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$600 unemployment benefits are ‘life-saving’ for this waiter: ‘I’m right at the edge’

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Matt Marfoglia, a waiter at the Tasting Kitchen in Los Angeles, was furloughed in March. Enhanced unemployment benefits are helping him make ends meet financially, but they may end after July.

Matt Marfoglia

Matt Marfoglia was living paycheck to paycheck before the coronavirus pandemic. Now, while unemployed, he’s barely scraping by. 

The 51-year-old was furloughed from his job as a waiter at The Tasting Kitchen, a high-end Italian eatery in Los Angeles, in March.

The one thing that’s kept him afloat: an extra $600 a week in unemployment benefits provided as part of a recent federal relief measure.

Even with the extra benefits, Marfoglia has been pocketing about $1,600 less per month.

But that aid will lapse after July, absent government action — potentially sending his income, and that of millions of other Americans, off a cliff amid the worst employment crisis since the Great Depression.

“To be honest, I’m terrified,” Marfoglia said. “I’m right at the edge right now.”

Marfoglia is one of nearly 30 million people currently receiving unemployment benefits, a figure well above any other period since the unemployment insurance system was created in the 1930s.

The crisis was spurred by the swift and unprecedented economic carnage wrought by Covid-19, which led to a virtual lockdown of the U.S. economy to halt spread of the virus.

$600 unemployment benefits

The CARES Act, a $2.2 trillion relief package enacted in March, greatly expanded unemployment benefits, in part by tacking a $600 weekly enhancement onto traditional benefits paid by the states.

State benefits generally replace less than half a worker’s prior take-home pay. The $600 enhancement aimed at fully replacing prior wages for the average worker (about $1,000 a week).

But not all workers are average — some make more and some less, relative to prior pay.

More from Invest in You:
Employers face pressure to close racial wage gap
These 5 job opportunities opening up due to the pandemic
Senate plan could give families $10,000 to weather lockdown

Researchers at the Becker Friedman Institute for Economics at the University of Chicago found that about two-thirds of workers eligible to collect unemployment insurance can receive benefits that exceed lost earnings.

Normally, it’s not ideal policy for unemployment benefits to exceed job pay, according to labor economists, who said it may cause distortions in the labor market. Republicans have argued it could create a disincentive for people to return to the workforce.

Yet many believe it was good policy at the time, when the health crisis forced people to shelter in place rather than work.

Perhaps more important, antiquated state unemployment systems couldn’t handle a change to their benefit formulas to ensure pay didn’t exceed prior wages, according to economists and lawmakers.

That update would have delayed payments by weeks or even months, causing undue hardship for Americans relying on the aid to pay rent and food bills, they said — which ultimately pushed Congress to compromise on the $600 benefit, which was administratively easier.

States have struggled to pay claims even with the simpler formula. Some jobless workers went months without seeing one check.

Even now, three months after the lockdowns began, Eugene Scalia, the Trump administration’s top labor official, refused to say during Senate testimony whether states would be in a place to cap benefits at 100% of individuals’ prior wages.

‘Barely’ survive

The $600 in extra aid is scheduled to end after July 31.

Democrats want to extend it, but Republicans, emboldened by unexpected job gains last month, are unifying in opposition against it.

That complicates the situation for workers like Marfoglia, who can’t yet return to work and depend on the enhanced benefits for their livelihood.

Marcus, a food server at a Boston-area Marriott hotel who was furloughed in March, would get about $300 a week from Massachusetts’ unemployment system absent the extra benefits. (He requested his last name not be used for privacy concerns.)

Being on unemployment “isn’t a wonderful gift to me,” the 58-year-old said.

His state unemployment pay doesn’t factor in tip income and is therefore lower than it would be otherwise. Massachusetts, among the most generous states, pays up to $1,200 a week to recipients.

“I’d survive [without the $600 benefits], but barely,” Marcus said.

Research shows that a large share of Americans across all income bands were teetering on the edge of financial hardship even before the pandemic.

