$1000 monthly checks, otherwise known as Social Security for all. I have all the details and what you need to know right here in the topic, so let’s get right into it. All right Now, this is an interesting concept that was recently introduced as a result of what’s been been going on since early 2020, when Covid first started in the United States. Now, what we’ve been finding over the last few years now is that many people have unfortunately fallen behind, and many people still here a couple of years later are still struggling to keep up.
As a result of that, some people are coming out saying, why isn’t there a safety net put in place to help out all of these people who have fallen behind because of no fault of their own, as a result of what happened in early 2020? As a result of that, they came up with this idea of Social Security for all, otherwise known as $1,000 checks, on an ongoing monthly basis for basically everybody. So let’s get into it and discuss all these details, but really fast before we do, and so I can keep you updated each and every day with all of this information as things are changing very, very rapidly.
I’m doing all the research and breaking it down into these short topics as your one and only daily advocate. So you can stay posted on what is really going on. What’s being announced. And what is being talked about Especially as it pertains to money Benefits Programs Checks Reform New bills, New pieces of legislation And what Congress is currently working on right here. All right, thanks again. Let’s jump into it and discuss what is this Social Security for all and what do they actually mean by this? All right, so a lot of things have actually been discovered here since early 2020. Now, we currently lived through a thing that was pretty interesting, right?
I think all of us can probably agree what we lived through in the beginning parts of 2020. Probably the first half of 2020. As Covid landed here and things were locked down. The economy was basically shut down. A lot of people were stuck at home and basically relying on the little bit of resources that they had stocked away.
As in food and things like this. Any amounts of money that people had saved. And basically what they found as a result of this is that, yes, they did send out stimulus checks. Yes, they did send out these ongoing unemployment benefits with the boost and all these things like this. But then as we work our way out of that so here we went through 2020, 2021, and now 2022, they’re starting to find a few things.
It’s pretty interesting about this. And here’s what they found. Many people here we are a few years later, and many people are still struggling as a result of what was actually happening a couple of years ago, by no fault of our own, right? So we didn’t choose to be put in that position, right? But as a result of that, they kind of locked us down.
They told us to stay in place we were supposed to be working on and just relying on the little bit of savings that anybody had during the time. And things were pretty tough, right? Well, as a result of that, we came out of that and here we are years later with massive inflation. And then people are wondering, well wait, now, what about all the people that have fallen behind? What about all the people that are still struggling right here, right now?
It’s a really good point, right? Because here we are a few years later, and the whole COVID thing is beyond well, not quite. Actually, as of right now, it’s still going on. But at the same time, the worst of it and what we are currently going through in early 2020 is past. But what now?
What about all the people that kind of were falling through the cracks and then weren’t able to actually take advantage of some of these different programs that were out there at the time, like unemployment benefits, the boosted unemployment benefits, maybe the child tax credit payments that came out last year in 2021 for those people that didn’t have dependents, and all kinds of things. So this whole idea came out where they were saying, let’s start a program called Social Security for all, which would essentially send out an ongoing $1,000 guaranteed basic income check for everybody, regardless of income, regardless of age, regardless of whether you’re receiving fixed income benefits, whether you’re receiving an earned income from reporting to a job, whatever. All it is, is basically a guaranteed basic income. Now, you might be wondering, OK, sounds great. Where do I sign up?
Well, here’s the thing. So it wouldn’t be necessarily for everybody. Here’s what they are talking about and the whole idea behind this, because there needs to be some kind of parameters around it, because they can’t just blatantly send out $1,000 for every single person just for no reason, right? Because some people don’t need the money and they really want to focus this money on those lower income individuals. In fact, one more quick side note.
This was also something that Andrew Yang, a previous presidential candidate, also was very vocal about, as well as universal basic income, virtually sending out a $1,000 check for everybody with no strings attached. Well, this would be very similar. But yeah, it’s also a little bit different at the same time. So the way that they want to do this and the way that they’ve talked about this is actually implementing a negative income tax. Let me tell you the details about this because this is actually pretty interesting.
So as of right now, the median household income in the United States is about $69,000 a year. So basically what they would do is they determine what the median household income and then they basically say anybody that earns under that would be basically getting a monthly stipend $1,000 or whatever it happens to be to bring them up to the median household income, basically a guaranteed income of about $69,000 a year. So let’s just say, for example, that you earn $20,000 at fixed income benefits or a job or whatever happens to be, it doesn’t really matter. Your income is just $20,000. Well, basically then they would determine, okay, let’s send out a guaranteed basic income or a Social Security for all type of program that would essentially send out $49,000 because $20,000 plus $49,000 will be $69,000 to every single person.
Well, that’s below that threshold to bring them up to the median household income of $69,000 a year or whatever it happened to be at that given time that they come forward with this plan. Right? Kind of makes sense. So that’s why they’re calling it Social Security for all is basically a program that would essentially send out ongoing monthly checks for anybody with an income under the median household income in the United States. Now, to be totally fair, this program would not technically be coming out of Social Security, but rather it would just be kind of a similar type program.
