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Today we're discussing an update to the stimulus check and stimulus package for 4-21-2020. I want to share with you what congress is proposing because there’s several ideas on the floor that look very similar to this concept of UBI or otherwise known as Universal Basic Income.
The CARES Act has given people a one time cash payment of up to $1200 (the stimulus check)but a lot of people are STILL waiting for their stimulus checks with most saying that it’s simply not enough to keep their life going.
A NEW stimulus bill will be voted on TODAY, April 20th, that proposes an additional $300 BILLION dollars for the Paycheck Protection Program (PPP), $75 billion for hospitals, $50 billion for the Economic Injury Disaster Loan (EIDL), and another $25 billion for testing kits, for a grand total of $450 BILLION additional dollars.
This whole stimulus narrative is bringing us closer and closer, to what seems like an inevitable solution. Everyone in America will be given entitlements to a basic standard income whether or not you have a job. This is the ultimate cash flow in the form of passive income.
Two main proposals right now for more relief adding to the Cares Act from the Trump Administration.
The first proposal of UBI is the $2,000 MONTHLY income that was just recently proposed called the Emergency Money For The Peoples Act.
Anyone ages 16 and over who makes less than $130,000 will receive $2,000 a month in this proposal. This includes all the people who were actually left out of the CARES Act which includes people who were claimed as dependents and didn’t get their checks:
People with disabilities, college students, and high school students who were not able to get the $1200 stimulus check. However, this proposal is only 6 months, and not indefinite Universal Basic Income.
The second proposal is called the Rent & Mortgate Payements Through The Yorona Illness Emergency (full name modified). If approved, it calls for a nationwide cancellation of rent and mortgage payments for up to one year.
The bill includes full rent OR mortgage payment forgiveness on your primary residence. This debt will not accumulate or add up, it’s all forgivable to both renters and homeowners with no negative impact on the credit rating OR rental history.
Those are just some of the proposals congress is considering. However, if we were to assume that EVERY SINGLE PERSON in the US ages 18 and up, got a basic universal income of $1,000 per month, it would cost the US government, 3 TRILLION DOLLARS per year.
That’s around 3/4th or roughly 75% of the budget the US government spent in all of 2019 which was 4.4 trillion dollars. And if you exclude people ages 65 and over who are collecting social security, you’d only reduce the cost of it by 1/5th.
So in order to fund this program without cutting out any programs, you’d need to almost DOUBLE the federal revenue. And there’s just NO WAY of doing that without drastically increasing taxes or reducing or restructuring our social programs as we know it.
In comparison, the whole CARES Act relief package that our government passed has totaled $1.76 TRILLION dollars in cost not actually 2.2. trillion. But is it worth it?
That's what we'll discuss today, the pros and cons of this stimulus environment and about having universal basic income.
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