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Stimulus Check and Package Update for November 25, 2020

Stimulus Check Update

Stimulus Check and Package Update for November 25, 2020



Quick Overview

  • Regarding the second stimulus check and the stimulus package, Treasury Secretary Steven Mnuchin took back the $455 billion dollars of unspent money from the Federal Reserve. Mnuchin deposited that money into a Treasury account that requires the approval of both the House and the Senate to spend it.
  • The person replacing Treasury Secretary Steven Mnuchin is expected to be Janet Yellen, who served as the Chair of the Federal Reserve in 2014 – 2018. Yellen says that the government needs to spend an extraordinary amount of money to fight this pandemic. She says it is necessary and we can afford to have more debt.
  • A poll shows that 83% of Americans believe that the stimulus package should be a priority for Joe Biden in his first days in office.
  • President Trump is avoiding press conferences. But he held a 62 second press conference to say that the stock market hit a record high of 30,000 points and then vanished without taking questions.
  • The surge of Covid-19 in Sweden dashes any hopes about the herd immunity theory.
  • The Swedish Covid-19 response has now been declared a disaster and should not be a model for the rest of the world. The Prime Minister is now implementing restrictions as ICUs are nearing capacity. The governors will be granted the power to decide who is allowed to first access the vaccine.
  • I know we have quite a few grandmothers and grandfathers watching this video. I have a question to ask you… the governor of New Jersey said “celebrate Thanksgiving with just your immediate family and please do not do it with grandma and grandpa”…. is that okay with you?
  • The weekly jobless claims were released this Wednesday morning. Americans filing for unemployment for the first time rose for a second week to 778,000 people.

Stimulus Check News

Let’s begin with the second stimulus check and the stimulus package. The previous stimulus package gave a lot of money to the Federal Reserve for them to lend out to big companies. The Federal Reserve ended up not using $455 billion dollars of that money.

Treasury Secretary Steven Mnuchin took that money back because he said that he wanted to repurpose those funds. That money could have been given to the American People immediately with an executive order. Instead, Mnuchin deposited that $455 billion dollars into the Treasury’s General Fund, which means that money cannot be deployed without the approval of both the House and Senate.

Treasury Secretary Steven Mnuchin will be leaving and is expected to be replaced by Janet Yellen. With her experience from the Federal Reserve, Yellen said that it was a big mistake for the government to reduce their spending after the 2008 financial crisis, which slowed down the recovery.

She says that she learned from that mistake and she wants to come in as Treasury Secretary and spend big. Yellen’s quote was

“we need to continue extraordinary fiscal support, but even beyond that I think it will be necessary. We can afford to have more debt because interest rates will probably be low for years to come”.

A Consult-Politico Poll shows that 67% of Americans want Joe Biden to make the stimulus package the top priority. 16% of Americans say that it should be Biden’s #2 priority. 5% said that it is not important. 5% said we should not do a stimulus package. 7% were indifferent.

Just so everyone is aware, our politicians are battling it out on Twitter while they are on vacation.

Democratic Congresswoman Alexandria Ocasio-Cortez and Republican Senator Ted Cruz are exchanging blows on Twitter. Alexandria Ocasio-Cortez, also known as AOC, proudly refers to herself as a Radical Democratic Socialist. She won her seat in the House of Representatives when she was 29 years old and she is currently 31 years old.

AOC started taking jabs at the Republican Senate Leader Mitch McConnell and then Republican Senator Cruz came to his defense and accused the Democrats of blocking the stimulus package with a filibuster. Cruz’s direct quote was

“Why is your party filibustering $500 billion in Covid Relief?”

AOC responded with

“The House of Representatives doesn’t have filibusters”.

Ted Cruz responded by saying

“Ocasio-Cortez seems to not know there are Democrats in the Senate”.

AOC realized her mistake so she responded by saying

“People are going hungry as you tweet from vacay”.

Political News

President Trump emerged for a press conference to congratulate everyone on the stock market reaching all-time highs. It was short and sweet, 62 seconds short and sweet. Trump’s exact quote was

“I just want to congratulate everybody. The stock market, the Dow Jones Industrial Average, just hit 30,000, which is the highest in history. That’s a sacred number 30,000… and nobody thought they’d ever see it”.

After Trump’s remarks, the journalists shouted “will you concede” … but Trump ignored the questions and marched right off into the distance.

Covid-19 News

  • The governors will be given the power to decide who gets the vaccine first.
  • Pfizer is expected to have 6.4 million doses ready by December 10th.
  • With the other drug companies shortly behind, the United States expects to have 40 million doses by the end of the year.
  • This is according to the Health and Human Services from the special task force, Operation Warp Speed.
  • The Health and Human Services is giving their recommendation to the governors that they should prioritize the vaccine to people living in nursing homes, vulnerable people with conditions, and healthcare workers.
  • One piece of good news is that influenza is currently at one of the lowest levels in recorded history.
  • Medical professionals are saying that it is credited towards the behavioral changes people have made by wearing masks, which reduces the spread of respiratory infections.
  • In the United States, we reported 172,935 new cases and 2,146 fatalities on Tuesday. This is according to the Johns Hopkins University.

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