Bernie Sanders Proposes $2,000 Monthly Stimulus Payment 2020


What's going on y'all? 
Welcome back to the channel, Wealth Hacker Labs. I'm your gracious host, Jeff Rose. Just give you another TGIF, thank goodness it's Friday update. Many of you have received your economic stimulus check, many of you still are waiting and the fact that you're still waiting just boggles my mind because we've got people that shouldn't have got them, you know we've got people that are deceased that are getting checks and now the IRS is demanding that those checks be sent back. So they're worried about getting deceased checks back but yet many of you are still waiting and my heart goes out to you. 

Now if you're new to the channel you may have missed that we have given some updates on other potential secondary economic stimulus checks and these are proposed in a form of different acts. Many of these have been proposed to Congress. None of these have passed and with these we had the Emergency Money for the People Act. We also had the Rent and Mortgage Cancellation Act which was supposed to help out with rent and mortgage payments. 

And then we had the Getting America Back to Work Act and many of these has some similarities but typically what we saw in these acts was some sort of second economic stimulus payment. Some were getting a one time payment of $2,000. Others were getting that recurring payment of $2,000, or the one that definitely seemed like the most popular was getting a $2,000 one time payment and then a reoccurring payment of $1,000 up to six months, potentially even up to one year. 

Now according to many of the comments here on the channel, many of you did not feel that any of these would pass because many of you are still waiting for that first payment to hit. You still haven't got that $1,200 payment so the fact that you think that a second payment, a second Economic Stimulus Package is going to pass just almost seems preposterous. Well the one thing that we can all agree on is that data doesn't lie and you can take a look at this report from Fox Business and talk about is another stimulus check necessary? 

The data doesn't lie. 
Now I hope that you're okay that I'm using Fox Business as a source for this video. I know I've used CNN in the past and man, many of you just do not like that I used CNN, my bad. So we're gonna use FOX Business this time, let's see if I get some haters on that one. But if you look at some of the data of some of the surveys they've taken from people that have received this check, and here is going back to April 22nd, Money/Morning Consulting survey said of 2,200 people, approximately 74% expect their check to last a month or less, and this includes a combined 22% who claimed to have already spent their Economic Impact Payment. So they got the $1,200 and it's already gone or who would believe it will last less than one week. As well as 24% who believe it's less than two weeks. In other words, half the respondents don't expect their check to make a difference beyond the 14 day mark and I think many of you can relate to this. 

I know many of you that haven't received that first check, like once you get that check the money's already spoken for. Like you've got rent to pay, you've got bills to pay, you've got mouths to feed and you're still waiting to get that check just to get all your bills in order so that you know that money is already spent, it's already called for. The Emergency Money for the People Act, so this was the act that was initially proposed by Ro Khanna and Tim Ryan and this was the act that would give you a $2,000 payment per individual per household. So if you have a spouse, each of you would receive $2,000 each up to three dependents. 

So you could receive anywhere from 4,000 on up to $5,500 so that was a good chunk and that was just a one time payment and then there would be a recurring payment up to one year potentially of $1,000 per month. So that was the package that most people were really excited about. And there have been some other acts that had been proposed but just today, just today there has been another act proposed and this one comes from probably the most popular name that you're gonna recognize, is the man Bernie Sanders. That's right, good ole Bernie. Weekend at Bernie, he's still alive, still putting out acts, still proposals and here is what his act has to say. So the name of this act is the Monthly Economic Crisis Support Act. I guess we can call it MECS for short. 

Always have to have these fancy little acronyms, fancy abbreviations. So in addition to Bernie Sanders, we also have Senator Kamala Harris and Ed Markey, so they're also putting their name on this act and are providing this to Congress as a monthly stimulus payment option. And if you wanna take a look of this act, so you can actually go to Politico and I'll have a link in the show notes so you can actually look at this act and see what it's all about, but I'm just gonna go ahead and just read what does it include? So what are they proposing that it includes. So looking over this act, it's similar to what we've seen in the other acts except that we're not talking a one time payment here, we're talking about a monthly payment. 

