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Brace yourself, because the following sentence may surprise you: Congress has been ineffective in its efforts to pass ________. In this case, the blank is COVID stimulus relief. So the President decided to step in and take CARES of it himself.
Donny Stimulus signed four executive actions on Saturday in an effort to keep the economy afloat and provide relief to the unemployed.
Show me the money
First up is unemployment benefits. Those on unemployment will receive an additional $400 weekly payment. This is $200 less than the $600 the federal government sent out as part of the CARES act, which expired at the end of July. However, the federal government won’t be footing the bill entirely this time around. States willy pony up for 25%.
As for payroll taxes, those making less than $100k per year (listen just because you make six-figures doesn’t mean you aren’t ballin on a budget) will be exempt from paying the 6.2% social security tax from September 1 through the end of the year. Somewhere in Vermont, Bernie Sanders is applauding while screaming ‘eat the rich’ at his TV.
The student loan relief offered as part of the CARES Act will be extended through the end of the year. This means those who received their student loans through the federal government will not have to pay their monthly payments or interest payments until 2021. However, this excludes students who received their loans through private lenders (8M+).
Last up: evictions. The eviction moratorium, which was established through the CARES act, will not be renewed through this action. The Treasury and House And Urban Development departments will establish funds that can be used to provide temporary assistance to renters and homeowners who cannot pay their monthly housing or rent payments. This just screams “fraud.”
The bottom line…
*Freeze frame* So, all these actions sound great, but the big question is, is it legal?
House Speaker Nancy Pelosi claims that Trump’s actions were “absurdly unconstitutional”, as the actions required Congressional authority for federal fund appropriation.
Treasury Secretary Mnuchin, however, said that the actions were cleared by legal counsel. No word on if the Trump administration went with Cellino or Barnes.
Water Cooler Talking Point(s)
💧 “Your honor, obviously these actions are a direct violation of bird law…” (Nick, The Water Coolest HQ)
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