Happy Tuesday. I didn’t workout yesterday but I did watch three episodes of ‘The Last Dance‘ on Netflix. Does that count?
In Case You Missed It. President Trump posted a photo to Twitter of himself wearing a mask saying “it is Patriotic to wear a face mask when you can’t socially distance.” Trump only recently wore a mask in public for the first time.
It looks like Europe one-upped The United States once again.
Moments ago European Union leaders agreed on a massive stimulus package worth 750 billion euros, or 850 billion dollars if you don’t have your currency converter handy. To call this unprecedented would be an understatement as 27 nations came together in record time to help stave off the worst recession in modern times.
The emergency fund will dole out 390 billion euros of grants and 360 billion euros of low-interest loans to keep businesses afloat during the pandemic.
“We are 27 around the table and we managed together to produce a budget,” French President Emmanuel Macron said at a press conference. “In which other political sphere in the world is that possible, is that done? None.”
The EU has taken the global lead on cutting green house gas emissions and nearly one third of the stimulus funds are earmarked for fighting climate change. Add that to the 1 trillion-euro 7 year climate budget and this results in the biggest green stimulus package in world history.
Meanwhile the U.S. Congress is squabbling over sending additional $1,200 checks to Americans. Perhaps they could learn from the adults across the ocean.
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While Congress seems to be at a stalemate over another stimulus package, the $600 per week in CARES Act relief is set to expire for those on unemployment. These are weekly payments that began in March for those out of work due to the COVID crisis. They are set to expire on July 31.
This will affect over 17 million people currently on unemployment.
The Senate was back to negotiations on Monday after a two-week break. The Republican-controlled branch has been opposed to extending unemployment because they worry it could disincentivize people to go back to work. Some Republicans did show that they are open to some middle ground, however. There is talk of extending unemployment but tapering it so that it matches a person’s former wage, rather than offering more than what they earned while they did work. Other plans include back-to-work incentives or varying programs by state.
Congress has three weeks to reach a deal before they are set for another summer break.
Looking ahead… this is going to be one crazy week so make sure you tune into our live YouTube show for immediate updates.
Biden’s ‘Build Back Better’ Plan (that’s a lot of B’s)
Joe Biden rolled out the third phase of his ‘Build Back Better’ plan on Tuesday.
The $775 billion over 10 year budget aims to create 3 million new caregiving and/or education jobs. Two big pieces of the plan are childcare and access to elder care for older Americans.
The highlights in Biden’s ‘BBB’ plan:
Increased Medicaid funding
Eliminate waitlist for home and community care services available under Medicaid
Allocate $450 billion to more people the option to receive home care
New child care construction tax credit to encourage businesses to build child care faciitlities
Low and middle-class families would receive a tax credit to offset childcare costs (up to $8,000)
The first two phases of Biden’s plan included a pathway to reopen school safely and a roadmap for protecting the coronavirus supply chain.
Where’s The Money?
When the pandemic began, the Federal Reserve said that it would fire a “money cannon” of trillions of dollars in business loans. Maybe the cannon is broken?
Trillions have not gone out in these favorable business loans. Approximately $12 billion have. The Fed promised that these loans would be easy to apply for and quick to execute. They have not proven to be so. Borrowers are reporting onerous loan requirements and delays on these notes.
Congress is promising to hold a hearing to look into this to see if they can get the cannon firing so that businesses can stay afloat for however much longer this lasts.