THIS IS STAGGERING. IT’S HARD TO GET YOUR HEAD
AROUND IT.
AROUND IT. THE JOB LOSSES SO FAR, HERE ARE
THE UNEMPLOYMENT RATE EXPECTED
TO EXCEED THE 2008 RECESSION.
THERE’S THE CHART.
>> YEAH.
>> YEAH. >> PENNSYLVANIA, OHIO, KENTUCKY,
MICHIGAN AMONG THE STATE WITH
THE HIGHEST JOB LOSSES BUT
THAT’S JUST FOR NOW.
FLORIDA, ALL THESE STATES ARE
GOING TO GET DEVASTATED.
IS 47 MILLION UNEMPLOYED A
NUMBER THAT TO YOU SOUNDS
REALISTIC?
REALISTIC? >> LOOK, IT’S THE ST. LOUIS FED.
IT’S ONE OF THE BRANCHES OF THE
FEDERAL RESERVE.
FEDERAL RESERVE. IN FACT THE CONGRESSIONAL BUDGET
OFFICE HAS A NUMBER THAT’S ABOUT
12%, A LOT OF MAIN STREAM
PRIVATE ECONOMISTS SAY 15, 18%.
THE RECESSION GOT US 10%.
THE GREAT DEPRESSION GOT US 25%.
WE’RE TALKING ABOUT 32%
UNEMPLOYMENT.
UNEMPLOYMENT. WE HAVE NEVER SEEN ANYTHING IN
OUR LIVES OR BEFORE THAT LIKE
THAT, SO I -- I MEAN, THIS
ISN’T -- THERE’S NO AX TO GRIND
HERE, THESE NUMBERS COULD BE
REAL AND THINK OF THE KNOCK ON
EFFECTS.
EFFECTS. THIS IS NOT A NORMAL SLOWDOWN
WHERE SOME BARS ARE OPEN AND
SOME RESTAURANTS ARE OPEN AND
SOME SHOPS ARE OPEN.
IN PLACES LIKE NEW YORK ALMOST
ALL OF IT IS SHUT DOWN EXCEPT
FOR ESSENTIAL SERVICES SO IT
MAKES SENSE.
MAKES SENSE. ALL THESE PEOPLE OUT OF WORK AND
WE NEED GREATER EMERGENCY
METHODS TO GET MONEY INTO THEIR
POCKETS SO THEY CAN PAY THEIR
RENTD, BUY THEIR GROCERIES AND
NOT GET EVICTED AND FIGURE OUT
HOW WE CAN GET THIS STARTED ONCE
WE GET THIS HEALTH PANDEMIC
UNDER CONTROL.
UNDER CONTROL. >> LET’S TALK ABOUT THAT FOR A
MINUTE.
MINUTE. IT IS ASTOUNDING TO ME IT SEEMS
AS PEOPLE AND LAWMAKERS, SO MANY
PEOPLE WHO ARE IN THE SENATE AND
IN THE WHITE HOUSE ARE
MULTIMILLIONAIRES OR BILLIONAIRE
BILLIONAIRES
BILLIONAIRES BILLIONAIRES, THAT THEY DON’T
UNDERSTAND HOW ACTUAL LIVES
WORK.
WORK. THERE IS THE DIRECT DEPOSIT
ESTIMATED TO COME TO PEOPLE WHO
NEED CASH NOW APRIL 13th.
OKAY.
OKAY. THAT’S LIKE IN TWO WEEKS.
MAILED CHECKS WON’T GET THERE
UNTIL MAY 4TH.
OF THE $339 BILLION --
>> THEY WON’T START GETTING OUT
THERE.
THERE. YEAH IT’S GOING TO BE LONGER
THAN THAT.
THAN THAT. IT COULD BE MONTHS BECAUSE THE
GOVERNMENT CAN CUT 5 MILLION
CHECKS A WEEK.
NOT EVERYBODY’S GOT DIRECT
DEPOSIT.
DEPOSIT. THEY SHOULD AND AT THIS POINT IF
YOU HAVEN’T FILED YOUR TAX
RETURN FOR 2019 YOU FILE A
SIMPLE TAX RETURN IF FOR NO
OTHER REASON SO YOU CAN GET YOUR
CHECK.
CHECK. AMERICANS CAN’T WAIT BEAKS ANDWE
MORPTDS FOR THIS.
>> NO AND THAT’S JUST THE $1,200
PLUS 500 PER KID.
THEN YOU’VE GOT THE UNEMPLOYMENT
INSURANCE YOU CAN’T GET THROUGH
TENNESSEE O
TENNESSEE O ON THE PHONE TO GET THAT.
BUSINESSES WITH LESS THAN 500
EMPLOYEES MAY BE ELIGIBLE BUT
THEY HAVE TO APPLY.
MONEY CAN BE USED FOR PAYROLL
BENEFITS, ET CETERA, LOANS CAN
BE USED FOR DESIGNATED PURPOSES.
LIKE ANY OF US CAN USE VENNMO
AND CASH APP, VENMO PEOPLE NOW.
WHY DON’T THEY DO THAT?
>> YES, IT’S LIKE UNIVERSAL
BASIC INCOME.
BASIC INCOME. DENMARK IS USING COMPANIES TO
CONTINUE TO PAY PEOPLE BUT THE
BOTTOM LINE DIRECT PAYMENTS TO
PEOPLE WOULD BE MORE EFFICIENT.
LOOK AT THE COMPLEXITY IN THE
$1,200 PAYMENT.
$1,200 PAYMENT. WE SPENT THE WEEK TAKING VIEWER
QUESTIONS ABOUT ALL THE
CONDITIONS UNDER WHICH PEOPLE
WILL GET THE MONEY.
THEN WE STARTED THE SMALL
BUSINESS ROLLOUT YESTERDAY.
ABSOLUTE DISASTER, CLOGGED UP
EVERYBODY’S SYSTEM.
EVERYBODY’S SYSTEM. SO THE POINT IS THERE ARE BETTER
WAYS OF DOING THIS.
THE AIRLINE SYSTEM IS A LITTLE
BIT OF A BETTER WAY OF DOING IT.
YOU’RE PAYING THE AIRLINES TO
KEEP EVERYBODY EMPLOYED THROUGH
SEPTEMBER 30th AND THAT HAS
HICCUPS TO IT AS WELL BUT THIS
IS WHY, JOY, SOMETIMES A CRISIS
IS THE MOMENT TO FIX THINGS THAT
ARE REALLY BROKEN.
LET’S FIX THIS ONE.
LET’S FIX A WAY IN WHICH THE
GOVERNMENT UNDERSTANDS THAT IF
YOU SHUT DOWN YOUR ECONOMY
BECAUSE PANDEMICS WILL HAPPEN,
YOU WILL SPEND WAY MORE TIME
TRYING TO FIX IT AND TRYING TO
GET THOSE CHECKS OUT AND TRY TO
FIGURE THESE MECHANISMS OUT.
T IT’S 2020.
WE NEED TO FIGURE THIS OUT.
WE NEED TO NOT DO THE EMERGENCY
STEP BUT WE NEED TO FIGURE OUT
THE LEAST AMONG US WHO DO NOT
HAVE BANK ACCOUNTS, WHO DO NOT
HAVE DIRECT DEPOSIT, WHO GET
SNAP AND CAN’T ORDER DELIVERY
SERVICES, ALL THAT NEEDS TO BE
FIXED NOW.
FIXED NOW. THIS IS THE EMERGENCY IN WHICH