Stimulus Check Update! *4th Stimulus Check (Recurring) Demand*

hey everyone meet kevin here we're back

with another stimulus update because we

actually have some updates here

first i'm going to talk about two

smaller updates which are very important

as well but then we're going to talk

about

the elephant in the room a fourth

stimulus check okay first

the ten 000 or actually the ev the

electric vehicle tax credit

might there's talk now might as part of

biden's infrastructure plan get

increased

from 7 500 to up to 10

000 of an electric vehicle tax credit

it's possible this will get bundled up

together with uh joe biden's cash for

clunkers plan

uh so we'll see but that would be pretty

uh

pretty juicy for the electric vehicle uh

manufacturers i it would be my

expectation

so that is possibly being talked about

as a form of stimulus plus

for those of you on social security

social security recipients who do not

file taxes

will now get their stimulus checks by

april

7th in fact the treasury department just

sent out this email this came out just

within the last couple minutes here

as work continues on issuing millions of

economic impact payments to americans

that would be everyone right

uh right millions to america here we go

the irs and treasury department

announced today that they anticipate

payments will begin to be issued this

weekend

to social security recipients and other

federal beneficiaries who do not

normally file a tax return

with the projection that the majority of

these payments would be sent and

received on

april 7th okay so they're going to start

sending them this weekend

and they expect most of those to hit on

april 7th and notice they said on and

not

buy i was looking for that keyword buy

and they said on

after receiving data from the ssa on

thursday march 25th the irs began the

multi-step process to review

validate and test tens of millions of

records to ensure eligibility and proper

calculation

blah blah blah because the majority of

these payments will be dispersed

electronically through direct deposit

and payments uh using existing direct

express

cards they would be received on the

official payment date

of april 7. uh okay so there's that

clarity they are looking at april

7th as that official payment date okay

well good to know

now we've got two letters about a

potential proposed fourth stimulus check

now

i don't want to get hopes up here

because we have heard nothing

nothing about a force for stimulus check

from joe biden and kamal harris

and in my opinion joe biden's in the

driver's seat on this

uh and and they call me crazy but i

think it's got to come from joe biden

for this to happen

now i would love for a fourth stimulus

check to come but right now

when biden says we got to do the 1400

gets it through hey we're going to do a

1.9

trillion dollar stimulus package got it

through now he says he's getting he's

working on for

passing in the fall a three to four

trillion dollar

uh infrastructure plan now could we

incorporate stimulus checks into that

yes maybe but i think it would have to

come from biden

and we'll see biden speaks tomorrow live

to present

half of his infrastructure plan yeah

half i don't understand why they're

delaying it

uh and they don't expect it to pass

until the fall which is crazy

but in theory you could probably include

stimulus checks into that but again i

think it would have to come from biden

so i will be covering biden live

tomorrow

when he speaks to present the first half

of the package

so make sure to uh come on by the

channel tomorrow

uh sometime in the am and uh

check the channel and you can click the

little remind button

so that when biden goes live you'll be

able to see that

all right so but what we do have besides

buying is we do have

60 legislators uh by two different

groups of congressmen and women who have

sent letters to joe biden and kamala

harris asking for a

fourth stimulus check the total group

these total 60 congressmen and women

do include 11 senators including bernie

sanders and elizabeth warren

and 53 other representatives all led by

elon omar

now mrs omar's letter reads quote

we urge you to include recurring

recurring

direct payments and automatic

unemployment insurance extensions

tied to economic conditions in your

build back better

long-term economic plan so this is you

know

arguably people on the relative left

right bernie sanders omar

elizabeth warren i don't think anyone

considers these three names moderate

this is not political to say they're

they're on the left okay they're deep in

the left okay uh

this is really no surprise that they

would be encouraging

automatic recurring payments and

automatic extensions of unemployment

there was talk that in the 1400 check

package there would be

automatic extensions for unemployment if

unemployment was still at a high enough

level

you know unemployment rate's still seven

percent or i'm sorry still five percent

or six percent

whatever it is uh in that time then we

still do a 300

boost or 200 boost or 100 boost or

whatever that never happened

it never actually came up in serious

conversations

so i'm worried this could be a little

bit click

bait uh that uh you know people are

gonna get

we're gonna get excited over these

recurring direct payments this has been

something literally the left has been

saying

since the beginning of the pandemic two

thousand dollars a month let's go

emergency money for the people's act

folks i used to be bullish on this stuff

i don't know you know once bitten twice

shy you know it's

i'm just a little bit more skeptical i'm

going to pay attention to developments

here

but it's got to come from biden folks

furthermore the letter says this crisis

is far from over and

families deserve certainty that they can

put food on the table and keep a roof

