The Emergency Money For The People Act

This was released 4 days ago and its just an idea being thrown around, although it does have some weight behind it.

Representatives Khanna (CA-17) and Tim Ryan (OH-13) introduced the "Emergency Money for the People Act" to provide additional cash payments for hard-working Americans who have been impacted by the COVID-19 pandemic. While the CARES Act was an important first step, its one-time payment does not provide nearly enough support for American families.

The Emergency Money for the People Act expands relief to more Americans and includes a $2,000 monthly payment to every qualifying American over the age of 16 for up to 12 months. It also fixes a bug in the CARES Act to ensure college students and adults with disabilities can still receive the payments even if claimed as a dependent. The Emergency Money for the People Act additionally recognizes that not everyone has a bank or a home address to receive a check –  so it allows individuals to get this money through direct deposit, check, pre-paid debit card, or mobile money platforms such as Venmo, Zelle, or PayPal.

khanna.house.gov...

The idea of UBI (Universal Basic Income) has been whispered by many over the last few years. I remember quite a few posts and members here debating such a plan. Here's a breakdown:

Eligibility:

Every American age 16 and older making less than $130,000 annually would receive at least $2,000 per month.

Married couples earning less than $260,000 would receive at least $4,000 per month.

Qualifying families with children will receive an additional $500 per child – families will receive funds for up to three children.

For example, a married couple making under $260K with 3 kids would receive $5,500 per month.

Those who had no earnings, were unemployed, or are currently unemployed would also be eligible.

Those who were not eligible in 2019 or 2018 but would be eligible in 2020, could submit at least two consecutive months of paychecks to verify income eligibility.

The Emergency Money for the People Act also expands the program to millions more Americans who were excluded from the CARES cash rebates – such as college students and adults with disabilities who are still claimed as a dependent. The individual will receive the payment and their parent or guardian will receive the dependent credit.

Sounds wonderful doesn't it? Tax free...not considered as "Income" and all..

I was raised to remember that NOTHING is free. There is always a cost.

The $1,200+ was just a tease, get ready to be really bought off if this goes through. Where it goes from there is anyone's guess, but that too will become abundantly clear in short order.

Anyway, it seems this piece of legislation has 17 co-sponsors who agree with the idea and here they are:

Earl Blumenauer (OR-3),
Judy Chu (CA-27),
Diana DeGette (CO-1),
Mike Doyle (PA-18),
Adriano Espaillat (NY-13),
Eliot L. Engel (NY-16),
Pramila Jayapal (WA-7),
Ted Lieu (CA-33),
Joe Neguse (CO-2),
Mary, Gay Scanlon (PA-5),
Darren Soto (FL-9),
Rashida Tlaib (MI-13),
Nydia Velázquez (NY-7),
Bonnie Watson Coleman (NJ-12),
Grace Meng (NY- 6),
Alan Lowenthal (CA-47),
Barbara Lee (CA-13).

The Bill in it's entirety, as it stands now, can be read here:
khanna.house.gov...

As it stands, this bill hasn't got the legs to pass, but as with any legislation, it's still a possibility as it moves through the process and folks add and substract their interests.

The flood gates of spending were blown off the hinges when the FED promised UNLIMITED funding a little less than a month ago for everything.....and I do mean EVERYTHING. Now our sold out futures in order to protect the present truly doesn't mean squat, and our representatives are running with it.

I'm going to save members the trouble of having to do the math because I know that is the major concern for the majority of us here. Obviously, its incredibly expensive, but nevertheless here it is:

Income demographics: Almost 90% of Americans are earning less than $130,000 per year and would receive the full benefit of $2,000 per month.

Population: 328.2 million

We have to exclude the 20% that are 15 years or younger, and the 10% that make more than $130,000 per year, and to be fair, we reduce all this by
5% to compensate for a margin of error, we get:

224 million eligible recipients X $2,000 per month =

$448 BILLION A MONTH just to keep it going!

The first 6 months would cost: $2.6 Trillion

That's 25% larger than the CARES Act in the first 6 months!

I don't think this will ever pass the Senate without being HIGHLY modified, but I'm not sure of a lot of things as of late, so who knows.🤷🏽‍♂️

This bill is gaining traction as folks are realizing that $1,200 just isn't going to cut it.

If things don't get any better like SOON, they're only going to get worse.

The SBA loan funding dried up 2 days ago, and they're looking for more.

We're up to 22 million workers now filing for unemployment.

This shutdown and takeover isn't working out very well, unless that was the whole purpose in the first place.

