Stimulus package NEW STIMULUS PACKAGE UPDATE! SECOND STIMULUS PAYMENTS & EVICTION UPDATE, & UNEMPLOYMENT BENEFITS.
Why did you stop doing the stimulus update video? Some of you have commented on my other videos. Are you going to do a stimulus update video again guys here? I am i’m doing another stimulus update video, but let me first tell you why i stopped doing them. I stopped doing the stimulus update videos because it almost seemed pointless because there was nothing going on in senate concerning the stimulus. The only thing that was going on in senate concerning the stimulus was both sides, saying no. Both sides arguing like little children about the money that belongs to the american people. It was tiring, it was discouraging to see – and it just kind of spoke to the country that we live in the climate of the country right now, where people rather be right than to help citizens who are at this breaking point, not knowing where they’re going to Live not knowing what they’re going to eat it was really discouraging to watch. Both sides argue about small things that have nothing to do with what’s going on right now, instead of passing some type of legislation that would put food on the table right now, that would help people keep their homes right now, that’s, not where the focus was, and It was depressing i was like i’m not going to update on these depressing facts day by day. What is the point to tell you guys? Yes, in another day of stimulus, check, updates there’s no check, because democrats and republicans are still arguing.
It has absolutely nothing to do with getting direct payments to the american people, the things that they’ve been arguing about, so i decided to stay away from it, but now that they are back on track with the money. Yes, the money, the payouts to you to us, the american people now i’m back on the updates, because now it just makes more sense. It just makes more sense to tell you things that are leading on the path of good news, rather than to have bad news to give you every day. So the good news is that senate republicans are headed to washington today to talk about the new economic stimulus bill, some relief for the american people. There are three things that i want to talk about, that they will be talking about in today’s meeting. So the first one is another round of payouts to the american people: twelve hundred dollars, another 1200 payout, the specifics haven’t been released or discussed again they’re meeting today to talk about this. So then i’ll have another update for you after these discussions happen today. Now another thing that they’re discussing is the eviction ban extension. So if you’re not a renter, you might be like what in the world, but a lot of people are being evicted now, because this eviction ban provision ran out on july 25th. Basically, it was preventing landlords from evicting tenants during a pandemic. Meanwhile, a federal ban on evictions ran out yesterday, federal unemployment benefits run out on friday and the first.
The last checks have already gone out and the payroll protection program for businesses is running out early next month, but that ran out on july 25th, and now a lot of people are wondering. Where am i going to live so you have on one side. Renters are wondering how am i going to continue to live in an apartment in a home wherever that i’m renting? That i can no longer pay for because i am no longer working because i’ve been furloughed because i’ve been laid off because my business closed down whatever it is, people have rent to pay and they have no money to pay it. And so this eviction ban provision ran out and now landlords now have the legal right to say, get out, you’re being evicted and so they’re. Looking at that today to put that into the new bill so that there will be an extension on that, so that people will be able to keep their housing at least now, as the pandemic continues to rage on. We know that the president said months ago that oh it’s going to be over. Oh this will just die down, but it hasn’t it hasn’t died down and it’s still happening. They thought by the end of july. There would be no way that this would still be going on and that people by then the economy might be back to its usual speed and people will be working again. But that has not been the case in fact it’s starting to shut down again so that’s.
Something that we can expect to see in this bill some truth, some reality. People cannot work like they used to work and they need to keep their homes until they are able to work to pay for their living, their upkeep and most of all their rent. So i did say there were three topics that i was excited about them covering today and last but not least, the unemployment benefits. Yes, the unemployment benefits they’re running out. So if you’ve been relying on or living on that unemployment benefit, that is about to be over and a lot of people are not happy about that again because they can’t work. You can’t work, you can’t provide for your family. What are you supposed to do now? Treasury secretary steven mnuchin says he doesn’t feel that the government should be paying people to stay home and that’s his opinion. He feels that, having that federal unemployment benefit stacking on top of a state employment benefit is pretty much paying people to live their best life while they stay at home and they don’t have any need to go back to work. I think workers and americans understand the concept that you shouldn’t be paid more to stay home than to work, that the fair thing is to replace wages, and it just wouldn’t be fair to use taxpayer dollars to pay more people to sit home than they would get Working and get a job now i’m not going to say whether or not i agree with him or not, because you guys know i try to keep it nonpartisan up in here.
