Hi everyone! This is Dr.
Nitin Chhoda with a very important
episode of Ignition Time! It's early in
the morning, the sun shining in my face.
I love it.
I have my cup of coffee here with me,
and I am ready to give you some major
announcements
about the state of unemployment
benefits and stimulus checks.
And I'm going to tell you what I think you
should do to prepare towards the end
of this video,
because at the end of the day, at some
point, all of this is going to end.
In fact, I believe that this is the final
round of stimulus checks
and unemployment benefits.
And we need to prepare for a new world,
financially speaking. In this video
I'm going to go over a few things.
Firstly,
I'm going to talk to you about the Trump
administration,
which is now backing partial extension
of unemployment benefits
through the end of the year.
Yes, you heard that right.
They're now backing it
to the end of the year.
We will actually analyze the exact
language in the Republican draft proposal
that was obtained by The New York Times.
And I'll give you the link
to that New York Times article below
and that draft proposal, because remember,
that's the starting
point for negotiations.
I'll talk to you about the new urgency that has
just emerged in the past 24 to 48 hours
and specific language from the Republicans
about the extension of unemployment
benefits and the next $1200
stimulus check coming in August.
It looks like the next stimulus check will
be the exact same as the previous stimulus
check with the exact same parameters as
75,000 income threshold and so on, so forth.
And honestly, I'll talk to you about why I think
we should thank the constitutional order
of the United States of America
for the fact that this is continuing.
I'll explain what I mean.
And I think it'll make
a lot of sense, too.
And finally, I'll talk to you about what I
think is likely to happen next and what
I think you should start to do next.
So with that being said,
let's go ahead and get started.
I mean, next week you are going
to see a big flurry of announcements.
You will see hundreds, thousands of
YouTube videos breaking all of this down.
I'll be sure to give you the bottom line
and help you plan for the next move,
because that is what this is all about.
Now, let's talk about the administration
now announcing
that they are backing partial extension
of unemployment benefits all the way
through the end of the year.
Now, this was a brand new article
from Reuters, and I will link you in the
description below to the Reuters article.
So I definitely think you should check out
the Reuters article,
Brandnew announcement.
And according to the Reuters article,
the US Treasury Secretary,
Steven Mnuchin,
said in the past 24 hours that the Trump
administration now supports
extending enhanced unemployment benefits
until the end of the year in the next
round of the stimulus package.
So but they did say that it's
going to be at a reduced level.
The administration and the US Congress
have been trying to have been trying
to strike a deal, as you know,
on the next aid package,
because a $600 a week
unemployment booster
(its pretty windy here)
the $600 a week unemployment
booster has effectively ended at the time
that you're watching this video.
Now, Mnuchin did say and it looks
like these guys were working through
the weekend because, you know,
Mnuchin gave an interview on Saturday.
In fact, the White House economic adviser,
Larry Kudlow, actually gave
an interview on Sunday.
So, you know, these guys are working
through the weekend,
which is which is a good thing
to try and get this sorted out.
Mnuchin said he had spoken on Friday
with the top Democrats in the House,
including House Speaker Nancy Pelosi,
who has said she does not want a short
term extension of unemployment insurance
so that that a stopgap measure
that they were considering.
It seems like Nancy Pelosi said no, no
go, it has to be a proper extension.
And that's where the Republicans will
start working with her and negotiating
with her. A lot of a lot of my viewers
and subscribers need to understand
that the president can't just snap his
fingers and extend unemployment benefits,
and neither can the Senate.
The money actually has to be appropriated
by Congress, which is a constitutional
order of the United States of America.
Get into that in just a second.
I mean, imagine for a second
if the house was also controlled
by Republicans, we wouldn't even be
having this discussion right now.
It would be it would
have been over by now.
So right now,
because Democrats in the House,
the Republicans have to go back
to the Democrats and, you know,
get Congress to appropriate those funds.
So here's what Manoogian said.
Manoogian said, we don't want
a short term extension either.
Well, that's not what some
Republicans were saying 48 hours ago.
OK, Mr.
Manoogian, we don't want
a short term extension either.
We want something
until the end of the year.
That's what U.S. Treasury
Secretary Steven Manoogian said.
And he was at the gate.