So eligible individuals would receive $2,000 per month or $4,000 per month for married filing joint, plus an additional $2,000 per month for each qualified dependent up to a maximum of three dependents. So if you are a family of five, I mean you're talking about getting up to, that's a lot of money, $10,000 a month that they are proposing. So who would be eligible based off of this criteria here? So we've got nonresident aliens, we have individuals who could be claimed as a dependent under section 151, which we'll have more of that here in a second, an estate or a trust. Eligibility is also based on income, so they do have some income restrictions. This is a little bit different. So as it states here, that $200,000 in the case of a joint return, $150,000 if you're head of household and $100,000 in case taxpayer is not described in subparagraph A or B. So basically if you are single making over $100,000, you would start to be phased out. So maybe you would appreciate this as well as how would payments be made. They say payments would be made via direct deposit when possible. 

I know many of you probably wish that you had direct deposit set up or that the IRS would have had your right address or right banking information 'cause I know many of you had the right banking information, somehow they messed it up, I know that sucks. I'm sorry about that. And then here is the more importantly, when would this take place? So this stimulus would, while being proposed in May, would be retroactive to March 1st, 2020 and would in three months after the end of the COVID-19 emergency as declared by the Secretary of Health and Human Services. So we're not talking about a six month minimum or a one year minimum. Basically whenever the COVID-19 emergency is deemed no longer an emergency, it would extend for 90 days after this. So here we have another act being proposed by Bernie, the two other senators here. We're looking at a monthly payment, $2,000 a month per individual per household, up to three dependents. Also, $2,000, I had to reread that because $2,000 per month for each dependent as well, that's a lot of money. 

I mean especially for a family of five, that is definitely a lot of money. Now it does mention section 151, I don't wanna bore you with the details here but I will have a link to all of these, the act, the articles, the section 151 in the description so that you can do your homework and read what this is all about. And I'm sure many of you are like, "Okay, Jeff. "Is this really gonna happen? "Are they really gonna propose it?" Does anybody know? Really, nobody truly knows. I feel like, and I talked about this in a previous video, I feel like there is something else that's going to happen. I don't know if it's going to be a monthly payment of any kind. I do suspect there will be a second economic stimulus payment. At minimum I'm expecting at least just a one time payment, so a secondary stimulus check that you should get, maybe they're still waiting probably not until the summer of 2021. But anyway, yeah I am expecting some other check to happen. I'm not, you want me to put my money where my mouth is, nobody truly knows but based on how this thing is playing out, based on the fact that so many people are still struggling, that businesses are still opening slowly but surely but there are still many that haven't, many people are still out of jobs. As all that data reported, a lot of that first check is gone, it's gone, they've already spent it. And they didn't waste it on, I'm sure some of them did, but many of that money was already spoken for and there are still many people that haven't received the check. So I mean people are still struggling and still hurting and I just like that the infrastructure's there, they've got everything set up to be able to make a second payment. 

The process should be so much easier. Should. And I guess we'll only find out that it truly happens but that's my own personal opinion. I'm just a man recording YouTube videos here in my home while I'm being quarantined, trying to spend some good time with my family. All right y'all, once again I'm gonna provide all this information in the description so if you wanna read, do your homework, see what you think, see how this compares to the previous acts that we've talked about that have been proposed by other members of Congress and you think that, does Bernie have the golden ticket? Does he have the act that's actually gonna take notice? Does he have the ability to push this thing through and to get money into American's hands so that we can just get our country back into some sort of normal, normal capacity. Whatever normal is, I mean, yeah. I don't even know what normal is anymore. I'm sure you don't either, but anyway. Show, hope you enjoyed it. Stay safe, have a good weekend. This is Jeff Rose reminding you that it is your money, it's your life, only you can make it awesome. 'Til then, peace out. 

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