Horrendous: Second Stimulus Check Update [Late Show - July 16]

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This is your Second Stimulus Check update and stimulus check 2 update as of Thursday, July 16th. We cover the second stimulus check, the stimulus update, and also the next stimulus package. ✅Join The Power Of Finance Investor Group:

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A fresh reading on signs of economic recovery came out today with two government reports. The Commerce Department released the retail sales figures for June, and a modest rise was expected, thanks in part to federal stimulus checks and tax Commerce Department said that retail sales rose percent in June after a record surge in May, as federal stimulus checks and tax refunds continued to fuel a burst of summertime spending at newly reopened stores and restaurants. The increases follow two months of steep declines. The rise in cases in states including California, Florida and Texas is raising the specter of another shutdown, which would be a major blow for store-based retailers. The other report that came out today on Thursday was the Labor Department’s weekly tally of unemployment Labor Department said that million laid-off workers filed initial claims for state unemployment benefits. That continues a decline since the peak in late March, but is still higher than levels ever seen before the pandemic and is the 17th consecutive week of more than one million claims.

According to Gus Faucher, chief economist at PNC Financial Services Group in Pittsburgh, “The labor market is not as bad as it was a couple of months ago, but we are still in a very deep hole”. The National Security Agency said a hacking group associated with Russian intelligence was targeting health care organizations to gain intelligence about vaccines. The , British and Canadian governments said Thursday, Russian hackers are attempting to steal coronavirus vaccine research. The Russian hackers have been targeting British, Canadian and American organizations using spear-phishing and malware to try to get access to the research as well as information about medical supply chains. Mike Chapple, an associate professor who teaches cybersecurity at the University of Notre Dame and a former Air Force intelligence officer, said “There was likely little immediate damage to global public health.” He goes on to explain “The potential harm here is limited to commercial harm, to companies that are devoting a lot of their own resources into developing a vaccine in hopes it will be financially rewarding down the road,” he said.


Wendy Edelberg, senior fellow at the Brookings Institution and a former chief economist at the Congressional Budget Office said, “This is a horrendous time to have a lapse in benefits, and I expect households are living week to week, financially speaking.” “I’m far more worried what Congress ends up passing will be a lot less supportive than what was initially in the CARES Act.” Director of policy at the Economic Policy Institute Heidi Shierholz said “taken in sum, next month could be “ugly” for millions of families. Living standards could drop precipitously, poverty may increase, and rent and mortgage payments could be a struggle, potentially leading to evictions and foreclosures for those outside the scope of any moratoriums, she said. “Some will be able to get jobs, but we know millions will be unable to get one no matter what they do because the jobs aren’t there,” she added. There will be no way to fill in those [income] gaps without more stimulus moving forward

#StimulusCheck #StimulusPackage #StimulusUpdate
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I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a Youtube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Michael Wrubel MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Michael Wrubel's videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor, or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Michael Wrubel. Any use of other media is by fair-use or license only.
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