Fed & $1,400 Stimulus Check Update [2-24]

hey everyone meek kevin here here is the

latest that is going on with the

frustratingly slow progress of the next

covert relief package

we are still waiting for the senate

parliamentarian to decide the fate

of the 15 minimum wage and cobra

benefits remember the senate

parliamentarian is a person who's going

to tell us whether or not the senate

rules allow

the minimum wage to go forward that is

the boost of the minimum wage from

current levels to 15

an hour by 2025 or not they also have a

say as to other parts of the bill hey

are we going to allow these things to go

through or not

now the parliamentarian can technically

be overruled by a simple majority which

technically means

democrats along with vice president

kamala harris could overrule the

parliamentarium

however senator joe manchin has already

told us that he is going to side with

whatever the parliamentarian says there

is still the wild card of kirsten cinema

but a lot of eyes are on joe manchin

if the parliamentarian comes in and says

no i don't think we can do

the minimum wage through this coveted

relief package because we don't think we

can use the budget reconciliation

process for this package

well then not only does that cast doubt

on us ever being able to raise the

minimum wage to 15

and there have been other proposals

there have been proposals for an eleven

dollar minimum wage

there have been proposals for maybe ten

dollars or some sort of other scalings

there have been so many proposals

floating around but right now

those are just proposals and honestly

i'm not gonna bore us with all the

random proposals going around

it's just talk and as we know part talk

is very cheap

especially in congress look for example

at workhorse

the government says oh we're gonna

electrify

all postal service vehicles and so

people go plowing into workhorse stock i

never touched that one

but i don't blame people for thinking

like oh workhorse is gonna do amazing

when they get this big postal service

contract

and that would have given the postal

service electric vehicles for their new

fleet but instead the government goes

you know

we're just gonna go with oshkosh

corporation

uh and oshkosh they're gonna make us

really fuel efficient cars and

maybe some battery electric cars so it's

like

there's the classic government for you

really big ambitions

but then when it comes time for the

rubber to hit the road they just scale

everything back they get

slow or they delay things it's a

disaster so you can't be too optimistic

with these folks

and honestly it doesn't even matter that

you got a letter here 150 leaders of

major u.s corporations signed an open

letter encouraging that a covert bill be

passed quote

along the lines of what the house

proposed these ceos include the ceo of

18t blackstone and lyft

who cares like congress they're either

going to pass it

or if they're not and right now

everything is hinged on the senate

parliamentarian

and we've literally been waiting weeks

for this parliamentarian to decide

it hasn't been a secret that this

minimum wage thing is coming the minimum

wage text has been around four weeks so

i don't know what the freaking weight is

but now instead of hearing a result on

monday which we never got or tuesday

which we never got

now bernie sanders thinks the

parliamentarian is going to decide

either late wednesday or

thursday which probably in congress

speak means

friday at the same time the house rules

committee just added another another

excuse me 11.75 billion dollars

of costs to the current stimulus package

the items include foreign aid tribal

assistance

the national science foundation and the

national institute of standards and

technology

a sign that the house despite being

scheduled to vote on this bill on friday

is still

adding money or costs to this bill

further tom reid from the house problem

solvers caucus

is already planning to vote against the

bill there are

a lot of very very angry republicans

in the house in fact even mitch

mcconnell over in the senate calls this

an extremely partisan bill

and this is a this is going to be a very

common

argument that we're going to see

republicans make because republicans

arguing hey

biden said we're going to have

bipartisan work in congress

even though biden did say we're going to

try to be bipartisan unless of course

they say no to everything then we're

just going to do it ourselves

so it's kind of like ah well if you're a

republican you're upset with biden and

if you're a democrat you're happy with

biden right

so it's like you can't win but the point

is i think it's pretty clear we do not

have a lot of republicans

actually i can't think of a single

republican that's jumping up and down

about the current covet relief a bill

the senate has reiterated and when i say

senate in this case i mean senate

democrats that they can pass this

stimulus bill by march 15th which is

when unemployment benefits expire

jerome powell spoke this morning at a

house committee for a second day in a

row and reiterated that he believes

inflation may come in spurts but that

persistent inflation is far off

and this is an interesting argument

since often we think of inflation as

either here or not

and the fed disagrees they see inflation

as either something that's here or

it's here sort of in in spurts but then

goes away

in other words when we see these spurts

that inflation is just sort of an

artifact of other things that are

happening in the economy like the

economy reopening

in other words that online with mr jay

powell go ahead congress

keep printing money or we'll keep

printing money for you to spend keep

spending money

and we'll just keep the printer running

the senate by the way has already

started working on the new coveted

relief bill they started work on this

today at least one committee did

the house does plan to vote on friday

and the senate does plan to vote on this

prior to a march 15th it's the ides of

march hopefully they get this done

uh you know sometime by like march 12th

or something it'd be cool if they were

actually early for once

on infrastructure the biden

administration is already working on a

massive new infrastructure bill that

could increase capital gains taxes and

corporate taxes

bernie sanders believes the cost of the

next infrastructure bill could exceed

three trillion dollars which is a whole

chunk larger than the 1.9 trillion

dollar stimulus package on the table now

at the same time gavin newsom in

california signed a california coveted

relief bill

gavin newsom's covid relief bill sends

600

checks to 5.7 million people making 30

000

or less per year it also four x's the

amount of business grant funding

available

uh previously in november they had a 500

million dollars available for business

grants now they are providing an

additional

two billion dollars in grant funding and

that's because

grant funding was over subscribed people

wanted 4.4 billion dollars of grant

funding

and looks like the state of california

is going to be providing a total of

about 2.5 billion

who knows maybe that's because gavin

newsom's recall election

is getting pretty dang close or there

are almost enough signatures for a

recall election

so who knows maybe a stimulus plan will

help him politically

obviously donald trump was someone who

did believe that a stimulus package

could help him politically

however we never did get that stimulus

package done at least the large

second stimulus package before the

election so we'll see how it helps

gavin newsom if at all anyway that's the

update for today as we sit around

twiddle our thumbs and wait as usual

make sure to get up to two hundred fifty

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thanks so much for watching folks and

we'll see you in the next one

you