But i will say i was watching a clip on the news and there was an employer who owned a little restaurant and he was saying that he couldn’t get his employees to come back to work. They said they love their jobs and they hope that he will keep them on, but they were not coming back to work, because if they do they’ll lose their unemployment benefits and to him he was saying that was a little odd like. Why do you need unemployment? If you can come back to work, his employees answered him by saying, because we get more money in unemployment than we did when we were working so that kind of proves steven mnuchin’s point. There are a lot of americans who are working very hard and what they’re getting now in unemployment does not compare to what they were making on their jobs. So that’s not true for everyone, but they are having a harder time getting people who had lower wage jobs to go back to work because they make more sitting at home than they do waiting tables. And what would you expect would do you think someone would go back to work if they were making a thousand dollars a week staying at home versus making a thousand dollars every two weeks when they were working? I don’t know it’s simple math, but that’s. What he’s arguing but it’s, not true, all across the board, some people are making less on unemployment and they would love to go back to work, but that’s not an option for them.
Now what they’re proposing now hold on to your seats? What they’re proposing is a seventy percent. Seventy percent payout of your wages. So whatever you make expect 70 of that to be your new unemployment benefit no more 600 a week paychecks and they are hoping that will in some ways incentivize employees to go back to work by saying, hey your unemployment isn’t that high it’d be better for you To go back to work and we might throw in a little bonus if you go back to work because you’re not making that much on unemployment anymore, you might as well go back to work. It might work for some people and some people might just say now. I’Ve gotten used to this life of staying at home and collecting money and until the pandemic is over i’m gon na sit back and write. This thing out so that’s it for this video. But if you want to hear the facts straight from steven mnuch’s, mouth stay tuned, i’m gon na play the clips right after this video senate republicans still can’t agree on just a gop package. Meanwhile, a federal ban on evictions ran out yesterday, federal unemployment benefits run out on friday and the first, the last checks have already gone out and the payroll protection program for businesses is running out early next month. Won’T millions of americans and millions of businesses pay the price because the white house and senate republicans can’t get your act together.
Well, chris first, let me say i think that’s an unfair characterization, uh the administration and the senate. Republicans are completely on the same page. Mark meadows and i were up yesterday just working on technical issues in the drafts we had previously agreed on all these issues earlier in the week. We want to move forward quickly. The the bill will be introduced monday and we’re prepared to act quickly. This is all about kids and jobs. This is our focus and we want to make sure something gets passed quickly so that we deal with the unemployment and all the other issues: paycheck protection plan, tax credits to rehire people and money for schools. But but mr secretary, the plan was supposed to be announced. Uh on wednesday, then thursday, now it’s next week and it’s two months after the democrats came up with their plan and now you’re going to have to start negotiating with democrats. Now that you have a republican plan senate majority leader mitch, mcconnell said friday. Hopefully we can come together behind some package. We can agree on in the next few weeks and here’s white house chief of staff mark meadows we’re, trying to make sure that we hit the immediate needs first and then continue to negotiate, perhaps throughout most of august. Until we get something finished so do you have a gop plan that will be announced tomorrow and and then what are laid off workers and what are struggling businesses supposed to do while you spend, as the white house chief of staff, just said until sometime in august Negotiating with democrats well, let me first say we do have an entire plan, it’s a trillion dollars, and let me just remind everybody that of the three trillion dollars we’ve already passed.
