Hi everyone! This is Dr. Nitin Chhoda with
Ignition Time and I'm following up on
the previous breaking news alert announcement
with yet another important update. Just
to remind you about the previous
breaking news alert,
the President of the United States has
suggested that the November elections
should be delayed. He's thrown that
thought out there, he's teased that thought
with his recent tweet from a couple of
hours ago from this morning, that's
number one. Number two,
the US GDP, the US economy has seen the
most significant decline.
A massive 10% drop in consumer
spending especially services. So
consumers spending on services
has gone down more than 13%, consumer
spending on goods has gone down about
3% and business investment has gone down
7.5%. This is the most
significant decline in the GDP since
they started taking records. And number
three, unemployment numbers have actually
started to go up. The weekly unemployment
numbers have actually
started to move upwards after they had
seen a downward trend.
In this video I'm going to actually
compare the HEALS Act
that was suggested by the Republicans,
with the HEROES Act that was passed by
the house by the Democrats
a few months ago. I'm going to stack them
side by side so you can see the
difference in ideologies
between the two sides and also what i'm
going to do is i'm going to give you the
latest status of the negotiations that are
going on right now with the white house
and the republicans in the senate and
with the democrats. So that's where
things stand right now.
I'll give you those breakdowns, also I
want to say one more thing. I am noticing
that about 1% of my subscribers
are like give me the breaking news and
tell me what's the bottom line and tell
me when the bill is going to get passed.
I'm sorry to say but if you're impatient
and just waiting for the bottom line
you're not going to be able to
understand the full picture and you're
not going to be able to plan
a few steps ahead. I'm just being
completely honest with you. When the
world is crashing down, when things are
falling apart,
it's really important to not just plan
for the here it's important to plan for
the future
which is what this channel is about. What
I do is I read between the lines. I see
the signs and
help you plan a year, 2 years,
5 years, 10 years ahead. And again I know
that a lot of us are struggling with
immediate needs
but I have much bigger goals, much bigger
aspirations for my viewers.
And again in the short term it is going
to get bumpy. The reason I do these
alerts so fast is I want to give you the
information but
I want you to plan ahead because that is
my aspiration for all of my viewers.
Let's quickly break down
the HEALS Act with the HEROES Act which
will give you a quick
idea of where the two sides stand. With
the HEALS Act you have $300 billion
in funding for stimulus checks 2.0
which sort of follow the same guidelines
as stimulus check 1.2 except that now is
$500 per adult dependent which was not the
case in the previous uh
in the previous CARES Act and in
comparison the
the HEROES Act actually had a
$1200 check, $1200
stimulus check per dependent
but that was limited to 3 dependents
as far as I know. So
again let's break down the HEALS Act
with the HEROES Act. $300 billion
in the HEALS Aact stimulus checks 2.0,
$300 billion for tax breaks and a
retention credit to encourage
businesses to bring employees back to
work, $158 billion
towards the PPP uh the Paycheck
Protection Program and help for
industries
111 billion dollars towards healthcare
spending
110 billion dollars towards unemployment
benefits
and 105 billion dollars towards
education spending let's compare that
with the heroes
act by the way the price tag of the
heals act is right around 1.2 trillion
dollars
and the price tag of the proposed heroes
act was three trillion dollars
so the heroes act suggested a trillion
dollars
in state aid local and tribal aid and by
the way there wasn't much of an emphasis
on state aid in the heels act
again actually before i go into this
you'll start to see the difference in
priorities
between the two sides you know that the
republicans are
sort of in favor of business and the
democrats are
essentially have a slightly more for
lack of a better phrase
socialist perspective so uh the one
trillion dollars from
uh the in the heroes act towards state
aid local tribal aid 435 billion dollars
to extend
unemployment insurance in full through
next year 430 billion dollars for checks
2.0 by the way you can see that that's a
consensus
between two sides so the next stimulus
check is going to happen 100
the president will sign it you know as
soon as the two sides can figure things
out
and by the way i was the first person on
youtube to actually confirm the second
stimulus check based on
a hint that i got from the president uh
380 billion dollars in health aid
300 billion dollars in business aid 300
billion dollars in tax benefits 200
billion dollars in hazard pay
for essential workers and 200 billion
dollars in rental and housing aid so as
you can see
you you know when you just stack the two
side by side as you can see when you
stack the two
right next to each other you can see
that one has a lower price tag and is
primarily focused on businesses the
other has a significantly significantly
higher price tag and is focused
primarily on individuals on unemployment
benefits on states
and then the business aid and the tax
benefits are lower down
in the list because the way i've stacked
them up for you on your screen right now
is
um the higher priority items in other
words the the more expensive items
in each the heels act as well as the
heroes act are stacked at the top so it
is in descending order
of a dollar amount allocation if you
will now let me quickly tell you about
the current state
of the negotiations on capitol hill this
is where things stand right now
at the moment i'm recording this video
there is a total negotiation standstill
there is a need for urgency from the
federal reserve chairman jerome power
there's resistance within the republican
party there's
even at this point yes there's
resistance between the republican party
towards certain aspects of the heals act
the president and the senate majority
leader
absolutely want a deal and we know
uh the democrats are fighting for what
they want so the important part is the
president ascend majority leader want a
deal
and an alternative unemployment
insurance proposal
from senator mitt romney okay so let's
