- What's going on, y'all?
Welcome back to the channel Wealth Hacker Labs.
I am your gracious host, Jeff Rose.
It is Monday.
It is June eighth.
Hope you're having a great day to start your week.
So this is another economic stimulus update video.
There have been some recent developments.
Unfortunately, developments I don't want to share,
but I have to share because you need to know them,
but before we get into that, first I want
to address this headline that I came across
over the weekend, and when I first saw this headline,
I was like, what is this?
Like what is going on?
And I didn't get really excited about the headline
because I knew that there had to be a catch.
I knew that with all these big news sites,
there's the headlines and they're trying
to get your attention and it got my attention,
so much that I saved the article on my phone
and I emailed it to myself so I could read it later,
but you'll see why this headline caught my attention.
So this was the headline.
Senate proposal could provide as much as $10,000 per month.
I'm gonna go ahead and highlight that number
'cause that is a big, big number.
$10,000 per month 'cause you've heard about the CARES Act.
This is the $1,200 payment that you've already received
or are still waiting on.
You've heard about the HEROES Act which is, you know,
this is the $1,200 second stimulus check
which would be phase four of the Stimulus Bill.
So you've heard all of this.
You've heard of these reocurring payments,
anywhere from $1,000 a month to $2,000 a month,
but to see this headline of $10,000 per month,
I mean, that definitely got my attention
and I should've realized as I went through this more
what exactly they were talking about,
and this was actually a video, I just talked
about this here recently,
this Monthly Economic Crisis Support Act
that is in the media again.
It's all over the news, not so much this week,
but definitely last week, and this was the bill
that was proposed by Kamala Harris and also Bernie Sanders
which basically this thing is, I mean,
this thing is not even worth discussing anymore,
but for some, I don't even know why this all got brought
up last week, but the $10,000 a month,
that is if you are married.
So if you got the $2,000, your spouse would get $2,000
plus if you had up to three dependents,
they would get $2,000 a piece.
So that is the $10,000 per month
that you're seeing here in this headline.
Like this thing is, the only reason I'm bringing this up
because this was a big headline.
This was on CNBC.
You know, it was published on Saturday,
updated again on Sunday, and if you came across this,
you might be wondering like, ooh, is this gonna happen?
Is this a possibility?
No, like this is not even on the discussion radar.
This is not on the agenda.
This thing is just, right now it's just news
and that's all it is and that's probably all
it's going to be.
So I wanted to address that first, but as far as updates
on what is more likely has more potential is the HEROES Act.
So this is the second stimulus check
that keeps getting talked about.
This is the one that the House of Representatives, you know,
they passed, it's up to the Senate now,
and we've been waiting because the Senate,
they were on recess.
I'm saying that nicely.
They were on recess over the Memorial Day week.
They got back the first of June.
They were in, they were, I guess, in meetings all last week.
Obviously, we've had a lot of development since then.
Not so much with the economy, but with everything going on
with the protests and the looting and all the craziness
that's been going on in the U.S.
So whether they've actually been addressing any
of the stimulus package, I would seriously,
seriously doubt it, but just today, you know,
there was some update on one
of the chief advisors to the President.
So here we have, and I'll have a link to this
in the description so you can check out this article,
once again on CNBC.
This is strong June jobs report would absolutely affect
a phase four coronavirus deal, Trump aid Kevin Hassett says.
So for the good news in this article
and what Kevin Hassett says, and I'll go ahead and, I mean,
this is the key points of this article.
I don't need to go through the entire article,
but it does say, another coronavirus relief package
is all but inevitable.
So that was a big one, and then we have this one here.
So this was the direct quote.
"The odds of there being a phase four deal
"are really close to 100%."
And in case you're not aware, so anytime you say the odds
of being a phase four deal, so we are talking
about the second stimulus check, but this would be part
of a phase four bill.
So the odds there, this is exactly coming from him.
You know, the odds of there being a phase four deal
are really close to 100%.
I don't know how close.
