Ep. 395: President-Elect Biden’s $1.9 Trillion Stimulus Proposal

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This week on the Pete the Planner Show, Pete celebrates Betty White’s 99th birthday because of another Betty White?! ….Let’s get into the show.

NOTE: In the first six months of 2021, we’re going to make over five families’ financial lives, LIVE on the air! WE’RE GIVING AWAY FIVE FREE HEY MONEY, MEMBERSHIPS to walk with them across six months telling their stories about their struggles in personal finances.

No time to listen? BUMMER. Here’s some of what happened and when:

Show Notes:

PRESIDENT-ELECT BIDEN’S STIMULUS PROPOSAL: [3:49]

    • The $1.9 Trillion COVID-19 relief Bill – $2000 direct payment: 
      • Pete: It feels eerily similar to the proposal the Democrats passed in the House last summer.
      • I thought it was a good idea last time. Is it the right Bill now?
      • Damian: I wish there was a more refined way to get proposed additional $1400 to the people who actually need it.
      • It’s a pre-funded tax credit, so we are essentially getting our own money back, but it means more government debt because it has to come from somewhere.
    • Increasing the per week, federal unemployment supplement to $400 through September
      • Damian: Reports indicate those hardest hit are in majority-minority communities. Hopefully the added funds help the families who need it.
    • Increasing feral minimum wage to $15/hour
      • Damian: A more geographically-considerate number makes more sense to me. This might be a poison-pill for the Bill as a whole.
      • Pete: This idea, in this Bill, in this economy…is a poison-pill. Despite the fact that I believe that paying people a livable wage is a major issue.
    • Extending eviction moratoriums until the end of September
      • Pete: This will bankrupt mom & pop landlords. It is a terrible piece of policy unless there are funds for landlords.
      • Damian: There’s going to be a flood of properties on the market that will cause a huge problem for renters and landlords alike.
    • $350 billion in state and local aid
      • Damian: It’s going to need additional negotiation from both parties.
      • Pete: Some states like California and Illinois have some ‘financial warts.’ Feels like bailing some states out, where others don’t need that.
    • $170 billion for K-12 schools and institutions of higher education
      • Pete: This is too vague, but I do believe that K-12 schools are completely underfunded.
      • Damian: I would want to make sure this isn’t funding someone’s pet project. I’m just asking for better accounting for what this money is for.
    • $50 billion for COVID-19 testing
      • Pete: YES!
      • Damian: If reasonable expenses for testing require it, sure.
    • $20 billion toward National Vaccine Program in partnership with localities & tribes
      • Pete: Is this an advertising campaign to encourage people to get the vaccine? The rollout has been a monumental failure. What else could this money be for?
    • Making the Child Tax Credit fully refundable and increasing the credit to $3000 or $3600 per child
      • Damian: Why is a younger kid ‘worth’ $600 more than an older kid?
      • Pete: Interesting question.
      • Listener: Daycare.

 

There’s so much more in the full show, including the laughs!  — click PLAY below for the full show.


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