He was in D.C. on Saturday with the
White House chief of staff, Mark Meadows.
And he did meet with Senate
Majority Leader Mitch McConnell.
And he they are sort of finalizing
the details of the package right now.
I'll give you the draft package.
But you can expect that within 20,
within the next 24, maybe 36 hours,
a proper package will be introduced.
But keep in mind,
that's going to be a starting point,
because at the end of the day,
it's going to be a negotiation between
the Republicans and the Democrats.
A Manoogian did say last week
that Republicans were looking
to an extension of unemployment benefits
that replaced 70 percent
of an individual's prior wages.
And he said that we want to make sure his
words, I quote him,
we want to make sure there's a technical
correction so that people don't get paid
more money to stay home than to work.
These are his exact words.
No, Manoogian did say this
is the important part.
Did say that he expected the initial
language of the legislation
to emerge on Monday again.
Keep in mind, this is the initial version.
This is the draft from the Republicans.
And then there's going to be some
back and forth with Democrats now.
Mark Meadows, the chief of the White House
chief of staff, Mark Meadows,
did suggest that a deal on a standalone
bill on unemployment benefits would be
reached before the July 30 first deadline.
And this would provide time
to focus on other issues.
And Americans, you know, needed that help.
So he did acknowledge that.
So it sounds like there will be a 11th
hour decision,
but it also looks like it's going to be
at a lower level than the six
hundred dollars a week.
So all of you have been getting
the six hundred dollars a week.
It is going to be less and that's
what it looks like right now.
And here's the important thing.
The date is now changing.
The ship is is changing direction.
You know, I think of the United States
of America as a big ship.
It's not a speedboat.
It can go.
It can just, you know,
change direction super fast.
It's a big ship that changes directions.
Five degrees, 10 degrees, sort of slowly.
But the thing, though,
is when a ship changes its direction
by five degrees
a few months down the road,
it ends up in a different continent.
Right.
Because it's a huge ship and it
continues moving in that direction.
So I think I see this whole situation as
being a small but significant shift
in the right direction.
We will enter a new world where
the unemployment benefits systems,
the engineer,
where the mechanism of providing help to
to those who are the most vulnerable is
going to be sorted out going forward.
But the ship is slowly changing
direction and these are good things now.
Let's analyze the exact language
in a draft proposal from the Republicans
that was obtained by The New York Times.
This was a couple of days ago.
You may have already seen it,
but here's the exact language
as it pertains to unemployment benefits.
I will also give you
a link to this draft proposal.
In the description below,
you can read the whole thing
about unemployment.
The draft proposal from the Republicans
says there will be some type
of extension of the enhanced benefit.
So there will be an extension, but likely
not six hundred dollars a week.
The language is important here.
Likely not six hundred dollars a week
because they already have to go back
to the Democrats and they know they
have to go back and start negotiating.
And I'm pretty sure they're not excited
about the thought of, you know,
negotiating with Nancy Pelosi
and Chuck Schumer.
But they have to do that.
That is a constitutional order
of the United States of America.
There will be a transition period during
which there will be a flat
amount of extra up.
While we cannot keep in mind this was
a draft proposal from about two days ago.
And I believe that they will sort of reach
some sort of a conclusion where
to most likely be a flat amount.
But we'll we'll see after that,
there'll be a new policy that better
aligns with an individual's lost income.
This isn't a draft proposal
by multiplying a person's state benefit.
They're talking about an individual state
benefit,
plus a percentage of the state benefit
equal to total benefits
of the state benefits 45 percent.
You take half of that, for example, half
of forty five is twenty two point five.
Forty five plus twenty two point five
is sixty seven point five percent.
And that's just under 70 percent
of an individual's prior income.
So they're talking about picking
calculations off prior ages of individuals
who are unemployed in order
to arrive at these benefits.
So they said that possibly by multiplying
a person's state benefit but will cap
out at one hundred percent of income.
So there's language in the bill.
There is language in the draft that sort
of leaves room to go,
not to sort of start at 70 percent
at the sort of as the base amount as
a starting point for negotiations and go
all the way up to 100 percent,
presumably because they know what the
Democrats are going to come back with.
And there will be some sort
of a compromise because this is politics
and both sides want to look good.
No, let's.
I mean, I've learned that in any
negotiation in life.
