JUST PASSED! $1700 STIMULUS CHECKS! Fourth Stimulus Package Update & Daily News + Stock Market

what's going on guys, I'm jimmy, welcome to our

daily

show where we discuss everything that's going on here in our country that you need to know on a

daily

basis, including investing money in the

stock

market

, the

fourth

stimulus

package

update

, and a

stimulus

check

update

If you haven't subscribed to our YouTube channel yet, be sure to click the subscribe button below. It's completely free to do so this way you won't miss new videos. Remember that new videos come out here every day at 10 a.m. m., 3 p.m. m. and 8. p.m. EST and as always, thank you so much for hitting the like button below on this video, a new bill signed into law that will provide an average of 1,700 stimulus

checks

.

I'll show it to you right here on the screen and I'll show you who it's for and also, hopefully, there'll be a lot more of this. Additionally, we will hear directly from White House economic advisor Jared Bernstein. In fact, we'll jump right into this about what Americans are like. I need a lot more to come and, uh, let's jump right into this now about the economic situation that's happening here right now and uh, well, this is what he has to say, look at this, first read the number, given the weakness in hotels and restaurants and The bars that the impression reflects a period last month when things were closing and that we are already back to a reopening phase is the outdated number, I don't think so.

I believe today's jobs report shows that the US job creation machine has stalled in recent months and this underscores the urgent need for the president's American Rescue Plan. 49,000 jobs is too low, but if you look at the private sector it's only 6,000 in January, which is essentially zero if you take into account the negative revisions that are important and around 160,000, that's negative in recent years. Three months, payroll job gains have been 29,000 now, compared to the previous three months it was over a million, which is a massive decline in job creation and

just

shows the extent to which the

stock

market

air has really significantly diminished the job creation function and therefore the need, the urgency, the high costs of inaction around the American rescue plan, I think are greatly amplified by this jobs report, does the argument for more stimulus or at least a high number in the jared stimulus

package

becomes more complicated when you have the savings rate in double digits ism services two-year high a return to lukewarm employment growth although it may be yes, that's a very important and fair question and the reason why The answer is that none of those statistics go against the urgency of the plan because we are deeply immersed in a K-shaped recovery.

You know, we can talk about GDP, we can talk about the stock market, but we all need to talk too. about the increase in poverty, we have to talk about 24 million people facing evictions due to hunger, foreclosures, you know, there are still even with the unemployment rate today, there are still 10 million people unemployed. Black and Hispanic unemployment rates are very high, around nine percent, 40 percent, that is. A very large number of the 10 million unemployed are long-term unemployed, meaning they are stuck in unemployment for at least six months, so if you look at the people who are bearing the brunt of the virus and its economic impact, it's the people at the bottom of the k, the people who are in the crosshairs of this american rescue plan, okay jared, this is what bothers me so much, so many people have money they have jobs , so many people have money who, frankly, are doing well, and then the people who don't have the same amount of money?

Isn't it time to recognize it? Just like you

just

talked about the k-economy, let's flood the area with people who are not doing well, let's flood the area with minority businesses that have been hurt the most. than businesses for people who we actually know are doing better, why can't we just get the people who need to get the money and the rest of the people get on with their lives? Yes, first of all let me underline. Elevate and amplify one thing you just talked about about minority businesses. We know for a fact that people of color, business owners of color, communities of color were tremendously underserved by business, by business relief, by the pay

checks

now law, by the president when he was campaigning.

He was always a leader on this point when he talked to us on the phone about the issues that were ongoing and so in the American Rescue Plan, the business aid is very much targeted at businesses of color, so I think that's a Real progress on your other point again, if you listen to President Biden, he talks about middle class people who are struggling and he is 100 right that you can still have a job but you have lost the hours that you have lost. salaries, you haven't necessarily been able to pay your rent, you may be in mortgage forbearance, which means at the end of this period you're going to be faced with a big bill, so I think some of these high savings rates among upper class families half. who often have zero or negative savings rates to me that's a feature not a bug so jared let's talk about certain industries that have been decimated the restaurant industry has been decimated people going out to travel , is there anything else that needs to be done?

Can? have there be grants, maybe new ones, have such great small business owners in the administration where there can be targeted requests to be able to say, you know, what do we want to reopen when we're vaccinated. Could you give us an interest-free loan? a low-interest loan brings people back to the cities because, again, the minority businesses were the ones that were struggling and doing very well and then they got crushed and we had to reopen them. You are absolutely right about this and you know, even with low interest. debt rates uh there are many companies for whom a subsidy makes a lot of sense and by itself it is a very heavy effort, so I share it, I share it and in the American rescue plan, believe me, we delve into precisely that problem, I think what all this is so and today's jobs plan today's jobs report is such a powerful data point in this argument that it simply underlines the cost of an action, that is, when 29,000 jobs are added per month on average over the last three months, that is to say a stagnation in the labor market, we have behind the scenes a plan that can finally get American businesses and families to the other side of this crisis and finally control the virus and distribute the vaccine to launch a strong recovery, one that is inclusive and racially equitable in Precisely the way Jim is calling for, this report underscores the urgency of the American rescue plan.

