Second Stimulus Check & Good News From The Federal Reserve Today
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Today’s news on the second stimulus check and the $600 additional unemployment benefits.
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in-depth analysis on the second stimulus check:
• 8 Signs a Second Stimulus Check is Coming.
In $600 unemployment news Federal Reserve Chairman Jerome Powell had some comments on the program. Powell said he believes Congress should extend enhanced unemployment insurance in some form after the current levels expire July 31st.
Powell refrained from stating the exact remedy he suggests for Unemployment his main point is that going to zero is a bad idea. I agree this is an important point, but I believe it is also somewhat of a mute point.
This is because the odds of PUA going to zero are pretty slim and the odds of it staying at $600 are also slim.
Extreme outliers aside pretty much everyone agrees we’ll land somewhere in the middle on this.
The most important point of all is we can’t assume everything is going to resolve itself based on seeing the sun just barely starting to peek through this dark economical cloud.
This is something I have really been harping on and I’m going to continue to do so. 13.3% unemployment is not a good number. Yes it’s better than it was in April but it is still worse than any other time in the last 80 years.
We actually had some updated numbers on unemployment today. Last week the number of new unemployment claims was 1.5 million.
I’m not saying this to be a doomsdayer because yes things are getting better. Even though it was 1.5 million claims, and that is a hefty number, that is still down 3.6% from last week which is progress. We love progress. However help is still necessary.
Really all of these same points could be used to argue for an additional stimulus check as well. With a stimulus check you have the added benefit of helping out those who have been working this whole time who don’t benefit from PUA are not currently mentioned in the return to work bonuses.
A large group of people that we don’t hear much about are those who are still working but have hours cut. These people have a job, aren’t eligible to get full unemployment, and are earning less than ever. A stimulus check would remedy some of the struggle these people are facing.
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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.