over their heads right

i mean i don't disagree with that that

nobody should be starving you know

or homeless she's also been proposing

the rent and mortgage cancellation act

which would just cancel

rent uh and mortgage collections for a

year and you wouldn't owe them back

uh which has been another you know good

thing that she's been clamoring for for

a while and

has not gone anywhere further she says

uh it is clear

that during this unprecedented time in

our nation's history that we must take

additional unprecedented action now we

can actually go a little bit deeper here

which uh

why not let's uh take a peek at this

there are several reasons to prioritize

both

recurring payments and enhanced

unemployment insurance

first these two forms of payment are

effective together

unemployment insurance has replaced lost

income for millions who have lost jobs

but millions of others do not qualify

for unemployment insurance after seeing

their hours reduced

switch to a lower paying job or

temporarily leaving the workforce

to care for family members during the

pandemic it's true those people don't

get unemployment payments that's very

true

direct payments are crucial for

supporting struggling families who

aren't

reached by the unemployment system an

urban institute

study suggests that a single direct

payment of 1200 combined with an

extension of enhanced

unemployment insurance and other

assistance could keep 12 million people

out of poverty and adding a second

direct payment could keep an additional

6.3 million people above the poverty

line

second data shows that direct payments

and enhanced unemployment insurance are

among the most effective forms

of relief available not only do these

payments keep families out

of poverty but they act as economic

stimulus by

increasing spending this by the way is

true mastercard is showing

spending data is going through the roof

we're actually not seeing an increase in

people buying stocks

in retail traders buying stocks but we

are seeing a substantial increase

in uh in in people spending money on

their credit cards

so let's see what else we have when the

cares act relief checks ran out poverty

rose and many families saw spiraling

debt automatic stabilizers will give

families certainty that more relief is

coming

allowing them to make the best decisions

on how to spend their relief payments as

they receive them

families shouldn't have to worry about

whether they'll have enough money to pay

for essentials in the months ahead

as the country continues to fight a

global pandemic almost six and ten

people say the fourteen hundred dollar

payments set to be included in the

rescue package will last them

less than three months so sixty percent

of people saying it'll last less than

three months

third recurring direct payments have

wide support from both the general

public and

economic experts polling shows 65

percent of americans

support recurring cash payments for the

duration of the pandemic the duration

of the pandemic folks we have been

clamoring for this

since last may like

i want us i would love to see this

happen just to support the people who

are struggling like i'm game

uh you know i know that's that's gonna

lead to uh

you know more inflation concerns the

stock market's going to have

heart palpitations over this uh but

like i i get the call for it i just

don't think it's going to happen

this includes support from 54 of

republicans and 60

of independents economists support the

idea too more than 150 economists

recently wrote an open letter

supporting automatic stabilizers my gosh

at the very least we should have

automatic stabilizers that is true

the fact that we don't is kind of

ridiculous anyway

warning against repeated mistakes of the

great recession this was really when the

country didn't spend enough to get us

out quickly enough

when an insufficient response led to

unnecessary suffering particularly among

low-income workers

as you have said now is the time for

boldness as you prepare your build back

better plan for long-term recovery

know that we are ready to work with you

in support of recurring direct checks

and extended unemployment insurance

benefits

to americans who are still struggling

during the pandemic boom mike frickin

drop right there i mean look that's

that's very very powerful

you know i i mean look we could be

bullish on it whether or not it will

happen i mean we'll see

a big question too is are we going to be

able to use this second

uh look we have nine opportunities over

the next

two ish years to use the budget

reconciliation process which means we

can slam nine bills through

with uh within the next two years by

doing a 2021 budget broken into three

pieces a 2022 budget broken into three

pieces and a 23 budget broken into three

pieces

however we need the blessing of the

senate parliamentarian to do this and

schumer is already asking for that

blessing

so democrats are gearing up to do

uh you know standalone bill well i

shouldn't say stand-alone bills the

democrats are gearing up again to do

their mega packages

with 51 votes much to the dismay of

republicans

republicans are still trying to convert

joe manchin to be republican

it's probably not going to happen but

you know recurring direct checks

it's exciting it's interesting i'm

worried it's a little bit of political

clickbait i hate to say but i worry that

uh mostly because look you're going to

have people like joe manchin and

kirsten cinema who were opposed like

they wanted to tighten restrictions on

the 1400 check

i think they're going to be open to

recurring 1400

i don't know i'm not optimistic but

let's pay attention to it and again i

think it's going to have to come from

bible

my thoughts hopefully you found this

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we'll see in the next one