Hi everyone, this is Dr. Nitin Chhoda and welcome to this episode of Ignition
Time. Thank you so much for being a viewer. Thank you so much for being a subscriber.
I want you to know that I'm on your side. I've been reporting on stimulus news for a
long time and I'll continue to do it whenever there's a meaningful update. I do believe,
I personally do believe there needs to be more stimulus and I'll tell you why. Before I do that
let me tell you a little bit about myself. My name is Dr. Nitin Chhoda. Please check out my video
if you don't know anything about me. You'll learn more about who I am, what my journey has been like
and why you should listen to me. Also if you learn something new from this video please consider
clicking the like button. Please subscribe. Please enable notifications. Individuals in travel,
entertainment, leisure and hospitality have been disproportionately impacted as a result of this
pandemic. Hispanic individuals, african-american individuals have been disproportionately impacted.
Individuals who don't have much education, individuals who have a high school diploma or less
have been disproportionately impacted. Women have been impacted more than men and single mothers
have been impacted more. And individuals with younger children have been impacted more because
of all the problems associated with child care responsibilities and all of the issues associated
with online learning. My wife and I we have a five-year-old son and a two-year-old daughter
we know exactly what this is doing to our household and I know that is happening for
individuals across the country. This has been a very uneven recovery. This is not a v-shaped
recovery, this is a k-shaped recovery where individuals at the top of the k individuals
who can work remotely, individuals who are high income earners, individuals who tend to be more in
managerial positions, individuals who tend to be more educated who have advanced college degrees.
Those are the individuals who have been able to get back on their feet. Whereas individuals
at the bottom of the k, again individuals in travel, entertainment, leisure and hospitality
are the ones who have been suffering the most disproportionately so and this is unfair.
Individuals who are routine workers meaning individuals who work as cashiers, individuals who
work in supermarkets and even believe it or not truck drivers are considered routine workers and
the reason I say this is because a definition of a routine worker is a job that can be performed with
a very strict and explicit set of instructions. Routine workers have been disproportionately
impacted. And listen let me be clear I believe those who need help the most should get it. As
simple as that because those who are the most vulnerable amongst us, those who have lost their
jobs some of us have lost our jobs permanently those who have little to no savings. In fact
according to a group of 125 economists, yes, 125 economists including Jason Furman who's a former
top economic advisor to President Barack Obama they are calling for more direct cash payments,
more stimulus payments to Americans to help them weather the economic effects of COVID-19. I'm
about to show you a letter on your screen which is basically an initiative that was organized by the
economic security project which is an advocate of guaranteed income. Now I'll show you this letter
and you'll start to understand why stimulus is so important specifically for those who've been
impacted the most. So let's show you the letter on your screen right now and i'll highlight some
of the key points from this letter and show you the significant number of economists across the
country from both sides of the aisle democrats as well as republicans conservatives as well as
liberals all of whom are supporting more stimulus for the people so you'll see this letter on your
screen right now open letter from economists for stimulus checks until the economy recovers i'll
show you the high points at least half of families have been impacted with low wage earners women and
black workers hit the hardest according to these economists stimulus checks have been an essential
tool to keep the number of people in poverty from going even higher stimulus checks are very
very important according to all these economists a stimulus at the scale of the recession
will boost consumer spending in other words we need more stimulus because there's been
a significant recession driving the economic recovery and shortening the recession so this
is very important and now let's show you all the individuals who have actually signed this letter
this is a significant number of individuals individuals from harvard university brown
university the university of southern california and you will see the full list of signers over 125
individuals who have actually signed this from important colleges from important universities
all over the country you'll see that on your screen right now quite a significant number of
individuals who have actually signed this letter essentially calling for more stimulus and i want
our viewers and subscribers to understand the chronological history of all of these
stimulus negotiations that have been going on since the cares act so here's the chronological
history on the 15th of may house democrats passed the heroes act we know that this was
a 3.4 trillion dollar bill that the house passed and it was dead on arrival in the senate
on july 9th senate majority leader mitch mcconnell talked about capping eligibility
