WHEELING, W. Va. (WTRF)
Reactions are running high on both sides of the aisle to President Trump’s executive order regarding unemployment benefits.
Financial Planner Jason Haswell of The Monteverde Group says the order “isn’t going to do that much.”
He says it would continue the unemployment benefits for another five weeks, but instead of at the current rate of $600 a week, it would be only two-thirds of that amount, and the federal government would pay only 75% of that, making the states pay the other 25%.
And some states are saying they don’t have it.
“So there is a dispute as to whether that money is actually available from the states’ side,” said Haswell. “So he is saying the fed will actually pledge only $300 and the states would have to match another $100 to get that to the $400 level. Plus it’s less than the amount that they had been getting–which was $600–so it’s a reduced amount and it’s not completely coming from the fed.”
He said other parts of the President’s plan are “stop gaps–just a band aid.”
He said deferring payroll taxes from September through December won’t mean much, because people will owe them in January.
And Haswell said suspending student loan payments through the end of the year will not have much effect either.
As for halting evictions, Haswell said that will just be “encouraged,” not mandated.
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