Anyway, just thought our members would like know what's possibly coming down the pipe.

Oh! And Virginia passed their gun control laws while everyone was tucked away in their houses.
www.usatoday.com...

I wonder what else is being done while we're all "locked down"....

Do you??

If it's from the House it's going nowhere and the Republican Senate will never pass it.

I like free money just like everyone else and even I think that's way too much. People who lost their jobs are getting boosted unemployment, making more than they were at their jobs for sitting at home doing nothing. Way more than I make probably busting my ass 30-40hrs a week.

On the flipside, if you still have your job, nothings really changed for you economically so why do you need so much extra money all of a sudden? If you've lost hours at work but still have your job, you can file partial unemployment just for that. Even I could if I wanted to because I've lost up to 10hrs per week, usually 5 but anything counts. A little extra free check would be nice, wouldn't it? I don't do it though.

a reply to: FlyingSquirrel

Yeah, I'm sure giving minors $2,000 a month is a great idea!🤦🏽‍♂️

However, another round of payments, whatever that may be, is inevitable.

How in the name of Jesus are we ever gonna clear the debt?

It boggles the mind how much money that is.

Id rather give it.to an established small business or something.

a reply to: FlyingSquirrel

This is exactly what I said in another thread. I know some people who work for me, who have gone from 400-500 a week to damn near 1k a week, doing nothing mind you. Now tell me why they would need anymore money. If they are smart, which most aren't unfortunately, they would be saving all this extra money, and stimulus money.

Something will have to be done to placate the masses of people who are unemployed, otherwise there will be rioting, looting & violence in the streets. Unfortunately, money creation doesn't create production or services. If people can make more money staying at home doing nothing, there will be no one operating supply chains. Companies will have to increase pay more than $2K per month to levels which will encourage people to work. This will increase prices on all goods/services. Large corporations who have enough money to automate will benefit most from this financial climate & small businesses will go bankrupt and close. Probably the plan all along.

originally posted by: lakenheath24
How in the name of Jesus are we ever gonna clear the debt?

It boggles the mind how much money that is.

Id rather give it.to an established small business or something.

Don't worry. Us has got it...sitting for whatever. And if they don't? The Fed Res will just make more.

I remember a time when the GOP was the party of fiscal responsibility...

Now they give away money that makes Obama's "free stuff" look like nothing.

We will pay for all of this, it is inevitable. They have been printing money haphazardly for ages and it’s all going to come to a head.

I feel like they’re trying to bribe us into not raising hell about our current situation.

If they give us that money I recommend spending it very wisely. If you can prepare for the next time do so because they’re already talking about a next time this December.

originally posted by: olaru12
I remember a time when the GOP was the party of fiscal responsibility...

Now they give away money that makes Obama's "free stuff" look like nothing.

hells yea! Look at all those R's sponsoring this bill......DERP!

a reply to: lakenheath24

How in the name of Jesus are we ever gonna clear the debt?

Let's say you own a hotel, and some guy comes in a slaps $100 down on the counter, as a down payment for a room and a party he will be throwing the coming weekend. But first he wants to inspect the property, meet the employees and check out the amenities.

You say sure, and take that $100 and pay a vender, who pays the auto repair guy $100, who takes that and pays his janitor $100, who pays the hooker he owes $100, who takes that $100 and pays you the money she owes you for the room she used last night.

Then the guy comes back and says, never mind, this place isn't up to my standards, so you him give back the $100, from the money that the hooker just paid you.

That's how stimulus money works.

originally posted by: network dude

originally posted by: olaru12
I remember a time when the GOP was the party of fiscal responsibility...

Now they give away money that makes Obama's "free stuff" look like nothing.

hells yea! Look at all those R's sponsoring this bill......DERP!

Look who's signing the checks!!

a reply to: EternalShadow

They know it won't pass the Senate. And that is exactly why they propose it. Now the media and the usual Democrats can have fuel for election time to say "see!! See!! The POTUS and republicans hate you And want to see you poor. Vote for us, but remember we expect you to put yourself under house arrest whenever we say so!"

It's buyout money to trick Americans to forfeit their rights the same as this last month. I vote big fat NO!!

The unemployment has people making more money than they were at their job for being at home as already stated.

a reply to: Sookiechacha

In other words, a Ponzi scheme.

a reply to: worldstarcountry
I could see that as a possibility. Unfortunately at this point, for either favored party, it won't matter much if the country plunges into chaos and disorder, which is guaranteed if nothing is done.

November is approaching and I'm sure both parties will try to outdo the other. It will play out with the usual drama and theater, ultimately arriving right back to doing it anyway, or something similar.

