Updated date:

Senate approves "America Rescue Plan" with changes. House to vote on the final bill likely on Monday.

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Today, March 6th, the Senate passed a revised version of the "American Rescue Plan" Those revisions include thanks to Democratic Senator Joe Manchin of West Virginia, lowering the unemployment boost to $300/week instead of the proposed $400/week. Biden gets in return unemployment extended thru September 6th vs. thru August and also the first $10,200 of unemployment will be tax free.

The other noteworthy change is; if you make $80,000/year if you're single you get no $1,4000 stimulus check and any married couple making over $160,000/year get no stimulus check.

The revised bill will be voted on in the House likely on Monday (3/8) or on Tuesday. Once signed into law by the President, checks/direct deposits could go out as soon as the 3rd week of March.

Also in the bill is an extension thru August, Mortgage & Renters assistance, money for state and local governments, vaccine manufacturing and distribution, student loan forgiveness, $ for small businesses and much more...

While we wait for the bill to pass in the Senate, the U.S. COVID numbers keep growing on a daily basis. U.S. is the global leader in COVID-19 cases with 29,193,273 and also in deaths with 527,917.

Brazil is 2nd in deaths with 262,948 and India is 3rd with 157,695. India is a distant 2nd in cases compared to the U.S., with 11,192,239 cases.

U.S. economy has improved some since the start of the pandemic when unemployment was 14.7%, it's now 6.3%. Some say it's actually closer to 10% if you factor-in all those that have left the job market. However, millions remain on unemployment and some are in no rush considering they are getting $300 extra per week aid and at the start of the pandemic, got $600/week extra federal aid.

Also interest rates are slowly beginning to climb. Also gas prices are rising rapidly. In my neighborhood gas prices have increased by .70 cents a gallon already




Comments

jameswritesbest (author) on August 14, 2020:

I do appreciate you taking the time to read my article and also for your most informative and detailed response. Be well & stay safe

CHRIS57 from Northern Germany on August 14, 2020:

You wrapped up the facts very clearly.

Looking at the mess from the outside, let me do some remarks on the US as a whole and the state of New York in particular.

It looks like the state of New York actually followed moreless the same restriction, distancing and lockdown measures that European countries have enacted. The result: Bending the curve, reducing the number of active cases. The relief is obvious. Daily deaths are small compared to Texas or Florida.

When NY peaked in daily new cases (somwhere around April 8th), the state had recorded 9.000 deaths. Today it is 32.000 deaths.

https://www.worldometers.info/coronavirus/usa/new-...

So even if you peak in new cases, the aftermath is horrible (3,5 times).

This is well within the range of what other countries on our planet registered, that had peaked and brought down fatalities.

You can do your own math and do this for the whole US. It will be a bit more complicated, because you have to subtract the states which are static (like NY) and do the multiplying.

My quick pick would be: US peaked on 20th of July. Death count 145.000. The states (today static) to be subtracted probably peaked combined beginning of May. (then 70.000 deaths).

My quick and dirty maths: 145.000 - 70.000 = 75.000.

Apply the multiplier 3,5 = 75.000 x 3,5 = 262.500

Add the already static states again: 262.500 + 70.000 = 332.500

Within a one year period after Covid19 outbreak the US will be very lucky if numbers are kept below 300.000.

Imho vaccination programs will not help enough. Here in Germany the early infected and recovered Covid-19 patients already lost their immunity (antibodies). Happened within 3 months. Hopefully vaccines do better than the virus itself did in creating immunity...