- Wow.
2.98 million.
Just under 3 million people filed for unemployment
last week alone, bringing the total up to
36 million since this all started.
Right now we are at a 14.7% unemployment rate.
Greatest percentage, the Great Depression.
I mean, it's, we like, we know this is all going on
but until you actually see the numbers,
it is just staggering like, how insane this is.
What's going on y'all, hey this is Jeff Rose
welcome back to Wealth Hacker Labs.
Just wanna give another update on
what's going on right now with the
economic stimulus packages.
Just recently it was announced that Democrats
are putting out what's called the HEROES Act.
And this is their latest version,
their latest version of a second stimulus package.
In this package, I'm sure you've probably
have already read the news, watched other videos,
but this is the package where they're offering
a second $1200 stimulus check.
This is very similar to the CARES Act.
If you are married with a spouse you'll get $2400.
One of the big changes here is if you have dependents,
you'll get up to $1200 per dependent up to three children.
So potentially a total of $6000.
That's by far like some of the biggest changes.
Right now, you know, the question is
is that how likely is this going to pass.
I'm still amazed and I'm still getting people commenting
on my channel saying that they still haven't received
their first economic stimulus check
and looking at my clock, looking at my calendar
it's May the 14th.
And I know several people had
their checks directly deposited,
I know some people have received it in the mail.
I've seen the picture of the check, you know
with Donald Trump's name and the signature block.
You know, so the checks have been going out.
And actually, we know that dead people
have received their checks.
And yet many people still haven't received their first check
which is just crazy.
But, just to address, you know, the question,
"How likely is a second economic stimulus check,
"second stimulus package going to pass?"
you know, so, once again, just kinda breaking this down,
so this HEROES Act is a $3 trillion, $3 trillion package.
And it's already getting pushback.
It's already getting pushback from the Republicans.
Just because there's just a lot of, a lot of fat,
just a lot of, a lot of pork in this thing,
and just, you know, it's a lot.
Some of the big things, once again, the new bill
is providing a second economic stimulus check, $1200,
if you are making less than $75,000 you qualify,
if you're making more than $75,000, you're single,
you'll be getting a, starting to get phased out.
If you are joint-married with a spouse
making more than $150,000, very similar to the CARES Act
you'll get phased out.
Already talked about the dependents,
so instead of $500, you get up to $1200 per dependent,
capped off at three.
This also, this bill also expands
so here's where also it was different with the CARES Act.
It expands the pool of people eligible for checks.
To every qualified person on a tax return,
meaning that one ineligible spouse wouldn't interfere
with the other spouse's payment,
and I've talked about this in the last video.
Basically, in the CARES Act if you
had a social security number
but you're spouse didn't, didn't have a tax ID number
then you both didn't receive a check.
So that's something that's been updated
here on this package.
The money would be distributed the same way,
I know some of you are just so excited to here that, right.
The money is distributed the same way,
either direct deposit,
hopefully to the account that you want it to go into,
or if you don't have direct deposit on file with the IRS
they're gonna send you a paper check.
They have eliminated any potential
for your checks to be garnished
you know, whether you just have back taxes
or whatever reason, creditors trying to come after you.
But by far the biggest roadblock right now is
some of the provisions that are on here.
You know, for example, right now how the package,
how the HEROES Act is currently written,
they are trying to eliminate the SALT cap.
No the government's not looking out for your health
and trying to eliminate your sodium intake
to help out with high cholesterol or high blood pressure.
No, the SALT tax, basically we're talking about here,
is the state and local taxes.
So basically all the standard deductions that you can get
on whenever you filing your taxes.
So they're trying to eliminate that.
And there's also $875 billion of the $3 trillion
that are allocated towards state and local governments,
and that's the vague description of this,
but when you kind of peel back the layers
and start seeing like where the money is allocated,
you know this is just where
they're currently not agreeing on.
And, there was a lot of similarities in the CARES Act.
There's a lot of stuff that they could agree upon,
but other stuff that there was just,
they're at odds trying to get this together.
Now, I find this interesting, so
a spokesperson for the Senate finance committee chairman
Chuck Grassley, grass-ly, from Iowa, said,
"The bill will be," and I quote,
"'DOA in the Senate,'" so dead-on-arrival.
So that's basically in its current form,
it ain't gonna pass, that's basically what he is saying.
And while there are several different provisions
that are including in this HEROES Act,
I mean, one of the ones for example
that the Republicans are pushing back on is that
of that $875 billion, $25 billion is put aside
for the United States Postal Service.
Now, I don't know the last time that you've been
to a post office, but I know the one in my area,
man these people are, they're just not happy.
I mean, they are not happy people, God bless 'em.
So, I don't know if the $25 billion is gonna,
increase their work environment and make them happy.
But you know, right now, especially with, you know,
you've got UPS, you've got FedEx, you've got DHL,
and the United States Postal Service man,
that's just, it's become an antiquated system,
hence why many of you are still waiting
on your first $1200 economic stimulus check.