To maintain the illusion, both parties are going to have to compromise in ways they normally wouldn't, trying to stay ahead of this fiasco and each other.

originally posted by: Sookiechacha
a reply to: lakenheath24

How in the name of Jesus are we ever gonna clear the debt?

Let's say you own a hotel, and some guy comes in a slaps $100 down on the counter, as a down payment for a room and a party he will be throwing the coming weekend. But first he wants to inspect the property, meet the employees and check out the amenities.

You say sure, and take that $100 and pay a vender, who pays the auto repair guy $100, who takes that and pays his janitor $100, who pays the hooker he owes $100, who takes that $100 and pays you the money she owes you for the room she used last night.

Then the guy comes back and says, never mind, this place isn't up to my standards, so you him give back the $100, from the money that the hooker just paid you.

That's how stimulus money works.

In your example is hidden a clue to what, and why, the the situation we find ourselves, not just as a nation, but as a world, is unlike any before.

What your example points out, and what many if not most people seem unable to comprehend, is that it is not the amount of money that flows from person to person that matters; it is the value that each person placed upon the transaction that actually matters.

Before there was “money”, people would barter for goods and services: a bushel of veggies for a couple of chickens, a day’s labor for food and shelter, whatever. Works fine for small scale exchanges between individuals, but fails as exchanges become more complex; how many cows is a medical degree worth?, how much is a bridge worth, and to who?

So money is invented, accepted, and “value” is assigned.

To make everything easier and more convenient, a standard of value is consensually established, by which all transactions could be weighed. This standard, for a large part was settled as Gold.

Gold itself, of itself, has no more intrinsic value than anything else, really; can’t eat it or drink it. We just decided to attach a value to it, and then, for a good while, based an economic system on that consensually assessed value.

Then came oil, a substance with more usefulness to a more modern world. Gold lost favor in this new world as the basis of its economy, oil, the “petro-dollar” was more versatile and convenient to exchange as a “universal” currency.

But, when oil starts to lose its value, for a number of reasons, the economy that has been based on that value begins to fail. Crisis!

And it starts to become clear, once again, that “money”, in whatever form it takes, is nothing more than an illusion, a fiction we merely agree to believe for the sake of convenience: the real value is arbitrarily defined by the individuals involved in the transition.

And that does not “scale up” to anything you could call an “economic model” very well.

This is the true pickle in which we find ourselves, today.

The old economic model has failed, as we knew it would eventually, and we don’t have an immediate replacement for it yet.

Some are trying to “fix” the old model, expecting everything to “spring back to normal” if we just keep doing what we used to do - but continuing to do the same thing while expecting a different result is, as it is said, a sign of insanity.

Some are beginning to recognize that, at least for the time being, until a whole new model can be figured out and put in place, it really doesn’t matter how much “money” is put into circulation anymore because none of it has any real value; as long as the transactions that keep society peacefully humming along, continue, perhaps we can figure out the rest in time.

Which one is correct?

That’s above my pay grade!

a reply to: EternalShadow

Im still very firmly against handling any of these issues with money, but it seems that isnt the choice provided by the narrative. Its either "moneh!" or "no moneh!"

So, I would personally like to receive $1trillion every month. I find this extremely reasonable.

a reply to: EternalShadow

I'm not opposed. As long as businesses are required to be shut down, the federal government has done barely anything at all to help the average tax payer. The 1200 is a joke. For many unemployed, that was spent before they got it. I'm in favor of 2k monthly disbursements, for a capped period... say 3 or 4 months. Giving a 16 year old 2k??? Beyond insane. I take disability payments for a living. I've never seen a 16 year old earn that much in an entire year, but they somehow have the same financial obligations as a 40 year old man? Or even remotely comparable obligations to those of a single mother of one? For what, XBOX games? Their parents pay their rent. If they want to award that to the parents, that at least makes more sense. Otherwise, what are we doing, buying a new car for every 16 year old in America because of this? That's just plain stupid.

a reply to: bender151

If we’re buying a new car for every 16 year old aren’t we putting tens of thousands of auto workers back on the job? Not to mention all the workers for all vendors of all the parts those workers need to assemble all those new cars? And what about the office workers in those insurance companies providing coverage for also those new drivers.

And let’s not forget about the oil industry! It’s taken a real beating lately. All those new rides aren’t going to sitting in driveways and by curbs you know.

So does it really matter how much is given out?

As long as it gets passed around.

a reply to: EternalShadow

Wait, that's not the EMP I was expecting!!