About 46% of people who make more than $75,000 a year live paycheck to paycheck or spend more than their means (via credit cards, for example), according to a Finra Investor Education Foundation report published in 2019. That’s true of 62% who make between $25,000 and $75,000 a year, and for 70% of those who make less than that.

Democrats passed a bill in the House of Representatives that would extend the $600 benefit until early next year. They’ve also proposed gradually reducing the aid by tying it to economic conditions like a state’s unemployment rate.

But Republicans want the policy to end after July, arguing that Congress should be promoting work over unemployment.

The economy added 2.5 million jobs in May, versus an expected loss of 7.5 million.

“Now we’re facing a much different situation than we were in mid-March,” said Sen. Chuck Grassley, R-Iowa. “States are reopening.

“Employment recently turned positive,” he added. “We need to shift our focus to helping people safely return to work.”

Some economists believe the risk of people not returning to work is overstated and that ending relief after July could cause undue financial hardship.

“It would cause pain among millions of families, drive down economic activity and impede our recovery,” Arindrajit Dube, an economics professor at the University of Massachusetts Amherst, said in a tweet. “OK to modulate. Terrible to let expire.”

Labor-supply incentives, while not irrelevant, may also be less of a concern during a pandemic than in a normal recession, according to the University of Chicago report.

Some Republicans are considering policy alternatives like a back-to-work bonus that would pay cash to those who find jobs.

‘Economic shock’

The ability to return to work isn’t necessary a given, though.

There are still 21 million people who remain unemployed.

The country’s 13.3% unemployment rate, while lower than April’s 14.7%, is still higher than at any period since the Great Depression.

The Federal Reserve estimates the unemployment rate will fall to 9.3% by the end of 2020 — still around where it was at the height of the Great Recession a little over a decade ago.

“This is the biggest economic shock, in the U.S. and in the world, really, in living memory,” Federal Reserve chair Jerome Powell, a Trump appointee, said Wednesday. “We went from the lowest level of unemployment in 50 years to the highest level in close to 90 years, and we did it in two months. Extraordinary.”

Job losses have disproportionately hit certain groups, such as Blacks, Hispanics, women and lower-wage workers harder. 

Millions of workers currently on temporary layoff, or furlough, will likely lose their jobs permanently, and those industry jobs probably won’t return “for quite some time,” Powell said.

Among restaurants, there are 4.7 million fewer jobs in the “food services and drinking places” industry since February, according to the Bureau of Labor Statistics. That’s despite the industry rehiring 1.4 million people last month.

Restoring the remaining jobs could be a tall order given social distancing guidelines and restrictions like capacity limits.

If unemployment indeed remains high through the fall and into winter, things could start getting especially dire for those those out of work. States generally provide 26 weeks of unemployment benefits in normal times, and some as little as 12 weeks. 

The CARES Act extended the maximum duration of those state benefits by 13 weeks through December. Some workers who started collecting benefits in mid-March could run out by early September in less-generous states and by early December in others — leaving them with no financial safety net.

‘Life-saving’

Marfoglia, who has worked in various Los Angeles restaurants for three decades and said he served as a private waiter for actress Jodie Foster on a few occasions, made roughly $5,600 a month after taxes while employed.

He gets less on unemployment, which pays about $4,000 a month between the state and enhanced benefits.

The bulk goes toward monthly bills — about $3,600-$3,700 a month, split between rent, a car payment, auto insurance, credit card debt, health insurance over the state exchange, a cell phone bill, two loans and necessities like groceries and gasoline.

That leaves little for unexpected expenses. Recent car maintenance, for example, will cost him about $500.

The $600 has been “life-saving,” Marfoglia said. Without it, his unemployment pay would be more than halved.  

“I’m not living high on the hog,” Marfoglia said. “I’m paying my bills.

“The income I earned, I needed to earn that to live.”

Marfoglia has already negotiated a rent reduction with his landlord, which he’ll have to repay, and has consolidated monthly credit card debt, which roughly halved his monthly bill to $320.