We have about a trillion to a trillion and a half still left to put into the economy, so these are very, very large amounts of money. The the plan that is just running out now provided a federal unemployment benefit on top of state unemployment benefits a federal benefit of 600 a week, you’re saying that’s too much. How much do you plan to reduce it and why well chris just remember when we did the last plan and let me say you know when you talk about piecemeal. This will be the fifth set of legislation, so there’s, no reason why we can’t have number five. Six and seven as we need to deal with issues and obviously anything we knew we do, we need bipartisan support, but as it relates to unemployment insurance, we we knew there was going to be large unemployment. We had a technical issue with the states and how they were going to be able to do this. So we picked a number that, on the average, looked okay. But what we’ve seen is now that we want to have the technical correction and we want to have something which pays people about 70 wage replacement, which i think is a very fair level. So it’s not a fixed number it’s, something that pays you a percentage of your wages that are lost and let me just say last time: people thought we’d have 40 or 50 million people unemployed. The good news is, we never got anything like that and matter of fact, we’ve created and brought back an enormous number of jobs.
So all these different pieces have to work together where it’s, the paycheck protection program or whether it’s the direct payments we send or whether it’s the money to schools. All this works together. So ui is just a component of the overall economic package which everybody wants. The same thing, which is let’s, get kids back to school, where it’s, safe and let’s get workers back to their jobs. When i did my interview with president trump last week, he said that he might veto a bill that did not include a payroll tax cut. That now is gone from all the discussions. Why did the administration cave on that so quickly? Well, in our conversations with pelosi and schumer, it was very clear that the democrats were not going to give us a payroll tax cut, so that’s, something the president will come back and look at later in the year, but the the money goes if, if, if i May, if i may, just briefly it wasn’t just democrats, there were a number of republicans who rejected this uh i’m, going to put them up on the screen. Some of the top republican leaders in the senate, john thune john cornyn, chuck grassley. They had a son at finance, they all said they had no interest in that and well so you got you got blow back, not just from democrats but from some top republicans as well. There were other republicans that supported it and – and let me just say again, we know we need bipartisan support.
We have tax credits that we’ve put in here to incentivize people to get back to work and in small businesses to hire people. We have the direct payments and, as you know, the direct payments are a much quicker way of effectively giving everybody a tax cut and it’s much quicker than the payroll tax cut. Meanwhile, 32, you say we don’t have 40 million unemployed, we do have 32 million people unemployed and more people applied for jobless benefits. Last week, uh 1.4 million that had applied the week before so new unemployment was, is going up not not down. Meanwhile, we’re seeing this surge uh in the virus and more and more states are either delaying or actually rolling back uh, some of their reopenings isn’t. This going to have a an effect on the recovery and is there a possibility of a double dip recession? Well, chris, let me just point out: as you said, you know we got to 30, we never got to 40 or 50. that’s a huge difference and we created almost 10 million jobs since then, so we are in a very different situation. There are parts of the economy that are doing very well uh. There are parts of the economy that aren’t in their places like new york and new jersey, which were very big problems at the time, have recovered significantly and there’s other areas where there’s an issue. So, yes, we are going to put more money in the economy, we want to support workers, small business, kids going back to school and – and those are our priorities – gdp numbers will be released for the second quarter on thursday, and the atlanta fed is projecting that the Gdp number for the second quarter nationally will not be the the plus one or two or three percent that we normally see, but instead, for the second quarter, will be something like minus 33 one.
Is that what we should expect to see a contraction of the economy by a third in the second quarter? And secondly, if it’s anything like that? Why would you want to cut back on the 600 stimulus payments, the unemployment benefits, because there are projections that, even if you cut it to around 200, which is basically what i think you’re talking about with a 70 75 percent of wages? There are estimates that that’s going to cost millions of jobs. Well, chris, we always said the the second quarter was going to be a very bad quarter again, that’s, not for economic reasons, that’s for health reasons. We literally shut down the entire economy and i think, as we’ve said, we expect the third quarter. The consensus is 17 gdp, so we do think you’re going to see a very big rebound. I might just also comment on june retail sales were one percent higher than june of last year.