Your Fair Share of COVID Debt may be $240K.
Fiscal Insolvency is the Next Epidemic
- Top 20% of earners in the US Pay 87% of All Federal Income Tax
- Bottom 44% Pay Either No Federal Tax and
- Lowest 20% Actually get Earned Income Credit
Approximately 76.4 million or 44.4% of Americans won’t pay any federal income tax, but EVERYONE GETS TO VOTE in more fiscal irresponsibility.
Committed COVID Expenses will ADD an average of $240K per household before any ripple effects.
Feeling an upset stomach but just can’t puke …
The numbers below may put you over the edge. USA Debt
What the childhood story of the Little Red Hen – Cannot HELP!
In the story, the dog, the cat, and the mouse learned a powerful lesson when the little red hen had to do everything herself. The little red hen refused to share the fruits of her labor which prompted to dog, cat, and mouse to participate in the future. Unfortunately, our nation’s story isn’t learning any lesson as government authority signs us up for more debt with no recompense for fiscal irresponsibility.
For the 40% of people in America who were making under $40,000 and lost their jobs since March, according to Federal Reserve Chairman Jerome Powell, the Cares Act ensured that their financial situation isn’t worse than it was in February. In some cases, it’s better, thanks to the $600-a-week unemployment bonus.
This means for the many who had to work every day for less than $300, now they are able to be like the dog, cat, and mouse when asked to come back to work – “Not Me!” And who can blame them for wanting to stay at home and make more money not working than they can going to work.
See a quote from a recent WSJ article…
Concerned that the current $600 a week unemployment payment—on top of state unemployment benefits—is so generous that it is discouraging people from going back to work and damping the economy’s reopening amid the coronavirus pandemic. Democrats want to extend the payments <WSJ>, which are set to end in July, into next year, an idea Republicans have rejected.
The federal minimum wage is $7.25 an hour, meaning that a minimum-wage worker in states without a higher minimum, or floor, makes roughly $290 a week. The $450 payment each week on top of that base amount was designed with such low-wage workers in mind, in order to leave such employees better off than by taking $600 a week to stay home.
$600-a-week in additional payments for six more months, until Jan. 31, as part of a larger, $3 trillion package.
Mark my words, the Ripple Effects of COVID will be Cataclysmic
This affects YOU!! Get your house in order!