Marfoglia, who’s single, only got $120 from a federal stimulus check due to his income level. (The CARES Act provided individuals with $1,200 if their income was less than $75,000 before tax.)

Even if he could find a job in another industry over the short term to make ends meet, Marfoglia is skeptical he’d be able to replace his prior job’s wages.

“I’m really scared because of the fact the money might not continue … [and] to think I may lose everything,” he said.

Source: https://www.cnbc.com/2020/06/13/expiring-600-unemployment-benefits-are-essential-for-some-workers.html

Coinpedia

Ethereum Price Smashed $2000, $3000 Incoming At Lightning Speed!

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Ethereum Price (ETH) May Hit $10,000 This Cycle!

The Ethereum price that is known to maintain a stable price movement, finally broke the previous ATH to form a new one. It took more than a months time to regain its lost position above $2000, yet sustained successfully. 

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The price took more time than expected to break the $2000 barrier, yet $3000 may be approaching at rocket speed. As predicted by founder of Gokhstein Media, David Gokhstein, the next stop for the ETH price is around $3,900. 

With the continued bullish trend and intensified rally, the price is expected to surge to the highest levels. According to an analyst and Crypto Youtuber, Young and Investing, the Ethereum price may hit $10,000 within the current bull run.

With the accelerated bull run, many analysts believe Ethereum could lead the market instead of Bitcoin too. Therefore providing a huge opportunity for the altcoins to boom within the ETH bull rally. 

Is Altcoin-Season On the Cards?

Many altcoins normally pop-up with the surge in the price of the second dominant crypto Ethereum. Currently, ETH price is trading around its new all time high around $2152 and expected to fly high. Therefore, many small cap altcoins are expected to rise from ashes and pump more than 50x or even 100x also.

Many analysts believe the Altcoin Season of 2021 is on the way and is expected to be the greatest season ever. According to a popular analyst, XRPcryptowolf, the season will reach its peak during the summer.

Moreover, the coins which are believed to be dead or not performing are also expected to rise. One of the analysts, MC also has given a brief idea on which all coins might pump in the current AltSeason.

Collectively, the breakout of Ethereum price has led to initialization of the most awaited AltSeason of 2021. The ETH price rally is expected to intensify in the coming days, that might smash $10,000 soon.

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Source: https://coinpedia.org/ethereum/ethereum-price-to-surge-to-3000-soon/

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Coinpedia

Lark Davis Addresses 3 Most Common Criticisms Tagged With Cardano

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Popular New Zealand-based crypto analyst Lark Davis pointed out the three criticisms faced by the Cardano project

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Cardano Is Overvalued

He says that Cardano’s biggest use case right now is staking. The current price of Cardano is based on speculation rather than real demand for the token based on usefulness and need among developers and users.

Right now, the basic economics that will drive future demand are simply not there. Also there’s nothing wrong or unusual about this. This is a fairly normal occurrence. We see that a lot with various assets, where the price of an asset can rise far higher than its value should be based on where it is now simply because of strong support from the market and it’s future predictions.

Even if cardano’s price is overvalued right now does not really mean that it will plunge or go down in the near future. Davis says that in such situations the opposite is likely to happen. The higher the market cap, the more serious an investment it is in the eyes of many investors, which makes the market cap go even higher and become even more serious.

Also Read : Top reasons why Cardano(ADA) Price is Poised For Massive Surge!

Nothing Is Built on Cardano

According to Lark Davis this statement is not technically true as he feels that few things are built on cardano but it lacks an ecosystem. He also states that it’s an incredibly dishonest critique of Cardano in his opinion because it is hard to have an ecosystem when there’s no smart contract functionality.

“Smart contracts are coming. The testnet is due in late April. Smart contracts are then scheduled to come on the mainnet around August… I think we’ll have at least a few dozen applications by Q1 of next year.“

Cardano Is Too Slow in Its Development

Davis says it’s fair to hope Cardano’s speed of development to pick up pace, especially considering the moderately fast rise of other projects with robust and successful ecosystems such as Elrond (EGLD) and Avalanche (AVAX).

