Finally, a $600 highly focused stimulus check has just hit the table. I have all the details, what you need to know, and who would be getting this check. All right, we just got a new $600 stimulus check that has hit the table specifically focused on the low income. So in this topic, I do want to talk you through all the details, what you need to know, discuss the income thresholds, as well as who will be getting this check.
So let’s get into it right away. However, one quick side note. Yes, this is a nationwide stimulus check that would be reaching all 50 States and of course, millions upon millions of people. In fact, the preliminary numbers look like it would actually reach about 100 million people and cost about $60 billion according to the preliminary numbers as of right now. However, I also want to make it very clear, no, this is not a guaranteed basic income program, but rather, yes, this is a stimulus check.
So let’s get into it as this is pretty exciting as we’re getting some new details here as this is hitting the table. Information is changing very rapidly. Anytime that I get new details, just like what I’m about to share with you on this topic, I’m right back here for you breaking it down, letting you know what is actually going on, and helping you grab as much money, benefits, checks, stimulus programs, anything else you possibly can right now. It’s a tough time out there. There’s a lot going on. Things are changing rapidly.
Prices are moving higher, significantly, and very fast. Therefore, we need more stimulus. And this may just be the ticket that we’re talking about right here. So let’s get into it and talk about the details. But again, really quickly, if you haven’t done so, make sure to subscribe down below, and let’s get right into the details on this. All right So this is pretty exciting here because it’s been quite a while since we’ve gotten any substantial information on another stimulus check. Now, the price tag on this one is coming in a little bit lower than what we were hoping for. I know that a lot of us here in the community and of course, we’ve been reaching out to Congress calling on a $2,000 check, a minimum $1,400 check. But at the end of the day, we’re talking about $600 right here.
So even though it is coming in less than what we’re actually hoping for at the end of the day. I guess it’s better than nothing, right? 600. I’ll certainly take 600 over zero. I’m not sure about you.
But then again, we can always hope for more. And maybe hopefully this will get negotiated a little bit higher or maybe even they’ll come up with something after this and actually move forward with even a bigger dollar amount. We don’t know. Only time will tell. But either way, let’s focus on this one right here, right now, and talk about all the details.
So let me tell you the income thresholds first off. So here’s what they’re talking about. When I said earlier, a highly focused check. Finally, they’re doing a highly focused check here. So here’s what it looks like.
$40,000 for an individual is the income threshold and $80,000 for a married couple. Now, to put that into perspective, here’s what it looks like. The last stimulus check that we received about a year ago, well, it was actually over a year ago. Now that one actually had an income threshold of $75,000 as an individual and $150,000 as a married couple. So as you can see here, the income thresholds are still cut about in half.
So 40 grand as an individual and $80,000 as a married couple are the income thresholds on this one right here. So I’m glad that they’re actually making this highly focused because the deal is they don’t need to go out to everybody Right. We need to send the money out to a highly focused group. And finally, maybe they’re getting the point behind all of this Right? So as I mentioned earlier, again, the preliminary numbers are looking like this would go out to roughly 100 million people. Again, give or take, probably a few million, but again, around 100 million people that have that income, $40,000 as an individual, $80,000 as a married couple, and again, costing about $60 billion. Just to put that into perspective, just in case we’re keeping tallies, again, not saying we shouldn’t be doing this. I’m just simply saying to give it a perspective and kind of give us tallies here.
As of right now, the United States has sent nearly $54 billion to Ukraine. Well, I should be saying they’re about to approve 40 billion more dollars. So once that’s done, they’ll have sent $54 billion to Ukraine. So at the end of the day, it’s pretty much the same. All right, 60 billion versus 54 billion.
We’re pretty much kind of at parity, right? Pretty much the same. Anyway, just want to make sure that we’re kind of keeping tabs here so we can all put this into perspective as far as kind of where the money’s going right now and the Tally’s on all of this. All right So let me tell you more of the details behind this.
This would be a one-time stimulus check in the amount of $600. However, there are a few parameters around this one that I certainly want you to know about because the last three stimulus checks that we received were pretty much no strings attached, right. You got your payment and you could spend it on anything. You could save it. You could spend it.
You could do whatever you want with it. It didn’t matter. Here’s the deal with this one. It is not technically a voucher, but rather it would be focused on spending it on a few different categories. However, stick with me on this. Don’t get discouraged. Let me tell you the details on this, because even though it sounds like, oh, they’re going to tell us to spend it in a certain place. Yes. But at the end of the day, there’s kind of a little bit of wiggle room here and I want to tell you those details about it All right.
So here’s the thing. It would actually be focused on food and fuel. So let me tell you the details about this and then I’ll tell you who actually brought this to the floor in the Senate. And of course, I will also tell you the name of this bill here in just a second All right.
So here’s what it is. It is for food and fuel. So essentially what they want us to do is to spend it on groceries and or fuel because gas prices are going through the roof, as we’ve all talked about here over the last several days now Right. However, here’s what the thing is. Think about it. Probably the grocery stores that you visit. I know the grocery stores in my area that we visit. Do they have other products on their shelves that may not necessarily be falling into the grocery category? You know what I mean?
I think you all know what I mean, right? We all see it there, right. You walk into a store that technically is designated as a grocery store, but yet they have a lot of other things on their shelves that may not actually fall into the grocery category Right. So here’s the thing.
Now, at the end of the day, they want us to spend it on groceries and fuel. Now, obviously, fuel would be spent at like a gas station to fill up your car with gas. Maybe those of you who maybe drive like a diesel truck or something like that, of course, probably that would be totally fine. Food or fuel is basically what it comes down to. So here’s where some of the wiggle rooms come in.