And at the end of the day,
this is a high stakes negotiation.
I'll give you a negotiation lesson
that I've used to, you know,
to buy businesses, to buy it, enter
properties, to negotiate with employees.
And I pretty much do
everything in any negotiation.
One side always starts on one in the other
side starts all the way at the other end.
And then they meet and what I call
the zone of fairness or
the zone of acceptance.
So, I mean, you can call it a zone
of compromise in this situation.
The zone of compromise, I believe,
will be reached quickly
because of the urgency of the situation
here, because both the Democrats
and the Republicans want to look good.
No, let's let's go to the next point,
which is the new urgency and specific
language about the UI extension,
about the unemployment insurance extension
and the next twelve hundred dollar
stimulus check coming in August, and why
we must thank the constitutional order
of the United States of America,
because I believe the founding fathers,
in all of their infinite wisdom,
saw something like this coming.
And I tell you what I
mean in just a second.
So according to the Associated Press
and this also is a phenomenal article,
I will link you in the description below.
I definitely want you to read the whole
article so you understand
the picture for yourself.
The Associated Press,
the Treasury secretary, Steven Manoogian,
said a few hours ago that Republicans were
set to roll out the next relief package
on Monday and assured that there was
backing from the White House after he
and President Trump's top aide met.
And they're going to fine tune
the trillion dollar bill.
No, it doesn't say who their top aide is,
but it is presumably the White House
chief of staff, Mark Meadows.
Manoogian told reporters at the Capitol
that extending an expiring unemployment
benefit but reducing it substantially.
Right.
This is important,
but reducing it substantially was
a top priority for the secretary.
All of the six hundred dollar
weekly aid ridiculous.
Yes,
the United States Treasury secretary
called the six hundred dollar
weekly aid ridiculous.
He said it was a disincentive
for people to go back to work.
He also promised a fresh round of twelve
hundred dollar stimulus checks
would be coming in the month of August.
He did say we are prepared to move quickly
after he and Mark Meadows,
the president's acting chief of staff,
spent several hours on Saturday
with GOP staff at the Capitol.
He said the president would absolutely
support the emerging
Republican stimulus package.
So if you if you've been
following the news on my channel.
I said that the Republicans
and the White House, the administration
were not seeing eye to eye.
Now they are seeing eye to eye.
So that is progress.
But now they have to go back and negotiate
with their favorite people
in the whole wide world.
Nancy Pelosi, Chuck Schumer and the other
Democrats, I'm sure they're looking
forward to that discussion.
And, you know, there's going to be
a lot of hugs and high fives.
Probably not.
I mean, Richard was optimistic.
Assessment came after Democrats weighed
in publicly on the updated proposal.
And keep in mind, this proposal is only
a starting point
in the negotiations with House
and Senate leaders and the other party.
Guys, this is good news.
Things are moving forward at the 11th hour
because this is how
this is how the game is played.
This is good.
This is 11th hour negotiation.
And this, my friends, is politics.
Manoogian said that he recently called
White House,
so he simply called the House Speaker,
Nancy Pelosi,
and Senate Minority Leader Chuck Schumer.
So they are talking.
They are talking.
That's a good thing.
And they need to get this sorted out
ahead of these negotiations
next week on the broader deal.
Now,
the White House and Senate Republicans
have been scrambling to do something
because they were essentially
not seeing eye to eye.
And it's this is expected to be a hundred
and five billion dollars to help schools
reopen new money for pandemic testing,
including a fresh round of loans,
tax breaks and a sweeping liability,
Schirò, from pandemic related lawsuits.
And the president basically said and this
is these are words from Meadow's,
the president has been very clear.
He wants to make sure that the American
people have what they need during this
unprecedented time to make sure not only
the money is there, but the program.
So obviously, though,
the administration and the Republicans are
going to downplay
any differences because now they are
looking and coming across as united.
Things are moving in the right direction.
Now, clearly, the Democrats
wanted a whole lot more.
I've covered this in in other
other parts of the channel.
The White House had initially floated
plans to get that aid down
to one hundred dollars a week.
There was some talks of,
you know, a few hundred dollars a month,
which is, you know, I mean, hurdle's
a week is one hundred dollars a month.
Senate Republicans had
to favor 200 dollars a week.
