Hi everyone, this is Dr. Nitin Chhoda! In this important video, I'm going to talk
to you about an important update about the $400 a week
unemployment extension. Basically the lost wages assistance program. The
jobless aid program as some as some outlets are calling it. An
important update about that and the federal government has just
announced that the states do not have to chip in
that additional $100 a week. So this presumably means that a lot of states
won't and if that is the case in your state,
that means the actual new unemployment insurance benefit booster on top of your
state UI benefits is actually going to be
$300 in addition to your state UI benefits
not $400. So that's the first update and the second update,
i'll talk to you about the depth of the unemployment problem across the country.
I'll show you some charts that are absolutely going to blow your
mind and you see the difference from earlier in the year,
to where we are right now and how the unemployment,
the depth of the unemployment across the country is much much bigger,
more vast than you could have ever imagined. Let's get started.
There was an article recently in the Washington Post and the article reads
White House clarifies limits of jobless aid plan as talks with congress dim. So
you can see this article on your screen right here. And the
article says unemployment benefit will be $300
per week not the $400 per week that the President
promised when he announced his executive orders. And President Trump's senior aides
acknowledged on Tuesday that they were providing less financial
assistance for the unemployed than the President initially advertised
amidst all the blowback that have that has now started to come in
from state officials. I did do extensive coverage yesterday
about the blowback from different states and also gave you some resources on how
you can track, whether your state is indeed going to be
providing this additional booster. And so on Saturday, the President had
announced through executive orders that there
would be an additional $400
per week in expanded unemployment benefits through the lost
wages assistance program. But by Tuesday, senior White House officials, by
yesterday, senior White House officials were saying
publicly that the maneuver only guarantees
an additional $300 per week for unemployed Americans.
And they said that states are not required to add anything to the existing
state benefit programs to qualify for the federal aid. So what
that basically means is the booster will be $300 and not $400 because
your state will not be required to put in the
$100. So I think this is unnecessary confusion on
the part of the federal government. I'm reporting what's coming out. When the
President announced the $400, I reported it,
I broke it down for you along with how difficult, how challenging it might be.
I reported what the US treasury secretary Steven Mnuchin said.
Which seemed encouraging that it would be implemented immediately.
I reported what the President said, what the Vice President said,
I even reported what the White House senior economic advisor Larry Kudlow
said and he basically said individuals would be getting $700 per
week if you counted the $300 a week state unemployment benefit which
is the average across the country. On top of that, the $100 sort of
payment the states would have to chip in and then the additional $300
from the federal government. And you know that that also is not going to be the
case in all states but now the federal government is saying hey you
don't have to put in 100 the states don't don't have to put in
100 and so the federal booster in that case
is only 300 on top of that not every person is going to be eligible for this
individuals have to be getting more than 100
a week in state unemployment insurance which by the way leaves out the most
vulnerable of individuals who actually desperately need this aid
so it leaves them out of the equation plus this aid is not expected to
last more than four or five weeks so those were the updates as far as the 400
a week is concerned which is now for all intents and purposes 300
a week again don't blame the messenger i'm reporting what's coming out from the
administration in real time and it's quite hard to actually keep up
with their news i understand exactly what you're thinking
my goal is to present you with facts and with information and that's what i'm
trying to do speaking of facts and information let's
take a look at the depth of the unemployment problem throughout
the country on your screen right now you'll see the problem in new york city
now you'll see a comparison between how the situation was at the start of the
year and how the situation was as recently as
june 2020 so we're comparing the start of the year
with june you'll see the areas in yellow that show areas of low unemployment
and you see areas in those darker colors which show
a high degree of unemployment it's mind-blowing when you actually look at
this particular chart you'll see that certain parts of new york for example in
corners of the bronx and we'll talk we'll we'll go over other
parts of the country as well unemployment is concentrated to specific
areas and this creates a bigger problem in
terms of what i call the cycle of poverty in fact in new york it's as
if parts of the bronx were experiencing the great
depression while some parts of the upper east side are facing only a modest drop
in employment it's almost like nothing happened to some parts of new york city
