Those factors, combined with home sales that the analysts said have fallen by half in the past couple of years - also due to higher interest rates - have cooled the state’s economy.Īll of that has pushed the state’s unemployment rate up to 4.8%, with the number of unemployed workers climbing nearly 200,000 since the summer of 2022, the office noted. The office also pointed to stock market woes in 2022 as a factor. One of the big effects of that is the number of California companies that went public in 20 declined more than 80% from 2021. They attributed the drop to a slowdown in investment in California companies because of higher borrowing costs due to the Federal Reserve’s repeated interest hikes. “This decline is similar to those seen during the Great Recession and dot-com bust,” the report authors wrote. Total income tax collections fell 25% in 2022-23, the office said, citing data after receipt of tax filings, delayed several months by a deadline extension from both the state and the feds for taxpayers affected by last winter’s storms. Beware of text messages or calls asking you to activate or reactivate your card.From Walmart to Whole Foods, US prisoners are part of a hidden workforce linked to hundreds of popular food brandsĬalifornia faces a $26 billion revenue shortfall in 2022-23 and a $58 billion shortfall through the 2024-25 fiscal year, the state’s Legislative Analyst’s Office said Friday in an updated forecast.Don’t share your card details with anyone, unless you’re making a purchase.Store your card in a safe and secure place.After you activate your card, transfer the funds to your bank account or withdraw the money at an ATM as soon as possible."I don’t think I’m going to get the money back." ![]() “Right now I'm hopeless, to be honest with you, I'm hopeless,” he said. And it promised that recipients will get the money they’re entitled to, but it may take 30 to 60 days. It wouldn’t tell us how many are chip-protected, saying it could help scammers.Īs for suggestions that the fraud is an inside job, the FTB said: “We cannot comment beyond the fact that we anticipated the possibility of malfunctions and fraud.” It said it’s taking all claims of fraud seriously and will investigate each claim. The Franchise Tax Board (FTB) told the I-Team that some cards have chips, but others don’t because of supply chain issues. Neuman also said a lot of fraud could be prevented if the cards contained chips, in addition to the magnetic stripe, which makes them harder to hack. “It’s possible that it’s an inside job,” he said. The other option, he said, is the one he thinks makes more sense. I mean, especially, on an individual by individual basis,” said Neuman. “Oftentimes, the criminals who are doing this don’t want to do that much work. He said scammers could be intercepting debit cards in the mail, skimming them, resealing them back into the envelope, and then waiting for the consumer to receive the card and activate it, so the scammer can then spend your money. ![]() ![]() Neuman’s been researching security issues like this for decades, and thinks there are two possible explanations. Clifford Neuman, a professor at the University of Southern California. So they don’t know how the cards are getting skimmed. CalFresh Recipients Say EBT and Cards Hacked by Scammersīut this time experts are scratching their heads, because the money is disappearing after a consumer activates the card, but before they use it.
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