Yes, let me know your opinion here in the comments. You can see this is directly from the White House, which is the White House economic advisor and um. They're talking about a lot of different stimulus items here, it depends on what route they want to take here with the Republicans, we haven't seen a lot of Republican support here for stimulus, what would be the other route, the reconciliation route? The only stimulus route that we've seen is that we have some child tax credit support from Republicans, from Republican Senator Mitt Romney and a couple other Republican senators, Marco Rubio, and there were a couple more Republican senators that come to mind in the lead, I don't remember who. but there were some Republican senators who were in favor of passing the child tax credits, but in Republican terms, which would mean there would likely be work requirements, which would potentially mean that anyone without earned income wouldn't get the child tax credit. , so it would go back to the old form of the child tax credit, which means that anyone who is on social security might not get them, anyone who has a disability might not get them, and so there's a lot to give. and take here so this isn't necessarily a win for everyone so you know a lot of grandmas and grandpas are raising their kids and they're on social security.

You know that is one of the elements of stimulation. Remember there are there are many different stimulus programs here there are stimulus checks there are child tax credits there are express programs there are pandemic ebt programs there are rental assistance mortgage assistance utility assistance there are student loans that are currently on pause right now for about one in six million Americans or one in six million, but one in six adults, which is like about 40 million Americans, there are many different stimulus programs or stimulus type programs, we also have the states that are currently approving or in the process of approval or considering, we'll get to that here in just a minute, if you're watching my channel, that's actually a really good thing that's been coming out.

We had some last year. Remember that last year it was California, which approved the 600 state stimulus checks for more than 27 million. people we had Maryland that did 500 stimulus checks last year we had many different states not many but we had some states that did them last year but this year we are going to have many more this year we are going to have much more, we have several different states that already have

passed

stimulus checks or tax refund checks or reduced your state taxes which is essentially more money back in your pocket or pause state gas taxes which means every time you go to the gas station you you save money, a lot of these you know, pausing the gas tax because of how high gas is, that can cost states like 150 million dollars a month, so this is nothing to sneeze at and a lot of states are pausing your grocery shopping. taxes, I saw one state that cost them 70 million dollars, so a lot of states are doing a lot of different things, a lot of states are doing property tax refunds where they send stimulus checks to property tax owners, the most frequent number.

I've seen about three hundred dollars. I know that the state of Illinois has that and that in their proposal, where they are given smaller stimulus checks or it is in the proposal phase, the state of Illinois has not

passed

. yet, but the little stimulus checks for everyone and then also the property tax refund or the stimulus checks for property tax owners, plus, Illinois is one of those states where you have um in your proposal is like uh it's like 50 to 100 stimulus checks for adults and children and then there's a 300 rebate up to the property tax for homeowners, plus pausing the gas tax and also getting rid of the grocery tax, I think it's for a year so there's a lot of different things going on there where you could potentially get checks get checks and save money that's just one state each state is doing things a little bit different and each state has to do with the amount of money they had.

Remember Illinois used to be in the negative recently, so like a year. A year or two ago they had a deficit, they had a deficit, so the fact that Illinois sent money here is actually a big change, a big change, it's actually kind of similar to California, where a few years ago they were in the same situation. We had a deficit and California is a big change because it's such a big state, it's such a big economy that, in fact, it may be the fifth largest economy in the world. It's pretty remarkable that they're even sending out stimulus checks, I think.

They have a $45 billion budget surplus, so for many of these states to have a complete 180 is pretty remarkable, but today, as you can see here, the governor of the state of Maine, Janet T Mills, has signed a budget that will provide significant financial relief for the people of Maine, that will include stimulus checks, you can see it right here on my screen, so I like to show you this here literally on April 20, 2022, let me expand on this here a bit. the governor says quote and this is really just one of the states. I made a massive video with many other states here but this is breaking

news

as of today and there will be many other states here too but this is the guy. of things that are happening on a weekly or daily basis here with all the states, that's why it's so important to see what all these states are doing, because even if you're not from Maine, these are the types of things that are happening for all these different states um , she says quote today, I'm here to tell the people of Maine that help is on the way, you are our greatest asset and this budget delivers results for you, she says a day after winning overwhelming support from the state legislature, the House . and the senate of the state governor, janetmills, signed the supplemental budget today.

This budget provides $850 direct relief payments, also known as stimulus checks, to Maine people to help with the high cost of inflation. One of the strongest aid proposals in the country, per person. that's going to be seventeen hundred dollars per married couple, you're actually going to say here in a second it provides tax relief to working Maine families and two years of free community college to students affected by the pandemic, among other important initiatives. Wow, that's really cool. In total, the budget return is expected to deliver $1,700 in aid to the average primary household. I mean, that's a lot of money, especially for the state level.

I mean, you really have to take your hat off to the State of Maine, yeah, I mean, this is not the federal government that can print its own money. This is a state. States cannot print their own money and return seventeen hundred dollars to the average primary household as possible. See it right here on your screen here, which is a pretty significant amount for a state to pay back to the states, the states can't print their own money and you can see here that it was a bipartisan effort, which is what I would really like to see.

