It’s amazing and you could see how happy everybody was if you were in the gallery when the bill passed. So another big bill has been passed in the Senate. Democrats got another big inflation reduction act. They’re going to try to reduce inflation by spending more, which the opposite of what inflation really is so they’re going to try to pass that now. The recession is going to be coming up and that’s what’s going to cause, I think, the unemployment rate to rise up and that’s when they’re going to start to stimulate the economy. That’s when I think the federal government will get out another big check. States right now are sending out checks. They’re continuously sending out stimulus payments to a lot of people in the states of not every state, but the majority of the states are doing that. I’m going to cover some of the new details for you. The Senate on Sunday passed Democrat sweeping economic package designed to combat climate change, address healthcare costs and raise taxes on large corporations. Marking is a crucial achievement for President Biden and his party as they look to maintain their hold on Congress in the November midterm elections. The plan, called the Inflation Reduction Act, cleared the upper chamber by a vote of 51 to 50. Along party line, the Vice President Kamala Harris providing the tie-breaker vote.
In the evenly divided Senate, Democrats use a fast-track legislation process known as reconciliation to pass the measure in the face of unanimous opposition from the Republicans. It’s been a long, tough, and windy road, but at last, we have arrived, Senate Majority Leader Chuck Schumer said in remarks on the Senate floor as members prepared to vote for final passage today. After more than a year of hard work, the Senate is making history confident the Inflation Reduction Act will ensure endure as one of the defining legislation feats of the 21st century. To me it’s kind of funny because inflation is caused by when they print more money, you inflate the money supply, you go out there and flight the money supply, it causes inflation because prices go up because the value of the dollars are now declining. Congress, the people, smart people in Congress think they’re going to do well. They’re going to reduce inflation by printing more money, by the money supply even more. That’s what they’re going to do. It’s crazy. What is the thought process that goes through their minds? So the vote came after a marathon session that lasted through the night and into Sunday afternoon, with Democrats breaking into applause as members cast their final votes in a process known as voter Rama, republicans offered a slew of amendments successfully swatted down over nearly 16 hours of debate.
GOP Senators did manage to block a provision that would have capped the price of insulin at $35 for those covered under private healthcare plans. Democrats needed 60 votes to waive reconciliation rules to keep part of the bill. But it failed 57 to 53, with seven Republicans joining Democrats in support of the measure. What’s going to happen is this will be another big inflation. It won’t reduce inflation. It will add more inflation to the bill. People in Congress, they don’t really have any budget. They just have a blank check, say, hey, let’s just pass this and we’ll get the federal government to print the money and send it out. They don’t really understand that you can’t just keep printing money and not have inflation go, but they’re going to continue to do that. But what’s going to happen is they’re going to push the recession even harder. Pushing the recession even harder will cause the unemployment rate to skyrocket. When the unemployment rate skyrockets, then you’re going to see a big jump in inflation. You’re going to see a big jump in unemployment. That’s going to cause all prices to rise. It’s going to cause unemployment to go up.
And then they’re going to say, hey, we got to stimulate the economy now, so let’s print even more money and we’ll throw that into the economy and see what happens. So the month of August, we have seven states right now. Seven states are in the process of sending out direct stimulus payments. The federal government sent out three rounds of stimulus checks during the pandemic. And now with Congress seemingly closed through the prospect of additional checks, individual states are providing directly to address economic woes. Those states include Delaware, Florida, Georgia, Hawaii, Indiana, Minnesota, and New Mexico. So Delaware began sending relief rebate payments of $300 to taxpayers who filed a return in 2020 with the money coming from a budget surplus. Most Delaware residents received the payments in May through the state government said they will continue to be distributed throughout the summer. Florida Governor Rona Santas announced in July that 59,000 low-income families in the state will qualify for a one time payment of $450 per child. The stimulus is being distributed via the floor Department of Children and Families to residents who receive one of the following services through the department temporary Cash Assistance, Temporary Assistance for Needy Families, and relative nonrelative has an adoptive or foster child in the household.
No application is required, and payments will be sent automatically to qualifying families. So Georgia recent legislation in Georgia is providing rebates of 250 for single filers, 375 for heads of households, and $500 for filing jointly. The money comes from a budget surplus in the state. People who file returns by April 18 are expected to receive their rebates in early August. So residents in Hawaii whose income fell under $100,000 in 2021, $200,000 for joint filers, will receive a $300 tax rebate this year. Also eligible for the rebate, residents earning more than $100,000 or $200,000 for joint filers will receive a one time $100 check. Payments are expected to start in late August. Indiana began sending $125 payments to all residents, regardless of income, in May. Frontline workers in Minnesota qualified to receive a one time payment of 750. Applicants for the payments were due by July 22 with payments to follow. And then New Mexico Governor Michelle Ristan approved a measure that would give residents a $500 rebate with an additional 250 for those earning less than $75,000 a year. The 250 rebates were issued in July. The first half of $500 rebates came in June and the other half will occur this month.
So each of the states have stimulus money that’s been given to them by the American Rescue Plan, which was signed by President Biden in March of 2021. Another big stimulus package. Now the federal government didn’t add any stimulus to this inflation reduction act and I think they did that because they understand if you send out more money to people then it’s going to cause more inflation. But all they did was just take that money and send it out to other people besides people in the United States. But they’re going to really start to come under fire because when the unemployment rates get to 10% 11%, then they’re going to have to figure out how we got to stimulate the economy somehow. How are they going to stimulate the economy? The only way they know how to do that is to print checks and send them out to people. And that’s going to cause, I think, a lot of problems down the road. It’s going to cost a lot more inflation. But again, at least they’ll send out checks out. It might benefit lower class do stimulus properly. If they do target stimulus very targeted, then I think it works.
But right now all they do is they just take blank checks and they just send it out to everybody and hope for the best. And if you never really did receive your checks from before, you still have an opportunity to get those. You can file your returns and you can say, hey, I never got those checks from the past and I think the IRS will send those checks out to you. But right now these are the states that are doing it and every state still has billions of dollars set aside to send out checks. Will they send those out? I’m not really sure. It’s just a matter of whether legislation in that state will be able to do that. They can’t print their money. The federal government can print the money. They can just say, hey let’s just print this money and we’ll just send that money out. That’s what they did with this whole inflation reduction act. They don’t even think about it. They just say, hey let’s do 850,000,000,000 this month and we’ll just print that and send that out. A big giant spending bill and Congress to me is out of control spending and they’re really going to major problems for everybody out there because of the fact that inflation is just getting, I think another big stimulus check will come before the midterms, because I know they’re trying everything they can to keep their power in both the senate and the house.
And the only way they know how to do that is try to buy the votes. And they’ll buy the votes by sending out stimulus checks to people and get those out. That might be another possibility for them. But if an employee appointments skyrockets definitely will see another stimulus check going out the door.