jump right into this
as far as the total negotiation stand
still is concerned the two parties
remain
very very far apart even after some
intense meetings and negotiations
all parties have declared their
differences and they say that at the
moment it's irreconcilable
and democrats shot down the idea of a
short-term fix for unemployment
insurance and the eviction monitoring
which president trump had said that he
would support the two parties are very
very far apart right now and each side
is as we record this blaming the other
side for the failure and they said that
um the tracks could get the talks could
get back on track in the next
day or two by the way we only have less
than 48 hours at the time i'm recording
this video
i would say about 24 hours at the time
i'm recording this video but the signs
as of right now
are not promising these are words from
the white house chief of staff mark
meadows i don't know
that there is another plan other than no
deal again the white house chief of
staff said
i don't know that there is another plan
other than no deal
which will allow unemployment and he's
referring to enhanced unemployment
i might add to expire no deal certainly
becomes a greater possibility
the longer the negotiations go so he
said the longer this thing drags on
the harder it's going to be to extend
unemployment and
mark meadows also said we are nowhere
close to a deal and chuck schumer
said our republican friends don't seem
to come close to meeting the moment
they've put us against the wall we have
two cliffs because they wouldn't
negotiate
for months so this is where things stand
we're talking about negotiations between
mark meadows and the u.s treasury
secretary steven mnuchin
on one side by the way they're the lead
negotiators on behalf of the white house
with the democrats
and then you have chuck schumer and
nancy pelosi from the demo from the
democratic side on the other
on the other end then let's talk about
the need for urgency from the federal
reserve chairman
the federal reserve chairman jerome
powell specifically said and these are
his words
on balance it looks like the data are
pointing to
a slowing in the pace of the recovery so
basically what he's saying is things are
slowing down
and he's right because if you look at
the gdp the economy the data that just
came out this morning
that i that i alluded to earlier and in
my previous breaking news alert and if
you look at the unemployment numbers
which are rising
things are actually slowing down right
now and he said i want to stress it's
too early to
say both how large that is and how
sustainable how sustained it will be
he's referring to the the reduction in
the pace of the economy and
i believe he's saying that because when
it is when some sort of a medical
solution comes out
we could all be surprised and things
could bounce back pretty quickly but
right now
right now the picture is looking pretty
gloomy and powell also said
lending is a particular tool and we're
using it very aggressively but fiscal
policy is essential here
as i've said more will be needed from us
and i see congress is negotiating now
over a new package
and i think that's a good thing so the
federal reserve is just a lender
they are not a spender the us treasury
is the spender
but the allocation of the money comes
from congress so the way our system
works is
congress allocates the money the senate
creates a law creates a bill
that is then signed into law by the
president the federal reserve
essentially
lends the money or in other words prints
the money digitally
and then the u.s treasury secretary
takes that money that's been credited to
it from the federal reserve
and then starts to distribute it via
stimulus checks
via paycheck protection programs uh via
main street lending programs economic
injury disaster loans and that's the way
our system works
i have done another detailed training
video that you want to check out
on how the us government gets money and
how the us government spends money
i've also done another video that i
think you'll find extremely fascinating
on exactly where the stimulus money is
coming from in other words how the
federal reserve is actually printing
money
and whether that's going to have an
effect on inflation so you want to check
that out
believe it or not there is resistance
within the republican party
about about what's going on right now so
um senator mitch mcconnell said in a pbs
interview
that there are about 20 20 gop senators
who would prefer to take
no additional action at all because of
concerns about the growing
federal debt because of the concerns
about the growing deficit and senator
john cornyn who's a republican from
texas
said there's no consensus on anything
and he also said
this is a normal i quote a normal part
of the catharsis that goes
with actually getting to the solution
and then he added we are far away
right now so right now that's where
things stand mcconnell is leaving
negotiations with
democrats two trump administration
officials specifically
uh mark meadows and u.s treasury
secretary steven mnuchin now it's clear
that the president
and the treasury secretary do want a
deal and
schumer said they're tied in a total not
because of the disunity in their caucus
because of their inability to gather
votes because the president says one day
he says another thing the other day we
want to come back and keep talking to
them
but they don't have anything to say now
mcconnell was optimistic
and he said in an interview a few hours
ago on pbs newshour
saying hope springs eternal that we'll
reach some kind of agreement either on a
broad basis or on a more narrow basis
to avoid having an adverse effect on
unemployment so as you can see
the unemployment benefits component is
important to trump
and and i did mention this trump did
call for a quick fix to address the
unemployment benefits and eviction
monitoring
saying that other issues could wait his
exact words to reporters outside the
white house were
the rest of it we are so far apart we
don't care we really don't care
words from the u.s president and the
democrats have been sort of excoriating
that approach and they say that we need
a comprehensive
bill they do not want anything piecemeal
and neither does senate majority leader
mitch mcconnell and he insisted that any
bill
should include a five-year liability
shield for businesses healthcare
providers schools
and this is a non-starter for democrats
and finally let's get into an
alternative unemployment insurance
proposal from