where but as some parts of new york city from an economic perspective from an
employment perspective were completely decimated in
fact it's a similar situation in chicago let's take a look at chicago
you'll notice that there are some areas that are much much
more impacted than others and those darker portions represent areas of
higher unemployment you'll see that that breakdown that parameter at the top
of the chart which tells you that the lighter shades the lighter
yellow shade is areas of low unemployment and that
was at the start of the year and those darker shades are regions of
much much much higher unemployment as
recently as june 2020 the sectors that have been most impacted
by this pandemic have been travel leisure hospitality and so all of these
hotels all of these have been badly impacted so
you can see these highly concentrated areas in chicago
let's also take a look at los angeles you'll see that some of the most highly
concentrated areas where you have a lot of travel activity a lot of
leisure a lot of hotels a lot of hospitality and you have a lot
of restaurants whereas where there's a concentration
of these kinds of businesses you'll see those have been
very badly impacted and there are certain counties that have been
again economically and from an employment perspective completely
decimated we looked at new york we looked at chicago
and we're looking at the greater los angeles area and again as you can see
some areas have been much much more badly impacted than others now in case
you're wondering where all this data comes from this is data courtesy of the
new york times from this article that you'll see on your screen in these
neighborhoods the jobless rate may top 30 percent so this article does an
excellent job and provides this kind of analytical data
for the entire country so far i've showed you new york city
what i've done is i've shown you chicago and i've showed you los angeles now
let's take a look at this chart on your screen which is the entire country the
whole country yes so you can actually type in your zip
code on the top right hand side of the screen
and you can actually check out the unemployment the depth of the
unemployment in your region it can be it can be down
to the zip code level so what i'm going to do is i'm going to
take a look at florida right now and as you can see florida has areas of
high unemployment again those darker portions those darker sections
correspond to higher unemployment you see the chart you see the parameter
at the top of the map which tells you areas of low unemployment
regions of low unemployment and regions with high unemployment
then we move on to california you'll see that california also
similar to florida has some regions that have been very very badly impacted again
you can type out your zip code i will provide you with the link in the
description below to this article so you can check out the article
for yourself and you can type in your zip code next let's move on to arizona
you can see that arizona also has certain regions certain localities
certain zip codes that have been impacted
much worse than others again where there's a high concentration of travel
where there's a high concentration of leisure
hospitality restaurants entertainment they are the ones that have been most
badly impacted and hopefully they'll be the ones that will recover quickly
i have a feeling that travel will be the last to recover because
i can speak for myself i'm not boarding an airplane anytime soon also let's take
a look at michigan very similar to what you saw with
florida with california with arizona in this particular in this
particular chart here with michigan also again certain regions which have a high
degree of of unemployment and other regions
that don't seem to be so badly impacted very surprising in many ways disturbing
when you look at this i would encourage you to check out the article
i will provide you with a link to the article in the description below
type in your zip code put in the zip code of friends family members just to
get a sense of the extent of unemployment
in that particular region and again this chart and this article is courtesy of
the new york times so that's it everybody that was the
depth of the unemployment across our country also the current
state of the 400 a week jobless aid the lost wage assistance program
which is now 300 a week let's hope there are no more changes no more surprises
because it is really hard i'm with you it is
hard to keep up with this my goal is to give you
the information and the facts at all times i'm hoping to give you more good
news in the future but my focus is on the real news the honest news and again
i'm hoping that i can give you good news in terms of
in terms of a renegotiation of the stimulus and hopefully a consensus that
leads to more money into the hands of americans who need it
the most thank you so much for watching my name is dr nitin shoda with ignition
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thank you so much for watching i i appreciate you watching i'm hoping that
i can lead you forward beyond unemployment
benefits beyond stimulus checks and teach you to become financially free
if you don't know anything about me make sure you check out my story
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symbol of the american dream i believe that i
am what i am because of american exceptionalism
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