With talks over another wave of COVID relief aid basically ending up in the toilet, investors on Wall-Street responded in a very mixed fashion( not even mentioning many of the millions of citizens at this point that are depending on any sort of federal aid in order to get by as many still can not go to work at the moment). With the failure of these talks, President Trump announced a series of Executive Orders that attempted to address many of the concerns that the COVID aid was supposed to address, such as for example Unemployment Insurance for example.
What Are The Important Details Regarding The Executive Orders?
There are various issues that according to Trump, the Executive Orders are meant to address,
- Unemployment Insurance will be extended, much of the Unemployment Insurance that folks that were desperate during these hard times were depending on expired two weeks, as a result the Executive is meant to address, HOWEVER, this is done with a catch as unemployment benefits will be lowered from $600 a week to $400 a week with states being required to cover 25% of the cost.
2.Payroll Taxes Are Expected To Be Suspended , this doesn't necessarily mean that payroll taxes Won't be necessary to be paid at some point in the future, however Trump has suggested that he will make Payroll Tax cuts permanent IF he is to be reelected.
- Federal Evictions & Student Loan Relief Will be Addressed, the inner details of this policy were not really specified however it is suggested that Student Loan payments will be differed through the end of the year while evictions from federal housings will be minimized, but they do not halt evictions explicitly.
Are These Executive Orders Out Of Trump's Reach
There's a good argument and case that these executive orders are definitely outside of his reach (And the Democrats of course are making that case).
If all of these issues are meant to be addressed by Congress mainly, why does it make it alright for the President to then address the issues unilaterally. I suppose he can have a say if the funds are being directed out of a Federal Agency, but I doubt that's the case.
Either way, no side is clean, even if these orders are considered to be 'Unconstitutional', the rules for this were already established during the Obama Administration, and many of the Democrats didn't say much then. So on what legs can they stand on now?
Expect a post within the next two days regarding entrepreneurialism and how important I think it is to control the source of your income now more than ever, especially since people are finding out the hard way just how easy it is to lose a job once the economy goes under.
As always, let me know what you think with this take and if you agree or not.
Stay Hustling, even during Quarantine 💪.
Articles Cited: https://www.usatoday.com/story/money/2020/08/10/s-p-500-near-record-stocks-drift-wallstreet-markets/3333996001/