Now one of the provisions I think that
many of Congress and many even Americans agree with
in this HEROES Act is that, as it stands right now
with the CARES Act, your unemployment benefits,
so this extra $600 a month that you might be getting,
is set to expire in July.
So the way that the HEROES Act is written,
this would continue, so your $600 a month
would continue until January 31st 2021.
And the way that it's written is that
it wouldn't just stop immediately right then,
it would start to phase out over a certain period of time,
just basically, kinda written into language that
in the event that things aren't where they need to be
January of next year, put that into perspective.
Like, thinking if things aren't
back to somewhat normal by next year.
I don't even wanna go there right now,
let's live in the present, but, anyway.
It doesn't just automatically end right there.
And I think right now, especially
that's just one of the biggest benefits.
Obviously getting another check
would help out a lot of people,
and then also extending those unemployment benefits as well.
So the voting on this HEROES Act
is supposed to happen this Friday,
and the question is, is it going to get passed on Friday?
And the answer is heck no, of course not.
Even the CARES Act, even with that one,
that one, we all agree, we all felt like, man,
something needed to be done.
And even that, the urgency of didn't even get done.
I mean, they just went back and forth,
and that took several days for it to finally get pass.
So right now, there's just so much pushback right now
and just spending, printing more money,
you know, another $3 trillion,
that nothing's going to happen this Friday.
And I don't expect anything to happen
even next week as well.
I mean this is something that is going to be,
they're gonna wait some time for the states
to start opening up business, getting people back to work,
seeing how that's going to play out,
see how for the states that have started
their Phase One integration of opening back up,
seeing how COVID-19 cases are going to,
are they going to continue to decrease, increase,
and what's going to play out there.
I mean there's so much uncertainty going on.
I just wanna offer some of my thoughts
because i know in like my previous videos,
you know I've definitely, I've definitely supported
something happening, you know,
and I've also hinted or alluded to the fact that
what part of this falls back on us,
us the American and like our responsibilities
having appropriate savings and managing our money
and just budgeting,
and one of the things I would say is that
if you haven't done this yet,
I mean this is a prime opportunity to start looking into
building secondary incomes.
And I get it like, "What do you mean, how do I do that?
"Like I'm stuck at home, I can't go anywhere."
There are so many different opportunities online
that exist that you can start making money,
whether its freelancing, consulting,
even, by God, like, filling out online surveys
which I know are just a lot of
(laughs)
feels like you're watching paint dry.
But, the reality is that, you doing something,
trying to generate some sort of extra income right now
instead of getting caught up on Netflix,
watching your favorite shows,
binge-watching "The Office" for like the seventh time.
Right now you have opportunity, you have time
to start educating yourself, start doing research
to find out what other opportunities exist out there.
And I haven't had a chance to record this video yet,
but even my youngest son, you know,
we're totally into sneakers,
it's one of the things I've really enjoyed,
and with him, like, I've been showing him
how he can make money just reselling sneakers,
and he's 12 years old and I know in the last few weeks,
he's made almost three or four hundred dollars
on his own, 12 years old.
Now, on his own because his dad has shown him how to do it,
but, nonetheless, like, I showed him how to do it,
showed him what to look for,
and he's taken that information
and he's turned that into real money.
And that's just like one small example
of the opportunities that exist out there,
and if you're interested I've been wanting to do
more of these type videos just to give you more information
to give you more resources.
I mean this is what the Wealth Hacker channel
was initially started for, was to show people this.
Now with everything that's going on in the world,
you know, kind of took a slight pivot,
just wanted to update on everything that's going on
with these economic stimulus packages,
and just keeping you updated.
But, just so you know, if you haven't looked
at the archives yet, seen some of the other videos
we have on this channel,
there's a ton of resources out there and just helping you.
Because that was the original foundation,
the reason why this channel started
was to show you different ways of making money,
of growing wealth that is much faster
than what is typically thought out there.
But anyway, just wanna share that information
because there's opportunities,
and if you're not taking advantage of the opportunities,
this is, it's a golden opportunity.
Because you got nothing else to do right now.
You got nothing else to do but to educate yourself.
And instead of putting all the pressure,
putting all, just putting it on the government
to take care of us, like, I mean this in the kindest way,
but screw them, right?
Like screw them, I mean, yes, they're taking care of us
but why are we putting so much, giving them so much control
on our happiness, on our outcome
instead of taking charge of our own life
and creating our on destiny?
All right, so that was just a little,
a little rant there, a little Wealth Hacker rant but,
felt like I just needed to share that this morning.
And, yeah, just kind of give you some encouragement
and feel free, if you have any questions,
drop in the comments below.
If you haven't subscribed yet, go ahead and do that now.
If you enjoyed any of this video,
be sure to give it the big like so other people
can find out about the Wealth Hacker channel.
And just show them a different way to grow wealth.
All right, y'all, Jeff Rose reminding
you that it's your money, it's your life.
Know you can make it awesome.
'Til next time, peace!