Stimulus Update: McConnell New Stimulus Package Before 2021 Election Biden VS. Trump
Stimulus Update 11–5–20
Here’s your daily stimulus check, your second stimulus check, your executive action, order, memorandums, moratoriums, and stimulus package update for Thursday, November 5th, 2020 (11–5–20).
A recent report from Fidelity Investments shows that a very low percentage of Americans are utilizing a CARES Act stimulus item that allows them to access and use retirement funds.
As the largest 401K provider in America, Fidelity reported that just 4.6% of eligible people have taken money out of their retirement funds due to financial hardships.
Dave Stinnett, head of strategic retirement consulting at Vanguard Group, stated that withdrawal rates were: “much less dire than we were thinking back in April.”
If you are struggling financially and have a retirement account, speak with a finance professional and see if it might be worth looking into using some of your 401K as further disaster relief, as we patiently wait for more funds through another stimulus package.
Meanwhile, Chris Campbell, Duff & Phelps Chief Strategist, and Fmr. Treasury Secretary for Financial Institutions explained to Yahoo Finance how the presidential election results could favor one candidate over another, in terms of approving another stimulus package.
Campbell stated: “I strongly suspect that if Vice President Biden makes his way to the presidency and Mitch McConnell remains the Majority Leader, we’ll have a stimulus package prior to Biden being sworn in.”
He continued: “it’ll be less than $2 trillion and may include some aid to states, that it’ll be a very targeted aid to states, mostly targeting on PPP, perhaps direct payments to Americans who are hurting and other affiliated industries, airlines and others that have really been deeply impacted.”
While I’d love to see the Phase 4 disaster relief bill well above the $2 trillion marks, if fast-tracking this new stimulus package means funds before the year ends, sign me up.
Finally, recently re-elected Senator Mitch McConnell made some very encouraging comments yesterday, offering more hope for another stimulus package coming our way sooner rather than later.
McConnell stated: “As I’ve said repeatedly in the last few months, we need another rescue package.”
He continued: “Hopefully, the partisan passions that prevented us from doing another rescue package will subside with the election. And I think we need to do it and I think we need to do it before the end of the year.”
McConnell doubled down on his comments, adding: “I think that’s job one when we get back. Hopefully, we get a more cooperative situation than we’ve had.”
This is amazing to hear from MIA Mitch since he’s been missing from stimulus negotiations for months and hopefully, this will once again kick negotiations on a Phase 4 disaster relief bill into high gear.
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