Let’s just say this much. If they were to send us a $2,000 signals check or even a $1,400 check at the end of the day, I think most of us would probably agree we’re probably going to spend the vast majority of that money on food anyway, right? So is it really the worst thing in the world that we’d have to spend it on food and fuel? It’s probably not the worst thing ever. And realistically, okay.
If they give us $600 and we have to spend it on food and fuel. That just means that we have an extra $600 somewhere else that we can spend on whatever we see fit Right. So my point is, at the end of the day, $600, whether it is categorized for food or fuel is better than $0 Right.
It just means that we can free up more money than we may have from our income or from our monthly checks that we can spend on whatever we see fit rather than being forced to spend it on food or fuel. But any of these stores out there that have the grocery designation but yet have a lot of other products on their shelves, you may be able to slip through the cracks here with that one and buy maybe a few other things. So anyway. All right So with that being said, that is what it’s all about.
Now, let me tell you the details about this bill. Who introduced it, the name of the bill, and all the details here All right. So this was actually introduced on the Senate floor by Senator Jack Reed out of the state of Rhode Island. He’s a Democratic Senator.
And here’s what’s interesting. I did listen to his entire speech talking about this. And he basically talked about these large oil corporations coming in and having record profits. He actually quoted this. Now, again, I did not fact that sorry, fact check this out of Jack Reed, but this is what he said during his remarks on the Senate floor when he was talking about this bill, which, by the way, I’ll give you the name here in just a second.
When he was talking about this bill, he was actually citing that the three largest oil producers in this country posted $21 billion of profit in the first three months. In other words. Q one of 2022. So apparently this is record profits. Now, again, I did not fact check that to see if these three corporations actually do have record profits during the first quarter of 2022.
But going off of his data, that’s just what he said. So I just wanted to let you know. So basically what they want to do is possibly have maybe these corporations pay for it. He did say that this would be fully paid for. I did not see a pay for in this bill.
But again, that’s just what he said. So again, we’re going to take his word for it. That’s his job, not our job to figure out where the money comes from. It doesn’t matter. At the end of the day, that is their job to figure out where are they going to get the money to send to us.
Right. So I’m pretty sure they can figure that out. But anyway, the bill is called Food and Fuel Family Savings Act. So again, Food and Fuel Family Savings Act. So anyway, that’s what it’s called.
And yes, this was brought to the floor in the Senate by Senator Jack Reed, again, a Democratic Senator out of the state of Rhode Island. So pretty promising. Now, here’s the thing between this bill and the other one. Well, I should say all of the other bills that are out there right now floating around I would say this one by far. And the other one that was introduced about two months ago from a small handful of Democratic representatives called the Tax Rebate Act of 2022, which that one would send out ongoing $100 checks per person ongoing provided gas prices are over $4 a gallon.
Again, they still owe us a lot of back pay on that one because check it out. Gas prices are over four point $0.50 as of right now. In fact, four point $52 as of yesterday, a new all time high record on a national average. So I say give us some back pay on that other one. But anyway, out of the two proposals, out of the two bills that are floating around right now, I would say these two by far are the most promising we have on the table right here, the Tax Rebate Act of 2022.
That is the one that sends out ongoing monthly checks of $100 per person and $200 for a married couple and an extra $100 per dependent on top of that, or this one, which would be a one time $600 stimulus check, $600 specifically focused on the low income. Here’s what else is interesting about this. The first one, the Tax Rebate Act of 2022. That one has an income threshold of $75,000 and $150,000 as a married couple. However, this other one is $600 is highly focused, $40,000 individual $80,000 as a married couple.
So you can see how the $600 bill is actually way more highly focused. I’m going to be honest with you. I like the $600.01 I like the ones that are highly focused. We don’t need to be sending out money to everybody out there earning 75 grand.
They don’t need the money. They don’t need $100. I can tell you that much. I say let’s send it out highly focused because the likelihood of them sending out more money on a highly focused basis has a greater probability versus sending out a bunch of money to people that don’t need it because that’s just going to cause more inflation, but rather sending out highly focused checks. What they’re going to find is, hey, it didn’t cause any inflation.
What happened? That was pretty fun. People are happy, people are enjoying life. People can get by. Once again, let’s do it again.
You know what I mean? So that’s my point. Behind it is if they send out highly focused checks in smaller denominations to highly focused groups, the inflationary impacts are going to be minimal versus sending out less money to way more people. The inflationary impacts will be higher because it’s going to provide way more discretionary spending for people. They just want to go out and spend some money on things.
Right. That’s going to cause more inflation, right? More money chasing less goods and services, is essentially the definition of inflation. Anyway, pretty promising stuff out there. As I get more details on this.
Of course, I’ll be right back here for you to break it down, but this one just hit the wire. I want to let you know what’s going on out there.
If you haven’t done so yet, share this topic, of course, with your friends, family, and social media so everybody else can stay tuned with what’s going on out there.
So again, thanks so much for reading this. I really do appreciate it. Finally, we’re getting some good news here out of Congress. Finally, they’re coming to their senses. And finally, they may be actually doing something for the people.
It’s about time, right? So anyway, we’ll continue doing everything we possibly can to get more money. But at the end, end of the day, if it happens to be $100, on an ongoing monthly basis or $600.01 time. I guess it’s better than nothing anyway. I’ll keep you posted as I do get more details.
Thanks again. I appreciate it. Enjoy your day and I’ll catch you again later.