OFFICIAL! New Stimulus Money SIGNED! Second Stimulus Check Update | Executive Action
Last night President Trump went ahead and used his executive power in order to sign 4 aimed packages at helping Americans.
In this video, we are going to discuss those 4 packages and most importantly talk about whether or not these packages will actually have any weight.
Now before we get started with this video don't forget to hit the like button down below. That helps get this video pushed out to more people with the Youtube algorithm.
So 4 specific stimulus proposals have been signed under executive order HOWEVER Stimulus checks have still not been included.
1. Payroll tax cut.
1. This will be a deferment rather than elimination which means the government could choose to collect the money at a later date.
2. This is capped at 100k per year.
3. Trump is leveraging the payroll tax cut as a campaign strategy. IF he gets re-elected he will permanently cut it.
2. Unemployment Benefits:
1. Instead of a $600 per week federal boost, it will still be an extra $400 per week with expanded benefits.
2. Under this executive action, states must pick up the tab for 25% of the $400 per week boost which means it would be $100.
3. If the State wants the federal boost they MUST sign up for the additional tab.
4. An individual can only receive the full $400 boost if they can get approved for the$100 aid from the state.
Here's the issue:
1. Financially many states are already strapped. It is almost certain that not every state will be able to afford the federal boost because of how tight the budget would be.
2. Because the approval of the federal Unemployment boost is not coming from Congress, states must set up a new system in order to deliver the aid.
1. Building a successful system could take months and there are even some states that still provide Unemployment benefits only through direct mail.
3. Evictions. The eviction moratorium that President Trump wants will not be reinstating the previous moratorium which lapsed in July.
The new measure only states that "the Secretary of Health and Human Services and the Director of the CDC shall consider whether any measures temporarily halting residential evictions of any tenants for failure to pay rent are reasonably necessary to "prevent the further spread of COVID-19."
Eviction Moratoriums will be very difficult to gauge and this makes me question how effective the new measures may actually be.
4. Student Loans.
1. Out of the 3 executive actions we just mentioned student loans seem to be the most reliable because this one won't need further approval from Congress, state governments, or any private sectors to help fulfill.
This memorandum points their fingers straight at the Department of Education in D.C. and is ordering them to extend the student loan relief that came from the CARES act to extend till the end of the year.
Off-topic but I hear they have some pretty good food in their cafeteria.
The way Student Loans work is that:
1. Loan payments are paused and interest is suspended on federally held student loans until September 30th at the moment.
2. Back in March, Trump also waived student loan interest by executive order and the administration also said that borrowers could request a deferment on their payments.
The argument is that all of this is one big political play and realistically 3 out of 4 of these executive actions will have no weight on them.
In my opinion, the easier thing to have done would have been to just pass $1500 or $2000 stimulus checks for the people.
This would have taken care of the eviction moratorium and unemployment boost for the next few months until Congress figures out what to do next with another stimulus package.
Please let me know your thoughts down below on this.
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