The general agreement about the phase out
in favor of the general agreement
that there would be a phase out and it
would be replaced by the 70 percent income
gap threshold of all of this
and other videos on my channel.
But now when they go back to the table
and negotiate with the Democrats,
you can be sure
that that's going to be Yant
in the opposite direction because
both sides want to look good.
By the way, whatever happens,
it'll be something positive.
It probably won't be the whole six hundred
dollars, but both sides
are going to take credit for it.
And both sides are going to want to say
that they had 20 plus American
unemployed individuals.
Again, that is 11th hour discussion,
that 11th hour politics.
Now, here's the interesting thing.
Manoogian also said that the twelve
hundred dollar direct payments,
here's the interesting thing.
He was asked when are
the stimulus checks coming?
And he said they had not stimulus checks,
the economic impact payments, you know,
spoken like like the US Treasury secretary
because, you know, in his in his mind,
this isn't really a check.
It's in some cases,
it's going to be a direct deposit.
So he was a broader economic impact.
Pimas Just something interesting
for the nerds like me.
Manoogian also said that the one hundred
dollar direct payments would be based
on the same formula from the earlier bill,
which means individuals making seventy
five thousand dollars or less,
just like guess that one would
receive the full amount.
And those making more than seventy five
thousand dollars would receive less than
twelve hundred depending on their income.
And it would be it would you know,
the one hundred dollars from this check
would be gone completely based on
a certain income threshold because
individuals making more one hundred
thousand dollars would not qualify
for any stimulus check.
So when you did say we'll get the majority
of them out in August
and those will help people.
So he did say that.
And basically the path forward and in the
past few days was remaining uncertain.
Both sides were scrambling.
But now it looks like the Republicans
and the White House have gotten their act
together and now they are going to go
to the negotiation table
with the with the Democrats.
No.
Why do I think we have to thank
the constitutional order of the
United States of America for all of this?
If the House was Republican because
the Senate is Republican,
this would be just a done deal.
They would sort of push
through whatever they wanted.
But because the houses Democrats,
that is a voice on the other side
of the aisle so that both
sides can see eye to eye.
This, again, is the infinite wisdom
of the founders of our country and for
that matter, honestly, any democracy.
And the good thing here is that,
you know, again, it would have been over
by now that Republicans control the House.
Now, Warren Buffett, by the way,
I'm a big fan of Warren Buffett.
And I will link you
to an article below excuse me,
to a video below by Warren Buffett.
And Warren Buffett said,
and I'm paraphrasing him, he said,
The country swings left and right.
We have the Republican
administration for a few years.
Then we have the Democrats
in the White House for a few years
where the country swings left or right.
But the net effect is that the country
keeps moving forward,
especially at crucial times like this.
But in his words, not my words,
I can't take credit for Warren Buffett,
for Warren Buffett was he said,
in his words, American
magic has always prevailed.
And in my opinion, it will again.
In fact, this phrase American magic
has always prevailed, came from him.
And I'll provide you with a clip
from a segment not too long ago in May
2020 from Warren Buffett's 2020 annual
Berkshire Hathaway meeting,
which was conducted online for the first
time, where you can hear the Oracle
of Omaha in his own words.
OK.
And the Constitution, this is important
for all of my subscribers to remember.
The Constitution places the power
of the purse, places the power of money
in the hands of Congress.
No money shall be drawn from the Treasury.
But in consequence of appropriations made
by law in specifying the activities
of which public funds may be spent.
In other words, Congress defines
the condor's of federal power.
Specifically when it
comes to spending money.
So this requirement of legislative
appropriation before
regarding public funds
is at the foundation of the United States
constitutional order.
So the Democrats,
Nancy Pelosi and Chuck Schumer are very
critical components in this equation
because they will essentially come
to a deal with the Republicans and if they
want to make things hard again.
So, again, that's
the constitutional order.
And because of the urgency of this
situation, I think there'll be a zone
of compromise pretty quickly now.
What is going to happen next and what do I
think you should do with all this drama?
What do I think you should do?
Let me have a little bit of coffee,
because, again, I've been
doing these videos in one.
I'm going nonstop with these videos.
No cracks, no nothing.
I think at some point we need to stop
talking about stimulus checks.