I mean, are we 99.9, are we 98.9?
Maybe for some people it's 54.9.
I don't know, but as far as this word here,
the another coronavirus relief package is all but inevitable
and in case you just need a reminder
of what the word inevitable means,
I'm going ahead and just showing you
that here's the dictionary word, the definition.
Inevitable is certain to happen, unavoidable.
So I mean, basically get out of its way,
like it is going to happen.
Like you can't stop it.
Like this is a runaway train.
You just can't get out of its way.
So that is some of the good news, but unfortunately,
here is some of the bad news, and this is the one
that really hurts and one I don't think many people,
well, many of you may have expected this.
I personally did not.
So this is what this article also pointed out.
So going back to this 100% or really close,
and this is all because of the latest jobs report
that was released, but going back to this first point here,
but its contents depend on whether the U.S. economy sees
another blowout jobs report.
So right now, the jobs report for May was just released.
Typically this always releases, obviously,
at the conclusion of the month.
So that, the jobs report came up,
and what the jobs report showed, which I think many people
find this really skeptical, but basically, and I'll try
to find the exact number here, but basically it was showing
that 2,500,000 jobs have been added.
I mean, I don't know if that's the word that I would use,
added, because what are these jobs?
What types of jobs?
I mean, you can look at this data
and you can cherry-pick the data that just makes everything
look good, makes it look as if the economy is
on the turn around, like everything is going to get better,
but yeah, I mean, that's, okay, so less people are filing
for unemployment, but I don't really think
that means the economy is turning around.
I mean, we're looking at coronavirus.
We're not even looking at what happened with all the looting
and everything being shutdown with all that as well,
and that's what this Forbes article pointed out.
You know, we're talking about the second stimulus check here
and just title of this, second stimulus check
on life support after the May jobs report which wait,
why is it on life support?
You know, the job report was good.
Shouldn't that mean helpful?
Like that means more likelihood of more help happening?
And we start digging down the numbers.
So here's where I talked about 2,500,000 jobs added.
So the unemployment rate was, it dropped 1.4% from April.
So like there are some people that just,
they're just going after that headline
and here's GOP leader, Kevin McCarthy, talking about,
incredible, the great American comeback is starting.
The hugely successful Paycheck Protection Program
has saved 1,000,000s of jobs
and Americans are headed back to work.
Everything is great now.
Everything is awesome.
This is where you would cue the LEGO song.
♪ Everything is awesome ♪
♪ Everything is cool when you're part of a team ♪
Okay, I don't know all the words,
but I think you get the gist here,
but I think we all can agree that everything isn't awesome,
and like we can look at those unemployment numbers
and we can celebrate and we can be excited, but I mean,
here's some real data that also shows what is going on.
Let me go ahead and get this a little bit larger
so you can read this.
So here we go, 6.3, so this is since February.
6,300,000 have left the labor force.
We got 15,200,000 more unemployed.
We got 6,300,000 more working part-time jobs
who want to be full-time.
I mean, that is a, I think that is a big one
because we could say we've added 2,500,000 jobs,
but if all the jobs that were lost were full-time,
salaried positions or jobs that had benefits,
had health insurance and 401(k)s and all that stuff,
and that's being replaced with part-time jobs
that have no benefits,
like we're not comparing apples to apples here.
I mean, that's definitely apples to avocados
or something like that.
Actually, I like both of those so I'm not sure
why I'm making that comparison.
Maybe I'm craving some guacamole right now.
All right, and then, so the other thing,
note this is the difference between May and February,
the extra 27,800,000 jobs displaced.
So, and here's another, which is funny
because we earlier we heard from the chief advisor
to the President, Kevin Hassett,
now we've got Stephen Moore, economic adviser
to the White House, on the job numbers, and this is key,
and also the following thing that I'm getting ready
to share after this is also key.
It takes a lot of wind out of the sails of any phase four.
We don't need it now.
There's no reason to have a major spending bill.
The sense of urgent crisis is very greatly dissipated
by the report.