Luckily cardano has a growing community and enthusiastic users who are willing to support the smart contracts from the day one of it’s launch. With such an optimistic community if cardano promises to deliver an ecosystem that mints people money, then it’s obvious for users and developers to eventually join this massive ADA community.

“I personally think that Cardano will prove the haters wrong this year, and that they will deliver a powerful and interesting blockchain that will become a big part of the cryptocurrency ecosystem…“

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Source: https://coinpedia.org/altcoin/criticisms-tagged-with-cardano/

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Coinpedia

CHZ Price | Chiliz Price Surged 650% in March, What’s Next for the Coin?

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The pseudonymous head of Coin Bureau who goes by the name guy, predicts that this coin has the potential to attract many users into the crypto space.

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Chiliz price has skyrocketed last month by 650% in value, making it a very important month for the cryptocurrency. In the last week, however, a pattern reversal occurred, with CHZ being overwhelmingly denominated by sellers. Things are shifting, though, as CHZ price rises once more. 

Read more : Chiliz Price Rose Like a Monster, Is It the Start of a ‘Low Cap Season’?

Chiliz is a cryptocurrency that can be used on sports and entertainment sites. Chiliz can be used like any other digital currency, but it is most commonly used on Socios.com, a website where investors and fans can use CHZ to receive exclusive rewards from their favourite teams. Special behind-the-scenes access and voting rights are among the perks.

It is worth noting that CHZ has established partnerships with top football clubs spread across the world, including FC Barcelona, AC Milan, and Juventus.

Guy says that,

“Have you been searching for that killer app that has the potential to open the floodgates and bring hundreds and millions of people into crypto? That elusive unicorn would likely be valued at a pretty penny, which means if you got into it at the right time, you could post some truly insane gains. What if that project combined NFTs, sports, and crypto? That’s the type of rocket fuel that could send it to the stratosphere… That would be Chiliz.”

I really like Chiliz as a project, the concept, and how they’re seemingly paving the way for unique digital sports memorabilia with NFTs in real-time. I also really love the idea of attaching tangible team-related perks to NFTs. That way, they have tangible real-world value and this should drive future demand.”

As of the time of publication, Chiliz price was $0.511948, with a 24-hour trading volume of $930,154,829. CHZ price also went up 1.5% over the last 24 hours. Besides, it has a circulating supply of 5.3 billion CHZ coins and a max supply of 8.89 billion.

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Source: https://coinpedia.org/altcoin/chz-price-chiliz-price-sentiments/

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Business Insider

Genesis Celebrates Official Launch In China, Unveiling Its All-new Vision Of Automotive Luxury To Chinese Consumers

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  • Genesis announced its arrival in China with an extraordinary event, introducing the brand to a new generation of Chinese consumers seeking true distinction in luxury
  • Athletic Elegance, the distinctive Genesis design philosophy was showcased with an unveiling of the Genesis G80 and Genesis GV80
  • To deliver the unique Genesis Experience, a new business model will be introduced in China aiming to design authentic relationships with Chinese consumers

SHANGHAI, April 3, 2021 /PRNewswire/ — Global luxury automotive brand Genesis marked its official entry into China with a spectacular Brand Night held on April 2 at Shanghai’s International Cruise Terminal, where Genesis showcased its unique Genesis brand identity, design and experience philosophy. With a stunning drone show titled the “Genesis of Genesis” sweeping over the Bund, Genesis signified its exceptional beginning in the Chinese market.

Genesis performing dazzling drone show, titled with “Genesis of You”

Jaehoon (Jay) Chang, Global Head of Genesis, said, “Today marks the beginning of another audacious chapter for Genesis. The Chinese market serves a critical role in the development of our global business, and we are very excited to present the next generation luxury for China.”

“We are excited to showcase our globally recognized products, Genesis G80 and Genesis GV80, known for the highest quality and distinctive design. We are driven by a purpose to design authentic relationships with Chinese consumers. This is our promise and our differentiator in China to deliver meaningful and stress-free experiences,” said Markus Henne, Chief Executive Officer of Genesis Motor China. “To do that, we will be implementing an all-new business model that will bring our commitments to life.”

