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Kathy Hochul: “We have excess money for inflation.”

Featuring: Kathy Hochul, Democratic | Governor of New York

Gov. Kathy Hochul Announces Erasure Of $7 Billion Of New York's Federal Unemployment Insurance Debt

Published August 14, 2025 | Video Starts at 10:39

Because I'm not. I worked hard to put that in their pockets. And I believe that we should. We have excess money for inflation. You know why we have inflation? Inflation, extra dollars. Because the price of everything goes up. Therefore the sales tax goes up and we collect more than we anticipated. (10:39–10:42)

CLAIM

Asserts that there is excess money available due to inflation.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Kathy Hochul

“Those payments will no longer be $504, but $869.”
Gov. Kathy Hochul Announces Erasure Of $7 Billion Of New York's Federal Unemployment Insurance Debt | Uploaded August 14, 2025 | 07:37-07:46
“A middle class tax rate cut, the largest in 70 years.”
Gov. Kathy Hochul Announces Erasure Of $7 Billion Of New York's Federal Unemployment Insurance Debt | Uploaded August 14, 2025 | 11:04-11:09
“Our unemployment insurance fund, which had always been healthy, literally ran out of money [due to the pandemic].”
Gov. Kathy Hochul Announces Erasure Of $7 Billion Of New York's Federal Unemployment Insurance Debt | Uploaded August 14, 2025 | 02:22-02:31
“We went into debt [for the unemployment insurance fund] and had to borrow money.”
Gov. Kathy Hochul Announces Erasure Of $7 Billion Of New York's Federal Unemployment Insurance Debt | Uploaded August 14, 2025 | 02:53-02:56
“Over $7 billion has been on the backs of our business communities to pay [the unemployment insurance fund debt] back.”
Gov. Kathy Hochul Announces Erasure Of $7 Billion Of New York's Federal Unemployment Insurance Debt | Uploaded August 14, 2025 | 02:57-02:57
“The numbers today have been $504 a week for a family that lost their jobs.”
Gov. Kathy Hochul Announces Erasure Of $7 Billion Of New York's Federal Unemployment Insurance Debt | Uploaded August 14, 2025 | 06:53-07:03
“We were able to pay off this $7 billion.”
Gov. Kathy Hochul Announces Erasure Of $7 Billion Of New York's Federal Unemployment Insurance Debt | Uploaded August 14, 2025 | 07:31-07:35
“Families with children under the age of four will receive $1,000 tax credit.”
Gov. Kathy Hochul Announces Erasure Of $7 Billion Of New York's Federal Unemployment Insurance Debt | Uploaded August 14, 2025 | 08:23-08:29
“Older children, $500 up to the age of 16.”
Gov. Kathy Hochul Announces Erasure Of $7 Billion Of New York's Federal Unemployment Insurance Debt | Uploaded August 14, 2025 | 08:50-08:54
“All that puts together upwards of $5,000 in the pockets of families that are struggling.”
Gov. Kathy Hochul Announces Erasure Of $7 Billion Of New York's Federal Unemployment Insurance Debt | Uploaded August 14, 2025 | 11:09-11:16