Second Stimulus Check and Stimulus Package Update June 8th

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Let’s talk about the next stimulus check and stimulus package in regards to some statements made this morning.

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Senior White House advisor Kevin Hassett had some comments regarding the stimulus check and stimulus packages this morning as a reaction to unemployment numbers.

Let’s break down the unemployment number truth and what that means for a second stimulus

Last Friday there was an announcement that unemployment had fallen from a high around 14% in April to in May.

Those numbers were proven to not quite be correct. They should have been around 3% higher at around in May due to laid-off workers not being counted in the original numbers. So looking at it that way we actually had an increase in unemployment from April to May? Right? Wrong. It turns out April’s numbers were also reported incorrectly and should have been reported at around 19% if we’re calculating things the same way.

So what’s going on here? It’s mostly due to errors and the fact that it is so hard to accurately calculate unemployment, especially in the short term.

The number of unemployed people is not just the number of people who aren’t working. In the most simple terms it is the share of the labor force that is actively searching for jobs.

However it gets way more nuanced the more you look into it based on things like the definition of actively searching for work, temporary layoffs, student status, and on and on.

Now back to Kevin Hasset. He said two major points this morning:

First, he said a strong June jobs report would absolutely affect what the next stimulus package contains, including the potential stimulus checks.

Second, he said that the odds of a second stimulus package are near 100%.

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This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.
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