according to Yardeni Research in a Monday research note. That comes on top of about $1,000 in extra costs at the grocery store due to inflation, which means the typical household will have $3,000 less this year to spend on other items, Yardeni said. 

Consumers are fretting about the impact on their budgets — with some already planning to cut back on driving, and watching their spending. That could pose a threat to the pandemic’s economic rebound, given that personal consumption contributes about 70% of gross domestic product, according to the Federal Bank of St. Louis.

After surviving a fear-filled year of the Covid-19 pandemic, getting vaccinated is a cause for celebration. As Covid-19 vaccines become more readily available, companies want to reward Americans who’ve been vaccinated with special offers after getting their shots. CNN Business reports:

Budweiser

Now through May 16, or while supplies last, Budweiser is giving a free beer to anyone 21 years old and up — who provide their proof of vaccination on ABeerOnBud.com. Bud fans first have to first register at the company’s mycooler.com website.

Krispy Kreme

You can get one free glazed doughnut every day if you take your vaccination card to any Krispy Kreme location in the US, the company said in a press release. The card must show one or two shots of any Covid-19 vaccine to qualify, and the offer must be redeemed in store. And no, you don’t need to purchase anything to get your daily free doughnut.

Staples and Office Depot

Staples and Office Depot want vaccinated Americans to keep their vaccination record cards in good condition. So the office supply companies are offering free laminating services for those completed Covid-19 vaccination cards. A spokesperson for Staples told CNN that the service is available at all Staples locations in the US and currently has no end date.

White Castle

Between April 22 and May 31, burger chain White Castle is giving a free dessert-on-a-stick to anyone with proof they have received a Covid vaccine, according to the company. White Castle offers four versions of the dessert on a stick: Gooey Buttercake-on-a-Stick, Fudge Dipped Brownie-on-a-Stick, Fudge Dipped Cheesecake-on-a-Stick and, as of earlier this month, its Birthday Cake-on-a-Stick in honor of the company’s centennial this year. No other purchase is necessary.

The Federal Communications Commission has approved final rules for a new broadband subsidy program that could help struggling families pay for internet service during the pandemic. CNN reports:

The agency’s $3.2 billion Emergency Broadband Benefit Program provides eligible low-income households with up to a $50 per month credit on their internet bills through their provider until the end of the pandemic. In tribal areas, eligible households may receive up to $75 per month. The program also provides eligible households up to $100 off of one computer or tablet.

The congressionally created program is aimed at closing the digital divide, which has become painfully apparent over the past year as millions of Americans have been forced to work and learn remotely. Some have also raised concerns that the digital divide could affect access to the vaccine as signups typically happen online.

Is your internet service provider charging you every month for the cable modem or router that you purchased with your own money? Or, perhaps, have you never bothered to buy those items because you couldn’t escape the fee? That fee is illegal as of yesterday. The Verge reports:

Last year, Congress passed a law that should have fixed this ridiculous loophole as of June 20th, 2020 — and though the FCC managed to extend the deadline six months by spinning up some bullshit about how cable companies didn’t have the resources to stop charging you money, the law should take full effect Monday.

Do note that the actual text of the law still allows some BS to occur. If your ISP sends you a router, you’ll need to return it to avoid charges.

Frontier in particular has been notorious for charging customers $10 a month for their equipment “whether you use it or not” — the company’s words, not mine — but Frontier is clearly aware it won’t be able to do that anymore. Starting this month, the company’s equipment page has changed to remove the part where it talks about the mandatory fee.

The lines are long and the need is enormous. More than 1 million New Yorkers can’t afford food, and standing on long lines at food banks is now too common amid the pandemic. Pandemic worsens NYC’s food crisis. Fox 5 NY reports:

An estimated 1.5 million New Yorkers cannot afford food, according to the New York Times. Their only lifeline is a food pantry.

“I’m on a limited income. I visit every two to three weeks,” said Denise Allen, a mother of one.

Rapaport said there is so much need. So much so that for the last three days, Rapaport, his staff, and volunteers have been operating around the clock. All three locations are now open 24/7, feeding 1,500 families a day, but it is still not enough, he said.

Americans’ health may not be the only thing at stake as the coronavirus continues its unrelenting spread in the U.S. The virus could also prove financially crippling for many individuals. Uninsured patients could expect to pay at least $500-$1,000 just to get tested for the virus, and a 10-day hospital stay could amount to a bill of at least $75,000, according to one expert. CNBC reports:

One of the most acute financial strains for Americans if they get the coronavirus will be related to cash flow — the loss of a paycheck for those who can’t go to work or dramatic reductions in revenue for business owners whose foot traffic evaporates, according to experts.

The U.S. is one of the only developed countries that doesn’t require workers to get paid time off when they’re sick…

Further, 54% of Americans report not being financially prepared to manage a contagious disease outbreak that furloughs them for several weeks, according to Prudential Financial.