News 6 Mashup: April 4, 2022

Here is this week’s News 6 mashup of stories for the week of April 4, 2022, straight from AWN News 6 Correspondent, Jolene McNutt:

DoD Submits $773B 2023 Budget to Congress

The Defense Department has submitted its desired 2023 budget to the tune of $773 billion. Despite the large number, Federal News Network said, “Taking DoD’s projections for inflation into account, the real growth in spending would be about 1.5%.” The proposed budget temporarily cuts 3,000 Army slots, increases both service members and civilian employees wages by 4.6%, and “possibly consider adjustments to basic allowance for housing.” The budget focuses heavily on research and development, totaling $130 billion. “It accounts for the largest research budget in the history of the military. That will go into things like 5G, artificial intelligence and basic research.” Supply chain security is also a top priority.

Housing Market a Tight Squeeze for Buyers and Renters

For those PCSing this year, the housing market might feel tighter than ever. According to NPR, “By one estimate, the U.S. is more than 3 million homes short of the demand from would-be homebuyers.” Although the pandemic contributed to this shortage, the real issue began over a decade ago during the 2008 housing bubble and collapse. “Many homebuilders went out of business … tradespeople found other work … a few years later, as Americans started buying more homes again, building stayed below normal.” Adding to the stress, the millennial generation began to buy homes and builders did not keep up with demand. The pandemic has compiled the pressure with supply chain and worker shortage woes.

However, some experts believe that the housing shortage is being driven by pandemic-related emotions and is not sustainable. So what does this mean for you who are PCSing and searching for a new home to purchase or rent, because the rental markets are also very tight in many communities? Whether you are buying or renting – be prepared to move quickly. Have your pre approval ready, make your offer quickly. When renting – have a list of rental referrals and your security deposit ready.

Free Tax Software for Service Members

The income tax deadline is quickly approaching. You have until Monday, April 18 to file your income taxes and can do so with free access to tax software through Military OneSource. The e-filing software walks users through a step-by-step process to file their taxes. “Service members and spouses also have free access to MilTax consultants who are versed in recent changes to tax law and specially trained to know all the nuances of filing taxes in the military.”

This Week in History

On April 4, 1948, the North Atlantic Treaty Organization, NATO, was created by twelve nations. According to the Department of State, it was “the first peacetime military alliance the United States entered into outside of the Western Hemisphere.” NATO was formed in response to the destruction caused by World War II, as a way to help the struggling European economies, and as a protection against a resurgent Germany or incursions from the Soviet Union. “The United States viewed an economically strong, rearmed and integrated Europe as vital to the prevention of communist expansion across the continent.” There are currently 30 countries who are NATO members, the most recent addition was North Macedonia in 2020.