New Luxury Defined by A Unique Brand Identity and Design Philosophy

Genesis is a brand that aspires to make true positive impact in our customers’ lives. With a fresh perspective, Genesis audaciously challenges expectations and brings a progressive attitude in order to build emotional bonds with customers based on new ideas in design and innovation. Genesis also desires to provide customers with a sense of thoughtful hospitality throughout the entire journey. More than an automotive brand, Genesis represents a lifestyle and an experience.

Every Genesis presents an intimate opportunity to explore the extraordinary Genesis vision. The distinctive design of Genesis was showcased through a special Brand Night unveiling of the Genesis G80, its mid-sized luxury sedan, and Genesis GV80, the first SUV in the lineup. Defined by their symbolic Two Lines architecture, both models are the expression of Athletic Elegance, Genesis’ design philosophy that achieves the perfect balance between two opposing characteristics: Athleticism and Elegance. Inside the cabin, the Beauty of White Space philosophy is expressed through a harmony of personal space and state-of-the-art technology.

China-tailored Strategy to Provide An All-New Experience

Genesis intends to inspire its customers of what new luxury can be. It addresses what the brand calls Generation Genesis, a generation with bold new perspectives in style and everyday life, whose refined taste in aesthetics and appreciation for distinctive design cultivates resonance with the brand spirit of Genesis. To underline this, Genesis unveiled its brand manifesto at the heart of which sits the  “Genesis of You” message-Every touchpoint with Genesis is designed to fuel the confidence of these consumers, as they embark on new beginnings, break boundaries and progress in their every endeavor. 

Genesis is establishing an all-new business model for the Chinese market, aiming to design authentic relationships with Generation Genesis and deliver meaningful, stress-free experiences centered on human-touch, convenience, trust and transparency. Genesis will gradually develop its presence in China through an omnichannel approach based on direct sales, supported by trusted agents and online sales. 

Furthermore, Genesis will ensure that every person interested in the brand receives the best one-to-one experience from a dedicated companion with the introduction of the Genesis Partner Concept. 

A transparent pricing model under the Genesis One Price Promise will be implemented to ensure a unified price across all sales channels. This unique and uncompromising brand experience will be enabled by the Genesis Digital Ecosystem.

Focus on Brand Building and Designing Genesis Experience

An essential part of the Genesis is lifestyle. Aesthetic ambition with the love for beautiful things are at the core of the brand. That’s the reason Genesis is never compromising anything on design and open to collaborate on a variety of canvases, where the Generation Genesis can be naturally met.

One of these forthcoming brand experiences, for instance, will be held in collaboration with the Shanghai Fashion Week, to create an elevated and in-depth exploration of progressive luxury style through world-class fashion concepts. Comprehensive and touchable Genesis Experience will come to life at Genesis Studios, a luxury lifestyle oasis where people can experience our cars, the arts and culture combined with Genesis hospitality. The first of Genesis Studio will soon launch in downtown Shanghai.

Markus Henne, Chief Executive Officer of Genesis Motor China, added, “Launching the brand in China represents a significant, perhaps the most important, new chapter in our brand’s history. Genesis will focus on brand building in the early stage. We will continue to reveal more highlights of how we plan to appeal to our Chinese audience. I am confident to deliver this promise and invite everyone to be a part of this journey.”

About Genesis

Genesis is a global luxury automotive brand that delivers the highest standards of performance, design, safety, and innovation. The Genesis brand is one of the highest-ranked brands in the automotive industry by respected, third-party experts including North American Car of the Year, Consumer Reports and J.D. Power and more. For more information on Genesis and its new definition of luxury, please visit https://www.genesis.com.cn

Speech of Markus Henne, CEO of Genesis Motor China, at Genesis Brand Night

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/genesis-celebrates-official-launch-in-china-unveiling-its-all-new-vision-of-automotive-luxury-to-chinese-consumers-301261651.html

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