Hi everyone, this is Dr. Nitin Chhoda with Ignition Time. By now you know
that all the stimulus talks have essentially stalled because there was 25
minute phone call today between house speaker Nancy Pelosi and
White House chief of staff Mark Meadows and it does make me sad when I look at
this situation and when I think about my fellow Americans and
at the end of the day I completely understand what all my viewers, all my
subscribers, what all of America is going through.
At the end of the day a lot of us don't really care
who takes credit, we don't care what bills they sign
we just care that the money shows up in our account. We have to put food on
the table for our children, we have to make car
payments, we have to pay rent, we have to pay our mortgage
we have to we have to do all of these things otherwise we get hit with late
fees, we get hit with penalties and for
the first time many of us are experiencing hunger.
It's really a tragic situation and you know when I started this channel
my goal i'm trying to, i'm trying to stay calm here when I
started this channel my goal was to provide education on personal finance,
on building a business and that's still the case for me
but I think at this point in time I think we as a country,
we as a community need to heal. So i'm going to give you some information
in this video that's A going to help you understand that you're not alone because
i'm going to give you some trends across the country.
A lot of it has to do with the standard of living and with
where you're staying in the country. Because every state has a different
minimum and maximum unemployment benefit amount and that
amount changes significantly with the extra
$300 a week right now and it did change significantly with the extra $600
a week which has expired. So I want you to understand numbers because the
one thing that we need when when we're in a difficult situation is
at the very least we need the right information
and that's what I can try and do for you through this channel, through this medium
through youtube. So I want to help. #2, I think that we should make an
active effort to help each other. You can help in a small way by
commenting below and by helping others. I try and review as many comments
as I can but I simply can't keep up with all the comments myself. So I think
as a community we need to help each other and we need
to essentially share the burden if you will
as best as we can. Now there are three things you can do. I believe, #1, you can
comment below, you can let us know how things are going
in your state. Tou can help other Ignition Time community members and give
them some solace, give them some comfort. #2, if you are in a good position
if you are in a fortunate position do something like helping a neighbor.
Perhaps, if you have extra food in
your pantry go and help a neighbor.
#3, see if there's some way you can help within your community because there are
people out there who need help. If you do need help and if you're not in a
position to offer help
to someone else then don't be afraid of asking for help.
Because this is a time I believe that can bring out the best in us
and for some of us it is going to bring out the worst in us. But again I
i believe that all my viewers all my subscribers
want to help others as do i and the the best thing we can do is at the very
least comment below or try and help someone locally because
you know we have to try and pay it forward
so with that being said let me jump right into the actual content
portion of this video and in most cities it's impossible to live on the
jobless benefits even if you consider the 300 weekly benefit which by the way
as of right now has been distributed only in five states
a majority of the states that are that are getting the
money said they'll only pay of the 300 and only five states have actually
started distributing the money and some states like alaska
have said it'll take them almost a couple of months before they can start
distributing the money so this is nowhere nowhere
like the federal unemployment uh benefits the enhanced federal booster
the 600 a week booster which was an act of
congress in which c basically flew seamlessly throughout all states and
which seamlessly bolstered uh the economy but now uh
things are in shambles right now uh primarily because the call today between
white house chief of staff mark meadows and our speaker nancy pelosi
went quite badly okay so workers in just 12 out of 109 metro
areas could pay for rent food and
transportation using state unemployment insurance according to a recent analysis
from clever real estate now let's be clear state unemployment insurance was
never intended to replace 100 of an individual's income but what
i'm trying to do with this video is to highlight some
disparities related to the standard of living and related to where you are
living in the country so this again has a lot to do with the cost
of living standard of living where you live or it's going to be more expensive
to live in a place like new york city as opposed to some other
town in i don't know i'll just pick let's say let's say a remote town in new
jersey for example so this also has a lot to do with how
much states pay out because remember states have their own
formula their own calculation for minimum and maximum unemployment
benefits and some individuals have a shortfall
a monthly shortfall that could be thousands of dollars in fact
let's take a look at this chart on your screen right here which shows you the
jobless benefits after rent food and transportation
expenses so in other words basically after the expenses for rent uh
transport and food are taken out this is how much is uh is you know is
the person has so you can see that the 10 cities at the top we have springfield
massachusetts waukesha massachusetts spokane by the
way massachusetts space more relative to other states by
way of unemployment benefits spokane washington toledo ohio dayton
ohio cleveland ohio akron ohio des moines indiana cincinnati