They said, the governor says here we have shown once again that through hard work, Democrats, Republicans and independents can come together to do what is right for the people of Maine and that we can do it without the rancor or bitter bipartisanship that has divided augusta In the past, Governor Mills said, we may not be able to control inflation or global markets, but we can make sure the people of Maine have what they need to deal with these rising costs and that's what we are doing today. I'm here to say. let the people of maine help you are on the way you are our greatest asset this budget gives you the governor says this emergency legislation goes into effect immediately and they will issue payments as quickly as possible to approximately 858,000 primary people, almost a million of people with a target date of June 1, 2022 to begin delivery, so there is your estimated delivery date, payments will be delivered by mail, which is the most reliable distribution method to ensure money is delivered without significant errors, as they said, cited.

We will begin the work of immediately sending 850 checks to the mailbox of every qualifying senior adult and, as always, we will continue to carefully monitor the core economy, the well-being of the people of Maine, and the fiscal health of Maine, investing in the long-term solution as We do Because of the state's strong financial position, it also provides seven million dollars in property tax relief. An estimated one hundred thousand low- and middle-income homeowners and renters who pay more than four percent of their household budget in property taxes or rent will be eligible for a Refundable Tax Credit—that means even if you don't owe the IRS any money and file taxes, we will receive up to one thousand dollars each year, which means you will receive a check whenever you file a state tax return, so make sure you file a state tax return, with an even more generous maximum relief of fifteen hundred dollars extended to seniors, so this is one of those cases where, if you don't normally file a state tax return, you might want to talk to a tax professional. or someone who knows your situation, if you are from the state of Maine, please also increase the tax relief for low and middle income working Maine families. $27.6 million in continued general funds so families can meet their needs and fight poverty with major earned income tax credits. which is for low and middle income families, primarily families earning less than fifty-seven thousand four hundred dollars, which increases the maximum state benefits by an average of 400 per family, which raises the total eiTC, which is also known as adult tax credit or earned income tax credit. at an average of 764 per year, in addition to the two years of free community college, they also have a revision the student loan debt repayment program provides an annual benefit of 2,500 or 25 thousand dollars of lifetime refundable tax credit for the Student loan debt relief prevents tuition increases at Maine college systems raises pay for child care workers and early childhood educators and fully funds free school meals by $27 million dollars and a lot of other things like expanding health insurance for children increases Maine care rates supports Maine hospitals and nursing homes a lot of different things so this is the kind of thing that's happening in every state because remember that even if you're not from Maine, this is really important.

That's why I'm trying to cover all the states. All of these states passed. billion dollars, most states got several billion dollars, several billion dollars from the last stimulus package, okay, that's the important thing to do and now what is or that's the important thing What you need to know now that we are in 2022, all these states are now about to approve their fiscal budget here for this year and the states are now approving their budgets for this year in many states, it seems like a snowball effect that the States are now passing or considering stimulus checks for their residents or tax refund checks that are really pretty much the same thing or reducing property taxes for their residents or renters as well or suspending gas taxes due to the high gas price and all these other types of things here too that could put money in your pocket also in several different ways to reduce taxes on groceries, uh, all these other different types of things, that's why I go over these details because you can see how these states are giving back to their people because remember they received stimulus money from the duration of this package, but also how these states economies are going up as the pandemic, um, remember the same thing, remember we talked about how inflation is rising because economies are going up even at the state level and all of these economies are recovering, people are going back to work and um. it's all like remembering that this is how inflation works, everything went down because of the pandemic and everything is picking up now that people are going back to work, that's why all these states are flush with cash because of pandemic money, but also because everyone Going back to work, people are going out again now, they are spending more, even if you don't have a lot of money, it's just that the masses want to go out more now and they are in the general states.

I have a lot of money right now okay so basically these states are like you know a lot of people are hurting but a lot of people who have money and stuff are spending a lot more so all these states are like how do we help ? the people that are hurting and how we give back and how we use our stimulus money now, so if you've been watching my shows and my headlines, there's kind of a snowball effect right now in all these states that are like well , we have to spend the stimulus money that we have to pay back, we have to figure out what to do.

Some states are more generous than others, it really depends on your governor and your state legislature, but it also depends on how much money you have. The state is fine with how its state has been run in the past. You know some states are more negative here recently and some states don't have as much of a budget surplus, so that's why I'm going over these. states one by one as I introduce them, in addition to covering the federal stimulus, checking in with the federal government on how they're trying to pass it, what they're trying to do here in the future, and staying up to date here with everything that's going on.

Here in our country I just made a really very important video that covers many states, not all like I can't fit everything in one video, but I will also keep you updated with everything that follows here. but you definitely need to watch that video if you haven't already. I'll link you here in a moment, but be sure to subscribe to our channel here. It's completely free to do so if you haven't already, just click subscribe. press the button below, like I said, it's completely free, remember new videos come out here every day at 10am. m., 3 p.m. m. and 8 p.m.

Eastern Standard Time. I'll keep you updated here with everything you need to know daily. Click on this video here to see my newest video below and this video is that really important encouragement video that I just did here recently. If you haven't seen it, click on the video below, so click on one of those, thanks guys, and I'll see. you in the next video