A new announcement out of Social Security. Also, the discussion that happened today on another stimulus package and a new report just released showing poverty in 2022 and how many more people are estimated to fall into poverty this year because of what’s currently going on. I have all the details and everything you need to know right here on this topic.
All right, So first off, let’s quickly talk about this new report talking about poverty in 2022.
And according to their estimates, how many more people will be falling into poverty in 2022 because of everything going on? These are some big and very scary numbers. Now, this is on a global basis. So everybody around the entire world right now, they’re actually suggesting that there are billions of people living in poverty as of right now and by the end of 2022. So this year, in a matter of just months now, we’re going to have another 260,000,000 people falling into poverty by the end of this year.
That’s a really scary statistic right there. Right. So in some instances this year, they’re actually talking about people living in extreme poverty, therefore living on under $1 every single day. Yeah, that sounds pretty bad, right? That’s a sad situation that there’s that many people living in that situation.
Now, they’ve actually proposed a few different things. Now how they can actually get ahead of this and let people or lift people out of poverty. Let me break it down for you. So here’s what they’re introducing. Any millionaires out there would be looking at an annualized 2% tax on their wealth.
At the same time, billionaires would be looking at a 5% tax annualized on their net worth once again. Now, this is actually expected to generate two point $62 trillion every single year and lift over 1 billion people out of poverty every single year. So that’s a lot of money. And that’s a lot of people to be lifted out of poverty. So basically what they want to do is they want to tax those people who have a little bit more money right now, right?
Millions or billions. I think that’s probably a little bit more than just a little bit of money right now. But anyway, they want to have these people pay anywhere between a 2% and a 5% tax every single year based on their net worth. And then basically they take all that money and then lift people out of poverty as a result. So, wow.
Anyway, we saw a proposal like this come out of the United States just a couple of months ago, something very similar to this. But anyway, this is on a global basis. So here in the United States, there are not that many billionaires, there are just a handful of billionaires. But again, it would generate significant tax revenues. But the deal is this would be on a global basis where there are thousands of billionaires and millionaires at that point, too.
So there’ll be a lot of money, two and a half-trillion dollars or a little bit more than that every single year in tax revenue. So anyway, kind of an interesting report I wanted to share with you right here in this video, because I know there are a lot of people right here in this community living on a small fixed income. And let’s be real with ourselves. It’s getting tough out there. Every day that passes by. It’s getting a little more difficult. Right, Especially with these rapidly rising inflation prices and just literally everything going on right now. Right. So anyway, let’s quickly talk about the discussion that went down today, talking about another stimulus package.
Yeah, they’re talking about this again. I remember a handful of months ago, actually, at the end of last year, there was the build back better agenda that they were talking about since April of last year. So literally a year ago, the President came out and introduced the build back better agenda. Now, they worked the entire year of last year, 2021. Now, let’s be real with ourselves.
They worked very slowly, but it took them a very long time to actually bring that bill together. Well, shortly thereafter, right before Christmas, Joe Manchin came out and basically said, I can’t do it. I cannot do this bill. I just can’t do it. It was one point $75 trillion at the time, and there was a $2.2 trillion bill that had gone through the House.
We all know this. We’ve covered it before. However, this whole thing has essentially been on ice ever since then. However, there was some discussion today saying that the Democrats need to work on this bill and they need to bring it to the floor some time within the next two months, as in bring it to the floor in the House and the Senate and actually get it passed within the next two months. Now, some Democrats are coming out and saying that if they do not get it done within the next two months or so, that’s basically it for the Democratic Party going into the midterm elections.
Now, again, this is not a political statement. I am not taking sides. This is just what was said today based on some of the Democrats in the party. They’re basically saying we’ve got basically a two month timeline right now. If we’re going to get something done, we’ve got to get it done in two months now.
Otherwise we can basically kiss the midterm elections by because the time will essentially be run out by that time. So we’ll have to see what happens here. But they’re actually saying this much. It essentially comes down to Joe Manchin and Kirsten Cinema to see if they actually get another package through and what it’s actually going to contain. The other Democrats out there are pretty much on board for essentially anything that they want now.
But it’s up to those two according to what the other Democrats in the party are saying is it is up to Joe Manchin and Kirsten Cinema to see what they will allow through, because they are two very important votes in the Senate. They need all 50 votes in order to get this reconciliation bill through. And without those two votes, they’re not going to get anything done right. So anyway, of course, as I do get more information, of course, I will keep you posted on that. But they’ve been talking about a scale down, build back better agenda now for how long now?
