Hello everyone and welcome to this important episode of Ignition Time. Congress
has officially passed the $1.9 trillion American Rescue plan. This is great news
for us. Let's show you this tweet on your screen from the official White House account.
Congress has officially passed President Biden's American Rescue plan. How will this help you and
your family? So this is essentially an educational effort from the White House to further educate our
fellow Americans about exactly how this helps you and your family. So let's take a look at this page
directly from the White House about the American Rescue plan. As always you'll get a link to all
of our resources in the description section below. Now as we scroll down this page you'll
see that the White House has provided different scenarios based on different life situations.
So let's take a look at Avery scenario. Avery is a part-time clerk and her income is $25,000
and her filing status is single. So what are the benefits for Avery? She will get a $1400 stimulus
check. And as you can see every situation is that at the beginning of the pandemic,
her employer transitioned her to working from home and reduced her role to part-time. Since
then she's been struggling to pay for usual household expenses like rent and utilities. Now
let's shift gears to Chris. Chris is a small restaurant owner with an income of $65,000 and
his filing status is that he's married. He has no dependents. So what was the impact on Chris?
For the past year Chris's restaurant has been struggling to keep its doors open. They have been
left out of previous paycheck protection program loans and this happened quite quite extensively
because some of the large banks already had relationships, pre-existing relationships,
with the small business administration and then their clients essentially got first dibs at the
paycheck protection program money which is why someone like Chris could have been left out. They
have been left out of previous paycheck protection program loan parameters and are now at risk of
closing permanently without immediate support. So the impact of the American Rescue plan for Chris
is that he will get two stimulus checks worth $2800 and there will be access to a new grant
program specifically for restaurants. Now let's shift gears to Sam and Lee.
They are bus drivers and an electrician respectively, income is $100,000 filing status
married and they have two children under the age of 6. So what is the impact for Sam and Lee?
Sam and Lee are essential workers who have been struggling to maintain their working hours while
managing their children's schooling from home. This is impacting many of our fellow Americans,
millions. They are in need of an emergency financial boost to cover the cost of child care.
The impact of the American rescue plan, 4 stimulus checks totaling $5600 and an additional $3200 in
child tax credits for Sam and Lee. Let's shift gears and look at Jesse who's a small business
owner. Jesse's income is $60,000, single filer, no dependence. So what was the impact on Jesse?
Jesse owned the hardware store with 10 employees and she was able to hold off on layoffs for the
past year but without urgent financial support she will need to lay off her staff by the end of the
spring. What is the impact of the American rescue plan for Jesse? A $1400 stimulus check funding for
work sharing programs to avoid business layoffs access to flexible grants to get back on their
feet and come back stronger for business owners like jesse let's take a look at jamie
who's a teacher making 55 000 a year single filing status and three children under the age of six
so for jamie she's been teaching her classes from home while overseeing her three teenage children's
at home schooling and helping care for her elderly parents so jamie's got her hands full
she's in need of an emergency financial boost to help with rent utilities and food so what's the
help she's going to get with the american rescue plan for stimulus checks for a total of 5 600
an additional three thousand dollars in child tax credits this is very important and safely reopen
schools because the american rescue plan has funding for reopening schools let's take a look
at charlie who's retired with zero income okay zero income he's married and has zero dependence
now um charlie now this is this is where things get interesting and this is
this is very important now charlie's family struggled through the pandemic and charlie
and his partner have been supporting their grown children financially and are now struggling to
make ends meet themselves charlie and his family will get two stimulus checks for a total of two
thousand eight hundred dollars in this scenario so hopefully that was uh that was a helpful overview
of the american rescue plan now let's shift gears and show you the headline of an article on your
screen from politico biden has a recovery built to sell and history to avoid repeating itself
it's a task that has befuddled his predecessors how to promote and improving economy
if not everyone feels it the bottom line is this the democrats want to take credit for the american
rescue plan they want to take credit for helping all of the individuals that i mentioned earlier in
our video so the democrats want to be able to essentially make a publicity move out of this
and they want to gain political mileage you have heard me talk about this on our channel before
politics is about timing it's about opportunity it's about tribalism and it is about perception
timing the democrats will say we did this at a time the country needed it the most because the
country has still not recovered from the pandemic opportunity this is the opportunity for them