And, you know, there are a lot of videos,
there's hundreds as thousands of videos
all over YouTube articles.
And I'll sum up all of it
in four words for you.
Second stimulus, same thing.
That's it.
I just summarize all the stimulus check
videos for you in forwards
because the parameters of the second
stimulus check at the exact same
as the first stimulus check.
There you have it.
I just saved you a ton of time.
You will see a big flurry,
a surge of announcements next week.
You're expected to see that.
But what I'm going to do is I'm
actually going to go into my office
in a little bit and I'm going to record
a video for you on three things to do
with money, because I think we
need to go back to the basics.
I think we need to go back to the basics
here and start to become stronger
financially, which is which is always
going to be the focus of my childhood.
And I want my.
I have bigger goals and aspirations
and dreams for my subscribers beyond
just letting you know
when unemployment benefits are coming,
how much is coming and when the next
to Miller's check is coming.
So that's going to be the next video
that's going to be released
on the ignition time channel.
So make sure you subscribe to the channel.
If you learn something new from this
video, please click the like button below.
I will definitely keep you apprised
of important announcements
coming up this week.
But more importantly,
I'm going to start educating you
on the basics of money on, you know,
or everything you need to know about
money, because it's time
to switch gears, I believe.
And whatever money you have,
whatever money you have saved.
If anything, you need to start thinking
about how you can invest it, how we can
become much more mature financially.
Upcoming videos and three
things to do with money.
I'm going to be working on a video
on how to invest Kopelson dollars.
I'm going to work on a video on how
to invest for six months, one year,
two years, five years, 10 years or more,
because a longer time horizon you have,
the more you can come money.
And I wasn't going to do videos on what we
can learn from other interesting thing,
guys there a lot of other interesting
individuals that we can learn
from when it comes to money.
So we can we can have fresh perspectives.
In fact,
I'll be doing a video on what we can learn
from beauty by if you guys
don't know beauty plays.
I'm sure the gamers know
exactly what beauty bias.
So there's some pretty
interesting things we can learn.
That's well, let me know which of those
topics you like the comment below and let
me know which of those topics you like.
Again, the topics are things to do
with money, how to invest a thousand
dollars, how to invest with a six month,
one year, two year, five year,
and your perspective and what we
can learn from other individuals.
I'm going to start by highlighting beauty.
So let me know which topics you like.
Another take one video from me.
Ladies and gentlemen,
I'll end with one part for you, OK?
In life, that is the.
That is the what?
That is the way.
And that is the whole.
I know that a small portion
of my subscribers want to know.
All right.
Winds up coming.
When's it coming?
How much is gonna be.
Where's it coming?
How is it gonna be?
I can tell you that when I was young,
when I was impatient, when I was broke.
For me, it was just about the what?
How much am I going to get paid?
When am I going to get paid?
As a group.
Although as I grew a little bit wiser
because, you know, we can all we
can all learn regardless of age.
As I grew a little bit bass,
a little bit, not a whole lot.
I started asking myself,
why is this happening?
What is that game underlying
underneath the game?
Because there's always
a game underneath the game.
And now as I'm getting older, I'm asking
myself, how can I make the next move?
Because I know how
the game is being played.
How can I make the next move to plan
for a better, more financial future?
Again, there's a what?
There's a way.
There's the whole
when you don't understand the game
of and it's overwhelming.
You just want to know the what
and you're impatient.
They get to the point when you are
when you are slightly older,
people think or you think about the why.
Why is this happening?
This doesn't make sense to me.
And then our brain goes into, oh,
my God, you know, this side must be bad.
That's a must be battle.
This, that and the other.
But I think the important thing is
understanding not just the why,
but also the how how I should
plan for a better future.
I am a 42 year old person now.
I do have the optimism of a 20 year old,
but I do ask myself,
how can I plan for the future?
And those are the moves I've made
to build financial freedom for myself.
You can learn about me
in my introductory video on the channel.
I really, really appreciate you.
And I will see you in the next
episode of Ignition Time.
I'm going to go back and start recording
the video on what you can
start doing with your money.
So I definitely encourage you
to subscribe to the channel.
If you learn something new,
please click the like button.
Please click the subscribe button
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Thanks.
I'll talk to you soon.
Bye.