It’s a guaranteed basic income program that would be established on the federal level. The federal government would be the ones behind this, and it would not be coming out of the Social Security Trust Fund, but rather it would just be a program that’s paid out of federal funds, right? So the whole idea behind this is basically lifting everybody up to essentially equilibrium, right? So at least everybody is getting a livable income of essentially $69,000 a year or the median household income. And then again, the idea behind this is basically calling it Social Security for all, not because it is Social Security, because it would kind of function like a Social Security program where you’re skating literally a monthly check every single month to help you out during this time and to bring your income up to the levels for what they see fit going forward.
Kind of makes sense. So that’s why they’re calling it a negative income tax, is because if your income is below the limits, basically you just get like a negative tax, right? You’re not paying in, but rather the treasury is paying you, right? Sounds pretty nice, right? However, here’s the catch.
Let’s just say, for example, that your income is $20,000. You’re getting payments of, say, $49,000 throughout the course of the year and even payments throughout the month to bring you up to $69,000. However, let’s just say that you get a nice raise for your income. Whatever your income is doesn’t really matter. Let’s just say that you get a raise of, say, $5,000, right?
So now your income is $25,000, and then they’re still sending you those checks, bringing you up to the $69,000 median household income. Well, unfortunately, if you exceed that limit now all of a sudden they’re going to say, hey, wait, you’ve exceeded the limit. Guess what you got to do now? You got to pay some taxes, right? So it’s not all like roses and butterflies and fields full of daisies.
Even though it sounds pretty good at the end of the day for anybody who would have that income over the median household income. They’d basically now you have to start paying taxes on that money. Right. Or start paying some of it back. Depending on the situation that you’d be in as far as where your income is coming from.
Right. But anyway, cool concept to kind of lift everybody up and help everybody out during this time. And again, they’re calling it Social Security for all monthly checks. But basically all it would be is a guaranteed basic income program that would be on the nationwide level and administered by the federal government to help out everybody during this time, probably indefinitely going forward. However, here’s a couple of problems with this program.
It would cost a ton of money. I can’t even throw a number out there because honestly, it would take a lot of calculating on that. I’m not even sure what it would actually cost, but it would probably be in probably the trillions of dollars every year. It’d be massive amounts of money, right? So what is the likelihood of something like this actually happening?
Realistically, probably not very likely anytime soon, right? Probably not any way to lift everybody up to the median household income of $69,000 a year. However, when it comes down to a guaranteed basic income level or program on the federal level, maybe $1,000 a month, maybe $200 a month, something like this, could that be reasonable? Yes, by all means, it absolutely could be. However, in the event something like that were to happen, I would go out there and say it would probably be focused on those people with an income that’s probably pretty low, probably $20,000 or less, maybe $15,000 or less.
It would be highly, highly focused on those individuals rather than anybody under 69 grand a year. That’d be a pretty high level to start sending out these big monthly checks going forward. But anyway, I like to give you updates on this kind of stuff just to let you know what is actually being talked about right now, what’s being discussed, and some of the different ideas that are being floated out there right now. But what’s interesting, the whole COVID situation, yes, it was a weird one.
We’re still kind of living through it right here, right now. It’s nowhere near what it was in 2020 base with all the restrictions and everything that was going on then. But the fact of the matter is, we learned a lot. And here’s what we learned. What’s most important is a lot of people were unfortunately left behind. Way too many people are still struggling all these years later. Way too many people are still struggling from the effects of what happened in 2020 and all of the massive repercussions as a result of what happened here over the last couple of years. So it’s brought to the attention of many people.
We need to get some kind of safety net out there for the low income and the fixed income so that we don’t go through this again in the event something like this happens again. Or just in general. Making sure that the lower income individuals are taken care of and that nobody needs to be living like this because they’re realizing that what happened here over the last couple of years has been very eye opening for a lot of people. It’s a good thing, right?
So did we all want to go through that in 2020? No, probably not. Do we still want to be going through what’s going on right now? Probably not. But the deal is we learned a great deal of really good information over the last couple of years here, which is we got to get something in place, a guaranteed income for people, and we got to get something rolling here for the people who are most vulnerable and highest risk, which is the low income and fixed income beneficiaries.
Right? Anyway, some pretty interesting reports out there right now. Again, I just want to bring this to you, let you know what’s going on, what they’re being taught or what is being talked about, and some of the different ideas that are being proposed and floated out there right now because it’s very interesting and you always want to keep an eye on what’s going on because at any given point, any of these things could be implemented.
Right, So anyway, I hope you enjoyed this topic. share the topic with your friends, family, social media, Enjoy your day. Until next time, have a good one and I’ll catch you again later in the next topic