because there's a democrat in the white house because the democrats have control of the senate
and the house at the time being that could change with the midterms coming up in 2022
as far as tribalism is concerned the democrats are going to say not a single republican
in the house or the senate voted for the american rescue plan and therefore they did not want to
put stimulus checks in your pocket we did the largest stimulus checks and as far as
perception is concerned the democrats want to say we are the party that came to the rescue of the
american people hence the name american rescue plan and speaking of rescue the american rescue
plan has overwhelming support from a majority of the american people here's a tweet on your screen
from arrow keefe who's a cbs news senior white house and political correspondent
ed writes that three in four americans approve of congress passing the american rescue plan
large majority of democrats and independents along with nearly half of all republicans approve
of passage let's show you this statistic on your screen and you'll see that there's 75 support 94
among democrats 77 among independents and almost half of all republicans support the american
rescue plan and as all of this is happening bloomberg news has just reported that millions
of our fellow americans you see this article on your screen millions of our fellow americans are
missing out on stimulus survival checks so this is the one thing that i believe President Biden
simply had to do to get the conservative democrat joe manchin on his side there he is what's up joe
how's it going so President Biden had to make this concession in order to get joe manchin's
vote in the senate otherwise the whole thing could have blown up and let's go back to the
article from bloomberg and estimated 8 million americans were cut from the most recent round
of stimulus relief payments in the interest of targeting money to those who need it the most
folks there's no way no way to have a perfect situation unfortunately there were there were
always going to be some individuals who were going to be left behind i want to be as clear
as i can i've always been in favor of help for those who need the most but what this has done
is for single individuals making more than eighty thousand dollars a year and for married couples
filing jointly making more than hundred and sixty thousand dollars a year the fourteen
hundred dollar stimulus checks were just gone not available not sent out either for them or any of
their dependents so therefore eight million of our fellow americans were left out in the interest of
more targeting which was a political necessity to get the bill passed because without that
the whole thing could have fallen apart and because the conservative democrat joe manchin
wanted more targeting and the democrats needed every vote in the senate they could not afford
to lose a single vote and if they had we would not be celebrating the passage of the american rescue
plan i'll share the story of samuel suarez from the bloomberg article and by the way you'll get
a link to this article and all of our resources in the description section below samuel is from
the suburbs outside of raleigh north carolina and he just missed the cutoff for this 1400 stimulus
check now he he has realized that he's not going to be getting the stimulus check he and his wife
now he was laid off shortly after the pandemic but he did find another job and he was on unemployment
insurance for some period of time in 2022. approximately 40 million of our fellow americans
were on unemployment insurance at one point or another in 2020 so suarez has two children
and he says the stimulus payments would have been extremely helpful as discretionary income
or as an emergency fund in case he was to be laid off again here's a quote from suarez in bloomberg
we do all right but we're not rich by any stretch of the imagination our income goes
awfully quick when you're spending half of it on your house and daycare so that's where things
stand everybody this uh this difficult situation in which the targeting of the stimulus checks
was necessary to get the bill to pass and in that effort it left out eight million
of our fellow americans who simply needed the money who could have used the money but was
simply not eligible for it let me know what you think in the comments section below folks i want
to be clear perfection is the enemy of progress there is no such thing as a perfect bill am i
saying that these eight million of our fellow americans did not deserve the stimulus checks
absolutely not this isn't about that this is about simply trying to understand the risk reward ratio
of every situation the risk was not getting joe manchin's vote could have scuttled the whole thing
and the reward was getting his getting his vote by making some compromises by targeting stimulus
checks and unfortunately by leaving out eight million of our fellow americans get the passage
of the 1.9 trillion american rescue plan which is going to help 85 of american households let me
know what you think in the comment section below my specialty in case you haven't figured it out
already check that out i make it rain money i make it rain money i also have a crystal ball because i
can predict the future i can actually tell you what's going to happen tomorrow i can actually
tell you what's going to happen right now check that out this crystal ball is going to disappear
and this raining money effect right now i'm gonna go like that and it's gone check that out i can
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i'm looking forward to seeing you in the next episode of ignition time take care bye