senator from senator mitt romney who's a
republican from utah
he proposed a plan that would allow
states to choose one of two options
either a jobless benefit supplement that
amounts to 80 percent of the initial
wage
or a sliding scale that would amount to
an additional 500
per week in august 400 per week in
september and 300
per week in october now that's that's
super interesting
because that gives people help when they
need it the most and then it starts to
phase away as the economy
starts to improve as hopefully i use the
word hopefully
the we get this pandemic under control
and gradually
businesses start to reopen because what
is happening right now
is not sustainable what we need to get
back to a normal world we need to get
back to reality so this
is a pretty interesting i believe it's
an intelligent and i believe it's a well
thought out proposal and i
i wish there were more voices of reason
out there
but uh you know we have two two hardline
positions on either side right now
with over 20 million individuals stuck
in between
that is what we have right now i'm also
going to talk to you about how i think
you should prepare and
uh what what i think makes the most
sense towards the end of the video
and so let's see so we have trump's push
for an eviction on the extension
monitorium
came even though the gop legislation
that the heels act did not include it
keep in mind that the eviction
monitoring provision which was in the in
the cares act
shielded 12 million renters nationwide
from eviction but it already expired
a few days ago and larry kudlow and i
did cover larry kudlow in other in other
videos on my channel he initially
mentioned that hey there is an
extension of the eviction monitoring and
then he issued what he called a
clarification
and said that no no this pertains to
forbearance for homeowners which
which was already part of the cares act
anyway and he said that that's going to
be extended but
he said i need to issue a clarification
and you know the eviction moratorium is
not extended but the 1200
stimulus check will help them he
actually said that so you want to go
back
in my channel and find that interview
and watch that interview
now here's something that i want to wrap
up with president trump
insisted wednesday he would continue to
demand nearly 1.8 billion dollars with a
b
by the way just so that you know the uh
the heals act has
110 billion dollars with a b towards
unemployment benefits
and president trump wants almost um
which wants right around two percent of
that which is one point eight billion
dollars
towards a new fbi building at his
present site near his hotel in downtown
washington
now i want to be clear senate majority
leader mitch mcconnell and others
have opposed the inclusion of the fbi
headquarters provision
and then here's what trump said and i
quote then republicans should go back to
school and learn they need a new
building
and we can do it very easily that ladies
and gentlemen was the latest news from
ignition time
now when i started this channel i want
you to track with me here because this
is going to be very important
because one day all of this madness is
going to end when i started this channel
my goal was to help you become stronger
financially i've been giving you
information that is breaking news and
i'll continue to do it
but i again have bigger goals bigger
aspirations for all my viewers all my
subscribers
and for those of you who are interested
in information that is more than just
news more than just what's happening now
when am i getting my check what's
happening now when am i getting my check
what's happening now when am i getting
my check
i want you to have savings
i want you to be financially free i want
you to learn how to invest
and i want you to have a strong happy
productive future whether you do your
own job whether you start your own
business
whatever you want to do i am going to
help you achieve that because that's
what i've done
myself so um for those of you who are
struggling to just pay your bills right
now who are on the verge
of homelessness i'm with you i feel for
you i care for you
i do this channel because i love my
fellow americans for those of you please
please do what you can to get through
the next few days
and few weeks because this is going to
get really bumpy and i do believe things
are going to get worse before they get
better i have no doubt
my confidence in the long-term future of
our country is
unshaken okay that that's that won't
change but
things are going to get really bumpy for
the rest of you
if you have some savings continue to
build
your cash position last week last
thursday uh last wednesday i beg your
pardon
i liquidated all my stock market
positions i sold
millions of dollars worth of stocks it
took me two hours
to sell to liquidate all the stock
positions the reason is
i believe the next two or three months
are going to get really bumpy
with the election coming up uh the pres
the president proposed a postponement of
the elections i believe that the numbers
of the economy i believe the gdp numbers
are going to be really bad
and even if and when the unemployment
benefits
get extended i say if and when even if
and when the unemployment benefits get
extended these stimulus checks go out
the underlying structure indicates the
the signs underneath
indicate that things are going to get
bumpy very bumpy in the next two or
three months
and i have prepared for that i i'm in a
i'm in a cash position right now
and i recommend that you be in a cash
position right now as well not because
you want to buy stocks and make profit
overnight nope
so that's not what i'm saying i want you
to have a financial
buffer so that you can be hopefully less
stressed
about money going forward those are my
longer term goals my longer term
aspirations
for my viewers i want my viewers my
subscribers to be
happy to be healthy and to be
financially secure
as we get through the next few days and
weeks
and i'm still optimistic about some sort
of a consensus coming out
at some point in the next 24 to 48 hours
i'm still optimistic
but beyond that beyond that the bigger
objective
the bigger idea should be to say holy
moly
i've been working all my life i've been
independent
i've been i've been self-sufficient and
now all of a sudden i'm depending on the
government
none of us not one subscriber out there
wants that i'm with you i'm with
everybody here thank you so much for
watching god bless you
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