So that is very frustrating news because basically they are,
and I say they, I'm going to lean on point more
towards the Republican party according to the Senate
that's led by a majority of Republicans, and they are saying
that we've had such an awesome May job report
that we don't need to do anything right now.
Like we need just to, once again, sit and wait,
and this had already been voiced
by some other representatives, other congressmen,
but based on how things were trending, it just seemed like,
man, like yeah, you could keep pushing this off as long
as you want to, but the reality is
that numbers are still hurting, and I think one
of the videos I did last week on Friday talked
about not just where the unemployment numbers have gone down
but the number of people that still had filed
for unemployment but still don't have jobs,
like that hasn't gotten better, and that's some of the data
that they just, they just seem like they're overlooking
or like, yeah, yeah, yeah, I hear you, but I want to focus
on these numbers because these numbers sound better.
Anyway, so, and I hate to end this on bad news
or gloom, doomful, not, I wouldn't say doomful,
but just gloomy news.
So we have been waiting for the Senate
to come back into session.
You know, the HEROES Act was passed by the House
and now is up for the Senate to look it over, vote on it,
have deliberations, and it was expected
that all that would be happening.
I didn't think that would happen last week,
and obviously we have all the looting that happened.
That was pushed back, but I thought there would be
some really intense discussions over all of that this week,
and based off of this report, that is not going to happen.
So this is the, I'll say the gloomful news, the bad news,
but basically here is what they have shared.
So as a reminder, we were expecting the Senate
to vote either last week
or at the latest this week, and here is
what National Economic Council director Larry Kudlow said.
Stated that negotiations around a second check
will likely resume after July the fourth.
After July the fourth, and then it goes on
to further say basically they want
to see the May unemployment numbers look so good.
Now they want to wait to see what the June numbers look like
before they decide on a second $1,200
economic stimulus check.
Now, if it does change from now until then,
maybe it's a larger check, I don't even want to go down
that path, but basically, it's not even gonna be talked
about until after the fourth of July which I know for many
of you, I know for me is frustrating
because I am still seeing so many people
that are struggling.
I mean, this is still the real deal.
I mean, people are still without jobs, still hurting,
still looking for jobs, and aren't able to get anything
and you know, the infrastructure's there.
Everything is there.
People are voicing their concern.
I mean, people still haven't got their checks yet.
I mean, it's just crazy and right now it just basically,
they're just putting it on pause,
and I know for many of you this is not a surprise just
because I don't think a lot of us expect a lot
from our government and I totally get it.
You know, I've seen so many situations where and instances
where the government has let us down,
not just from everything that's gone on with the protests,
but even prior to that, but I really, really was hopeful
that there would be some expedited conversations on this.
I mean, yeah, just to cherry-pick some of the information
from the economy and the jobs report and all the data
and just, let's just pick out the data that sounds good.
You know, let's not focus on the big picture.
Right now, the big picture is
that many people are still struggling.
Could this change?
Possibly, but right now I'm not going to hold my breath.
I'm not going to sit and hope
that next week they're gonna make a change.
You know, at the time of this recording,
it's June the eighth so we've still got 20, several days,
it feels like a lot of days until the fourth
of July happens, but that's basically
that's what's going on right now.
So if you see any updates, I'm hoping to have some updates
where there's some negotiation, maybe there's some change.
I don't know, but right now that's what we have.
Gosh, I just I hate, in the video on that,
but that is what it is, you know?
That is what it is and right now all we can do
is make adjustments to what we can control
and our life and whatever that means for you,
whatever that means for your family.
So my hearts and prayers go out to you if you are still
in a situation where you're just trying to get ahead,
just trying to make sense of what the new normal is for you,
and yeah, that just, you are in my hearts and prayers.
So if you found this video helpful, if you don't mind,
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I will have more updates on the stimulus package
if there any updates to have.
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All right, y'all, this is Jeff Rose reminding you
that it's your money, it's your life,
and only you can make it awesome.
'Til next time, peace.