ohio and columbus ohio so you'll see that
these states there is essentially more unemployment
benefits relative to the standard of living
okay so even if the standard of living is high the unemployment benefit is high
there is essentially a positive shortfall if you will
well not a shortfall but there is essentially a positive
uh number in other words individuals are in a better position in those states
on the other hand let's take a look at some of the more expensive states with a
much higher standard of living let's start from the very bottom
san francisco california san jose california oakland
honolulu hawaii san diego los angeles new york
miami oxnard california washington d.c so you can see that states like
california florida and new york have have a much wider discrepancy
california and new york do have a much higher standard of living
and florida setting aside the standard of living florida has had significant
problems with its unemployment benefit system so
the reason i'm showing you all this my viewers my subscribers my communities i
want you to understand that you are not alone that
unfortunately this is a trend across the country now
this may or may not help you but you know i'm doing what i can
i'm doing what i can to try and help our community by giving you information and
you know that's that's the best i can do through this medium through this youtube
channel sometimes i lie awake at night thinking of ways to be able to help the
community remember i am i'm trying to provide you
with information to help you make better decisions
that is my role as an educator within this channel so that's what i'm trying
to do here and what i want you to do is type out in
the comments section below whether the unemployment benefits have
actually helped you stay above uh you know stay above board if
you keep your head above water because of all the expenses that
we have all of us have expenses you know we have
we have so many bills to pay especially if you have children
um you know it just it just puts parents in a very difficult position
you know we've been independent all our lives many of us most of us
and now all of a sudden we're dependent on the government
and uh we have a pandemic and we've lost our job through no fault of our own it's
uh oh it's it's not uh it's not the best
it's it's it's not easy for me to cover it but i do my best so
what's happening is on average states pay about 308 dollars a week which is
about 1232 a month this was in june according to
the labor department and that's not even enough to cover rent in many cases
renters pay on average this is across the country average
eight hundred dollars a month for a studio apartment a thousand dollars a
month for a one bedroom twelve hundred dollars a month for a two
bedroom and sixteen hundred dollars a month for a three bedroom and
two thousand a month for a four bedroom i'm not sure how many people do four
bedrooms but there you go and this was according to
uh data from clever real estate uh this was fair market area rents uh
fair fair market metro area rents in the us
so again these are metro areas so these are sort of a
high density area so that's where things stand right now and on your screen
you'll also see a chart here which shows you unemployment benefits
with or without additional relief across the country that blue dot on one
side of the chart is the average weekly benefit now keep in mind that is the
average in that state each state has its own minimum has its
own maximum that is the average so the amount you get is going to be
somewhere is going to be on either side of the average
now if you add the 400 benefit actually i should say it's 300
but i think for the purposes of this chart we've considered 400
then you come to that dark blue that dark blue
uh portion where you essentially add 400 and you get to it by the way it's 300
it's not even 400 but this is the data that we have
and the yellow is where things were with the 600 so you can see that
if you take a closer look at the chart nationwide you'll see how the 600
benefit was was essential to allowing us to allow us to pay our bills
and now it's gone so that is where things stand right now and uh
right now only a handful of states have been paying the 300 week benefits
and again the state benefits are different for different states
mississippi for example has the lowest maximum of
any state which is 235 a week massachusetts has the highest 823
a week without the boosters in massachusetts
uh plus an extra 25 per dependent up to a total of 1234
dollars a week in massachusetts that's what individuals can be eligible for
and so what's clear is that all these benefits
don't correlate with the cost of living as you can see
and you know unemployment benefits go furthest
in two massachusetts cities springfield and waukesha
because you know there the unemployment benefit is high relative to other states
california cities are at the bottom because of affordability issues
and the state pays average benefits if you will
but the cost of living is very very high in those particular states so let me
know what you think about this discrepancy if you will
between state benefits and cost of living in the comments section below i
want to hear from my community i want us to try and help each other through this
through this crisis you can check out the fema website if
you want the latest status of the 300 a week benefits whether your state has
been approved for it or not and let me know in the comments section
below what you think of this video and let's try and help each other
through this through this rather challenging situation my name is dr
nitin choda if you don't know anything about me
please check out my introductory video on the youtube channel i have the
fortune the privilege the honor of living the american dream i want to help
you reach your american dream we release
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thank you so much i'm looking forward to seeing you in the next episode of
ignition time take care bye