of stimulus checks potentially to individuals who had forty thousand dollars in income
on the 27th of july the senate republicans introduced a bill with twelve hundred dollar
stimulus checks but unfortunately that didn't go that didn't go forward on the 30th of july
republicans proposed a bill with a thousand dollar stimulus checks but again you know it didn't
it didn't really go forward it didn't really go anywhere because it didn't get bipartisan support
remember we have a democrat controlled house with house speaker nancy pelosi and right now we have a
republican control senate with the senate majority leader mitch mcconnell then let's move to august
13. congress actually broke in other words they went on break without passing additional stimulus
believe it or not on the 10th of september senate republicans tried to move a small
aid package a skinny package if you will but it didn't go anywhere they they tried to push forward
500 billion dollars in funding by the way it did include enhanced unemployment benefits and more
aid to small businesses but stimulus checks were not in this bill so that was that was something
noteworthy on the 16th of september president trump said that democrats held up payments
and president trump said i quote democrats are heartless and don't want to give stimulus payments
to people who desperately need the money that's what president trump said september 16th september
30th both parties said that they wanted to do 1200 stimulus checks and this was reformed by
the u.s trade secretary steve mnuchin on the first of october house democrats passed the
updated version of the heroes act they came down from 3.4 trillion dollars in the original heroes
acting made down to 2.2 trillion dollars in the updated version of the heroes act and the house
democrats actually passed that but that didn't go forward that didn't go forward in the senate
by the way that did include 1200 stimulus checks on the 7th of october president trump tried to
get standalone legislation to send 1200 stimulus checks so that's what president trump tried to do
but uh you know that again that didn't go forward because there was no bipartisan support on the
12th of october the negotiations basically broke down because even though the white house wanted
to do something large including 1200 stimulus checks and thousand dollars per child including
400 a week in unemployment benefits house speaker pelosi said that that didn't include sufficient
sufficient language on testing and tracing on the 21st of october the senate republicans tried again
and came up with a 500 500 billion dollar senate uh republican bill and unfortunately that didn't
go anywhere as well that did include 300 a week in federal unemployment benefits booster
on top of the state benefits but the bill did not get 60 votes in order to pass the chamber
and on the 26th of october the white house backed what you can refer to as targeted assistance and
larry kudlow the director of the national economic council told cnbc the talks have certainly slowed
down but they are not ending and he said there are specific targeted areas we don't need a
gigantic ideological political bill here what we need is some targeted assistance that would be a
great help and then obviously we know what's what happened in the election and what's been happening
since the election now keep in mind joe biden has said that he supports he said on november
7th that he supports the house democrats heroes act which which does include a second round of
stimulus checks as well as extended unemployment benefits and you know so we'll see where that
goes and on the 17th of november lawmakers have pushed to resume stimulus talks to house speaker
nancy pelosi and chuck schumer senate minority leader sent a letter to the senate majority leader
mitch mcconnell basically saying hey let's start talking for more stimulus pelosi and schumer wrote
and i quote it is essential that this bill have sufficient funding and delivers meaningful relief
to many americans who are suffering now keep in mind said majority leader mitch mcconnell
there he is hello lena mcconnell and there's house speaker pelosi hello house speaker pelosi
said majority mitch mcconnell has basically said that we need a small 500 billion dollar stimulus
bill that does not include stimulus checks i want to repeat this the same majority leader mitch
mcconnell is pushing for a 500 billion stimulus bill that does not include stimulus checks
and let's see if he's you know if he's going to compromise and let's see if they meet if they meet
somewhere in the middle and the stimulus checks that have been sent so far through the cares act
have amounted to approximately 270 billion dollars let me know what you think of this chronology if
you will what you think of this opinion from all the economists in the comments section below
you'll find a link to all our resources in the description section below i believe this is
the first video on youtube where you get the full chronology of everything that's been happening so
that you can get a big picture idea of everything that's been happening since the beginning since
back in may all the way up to today so let me know what you think in the comment section below
you'll find a link to all our resources in the description section below thank you so much for
watching everybody my name is dr nitin shoda with ignition time i appreciate you watching if you
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