WOW! UNEMPLOYMENT $400 PER WEEK FPUC FOR 14 MONTHS! 10/15/2020 (O’LEARLY PROPOSAL)

WOW! UNEMPLOYMENT $400 PER WEEK FPUC FOR 14 MONTHS! 10/15/2020 (O’LEARLY PROPOSAL)

So first let’s discuss why O'Leary is focusing on extending unemployment enhancements out 14 months until 2022. To do so we must address two things: the state of the virus and the state of the economy.

FIRST, currently virus cases are continuing strong at 50,000 new cases a day and don’t appear to be going away anytime soon. This means many people will be unemployed longer and the current proposals only suggest an extension until January 2021 which is about only 3 months out. Chances are if go with 3 months, into winter (flu season) still with no vaccine and cases continue the way they current are that we will be in the exact same position, only in January, trying to figure out how to extend enhanced unemployment once again. So, extending it out further based of the current state of the virus looks like a good idea.

SECOND, O’Leary thinks our focus should be on enhanced unemployment due to the state of our economy. As economists are reporting we are in what’s known as a “K-shaped” recovery (which I never even heard of before). I have heard of “v” or “w” but “k” was new to me; basically “k-shaped” means one group of people experience an economic recovery while the other group experience a worsening of their economic situation aka “the rich are getting richer while the poor are getting poorer”. Real estate prices and stocks which are typically owned by the wealthy recover while those who own very little assets can’t get their jobs back and aren’t able to pay their bills or even barely put food on the table. So given this newly provided data O’Leary suggests those that are in dire need of aid at this time are the unemployed and the focus of stimulus should be on them.

Now with that being said let’s discuss what’s made a lot of people raise their eyebrows at O’Leary’s proposal AND proves this isn’t just a “people pleaser” move. O’Leary said there really isn’t a need for stimulus checks. Quote “We don’t need the $1,200 check to everybody anymore because a lot of those people have now found work again,” Since many people have already experienced a recovery and are back to work and back on their feet, we shouldn’t just use this pandemic as an excuse to just send out free money RATHER we need targeted stimulus and checks are NOT the best solution.

However although he supports a longer duration of unemployment (14 months rather than 3) he simultaneously supports a smaller amount of weekly benefits saying “I would rather people have an incentive to work if they can find it, but I don’t want them to be in a great, painful space,” which is why he believes FPUC should be reduced down from $600 per week to $400 per week. On average this would also ensure that most individuals collecting unemployment aren’t making more money unemployed then when they were previously working.

According the Bureau of Economic Analysis, on an annualized basis, the original FPUC benefits translated into an additional $842 billion in personal incomes HOWEVER when FPUC was implemented unemployment was extremely high and volatile making actual costs very difficult to track.

LWA enhanced unemployment benefits by $300 per week for roughly 6 weeks for most states cost roughly $44 billion. O’Leary suggests $400 per week so we if increase the weekly benefit for 6 weeks the overall cost is $58.6 billion. However he is proposing this over the course of 14 months which is roughly 60 weeks, so $400 per week over 60 weeks equal $586 billion. This appears to be significantly less than what we were seeing from FPUC. This is due to the weekly benefit being less, less unemployed, AND keep in mind hopefully by 2022 there will be a vaccine and/or a decline in cases which might take the overall cost down even lower.

As updates come out, I will be sure to share.
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Видео WOW! UNEMPLOYMENT $400 PER WEEK FPUC FOR 14 MONTHS! 10/15/2020 (O’LEARLY PROPOSAL) канала Steve Ram