A couple of months now? A few months now. They’ve been talking about a scale down, build back better agenda. But honestly, they haven’t really done a whole lot with it. There’s been a lot of talk and there’s been a lot of behind the door meetings, things like this.
But as far as what I’ve been able to find and as far as the research I’ve done, I have not found anything substantial saying, okay, it’s time to bring it to the floor. Okay, we’ve got it all written up, things like that. So as I do get more information, of course, I will bring that to you right here in these videos. Also, let’s talk about another announcement that just came out of the Social Security Administration. Now, this does not come as any surprise to me, and I think a lot of us here in this community are probably not going to be all that surprised either.
So remember last week on Thursday, the Social Security field offices? They reopened after two years of not being open. Remember that two years ago they closed all of these field offices and they did not reopen until last week on Thursday. Yeah, they were closed for two years anyway, going into the opening of these field offices. Well, the latest reports coming out of these field offices are we’re being absolutely inundated.
We have an influx of people. There’s a lot of people. We are way understaffed. We do not have enough people going out or helping all of these clients and all the people that need assistance. Right now.
There’s a huge backlog of people waiting, and we’re basically behind. We’re way behind. So essentially what they’re doing is they are urging people to please make appointments, call ahead. If you can actually do all of your work over the phone, call the 1800 number, things like this, rather than actually going into the field offices. However, we also recognize at the same time some of us do need to go to the field offices.
If you’re that person, I hope that you have a little bit of patience because we’ve all been there. Right. I think many of us here in the community have been to the field offices for Social Security. It is not a fun experience. I’ve done it a few times.
It is not something I ever want to do again Right. Oh, man, that was not fun. Right. But anyway, so essentially they’re asking everybody please call and make an appointment or if you can call the 1800 number instead and try to get everything done through that way.
However, here’s what’s interesting. I saw some information about this and I want to leave this out for you. Over the last year, they’ve had 151,000,000 calls into the 1800 number. However, only about 50% of those 151,000,000 calls have actually been answered. And at that point, 16 million of those people that were waiting in the queue dropped the call.
Right. So they basically just abandoned and said, that’s it, I’m done. I’m not waiting on hold anymore. I know I’ve done that a number of times. How many times have you called and you sit there on hold for 30 minutes, an hour, or whatever, however long and you’re like, you know what, forget this.
I’m done. And you just hang up. I know that I’ve done it a few times. It’s just like unreal to sit there on hold for that long. But anyway, they said that those people, out of the 75 million or so calls that were actually answered, out of the 151,000,000 calls that were made, about 16 million actually, we’re waiting in the queue, waiting, waiting, waiting, and then basically just abandoned, just dropped it.
Right. So anyway, that’s a lot of people. Right? 151,000,000 calls over the course of a year. That’s a lot.
That’s about three times. Well, not quite three times. It’s about twice as many total beneficiaries that receive benefits. So it’s essentially like all of us calling Social Security twice each year, which realistically probably isn’t all that off. I know that I’ve called Social Security already once this year and probably I’ll be calling again probably at least another time or two this year.
Right. I’m not sure about you, but yeah, we probably called already a few times. So anyway, these are some interesting numbers and a lot of things going on today. There was another announcement out of the administration earlier, as well as that big announcement on the inflation data that came out early this morning at 08:30 A.m. Eastern time and 8.5% on an annualized basis or 1.2% month over month. That’s huge. Seriously, I don’t even know what words to use right now. It’s massive. It’s colossal. It’s giant.
It’s pretty big stuff. So anyway, I’ll continue to watch everything closely right now. I’ll let you know any new updates that we have going forward, anything that may impact a lot of us right here in this community. I’m here for you in any way that I possibly can be.
I truly want to help you in any way that I can. I’m doing all this research and boiling it down into these short videos. I want to find the most relevant information that I think is relevant and valuable to those of you right here in the community. I know sometimes we’re a little bit all over the board, but you know what, I know a lot of you here and everybody’s situation is a little bit different. Therefore, I got to talk about a variety of different things.
Right. Because everybody’s situation is just a little bit different. So anyway, thanks so much for watching this. I truly appreciate you. We got to keep an eye on everything right now because Congress, it’s a mixed bag and you honestly never know what’s going to come out of them, what kind of announcement, anything like that.
But anyway, I’ll break it down for you as I do get that information so please enjoy your day and I’ll catch you again later on the next topic.