[Paul:] Thirty-eight minutes past the hour and millions of people and they're still struggling, they're waiting for financial help from the government during this pandemic. Right now, the unemployment rate is at 10.2 percent which is higher than at any point during the great recession. Let's talk to Ted Jenkin; financial adviser and CEO of Oxygen Financial for us. Ted, good morning to see you
[Ted Jenkin, Chief Executive Officer, Oxygen Financial:] Good morning, Christi.
[Paul:] So, help us understand here. What is your projected lifeline, let's say for the stimulus package? How long do you think it will take?
[Jenkin:] I mean, Christi, it could take a couple of days, but it could go until the election because the parties are still very far apart right now, a couple of trillion dollars. And look, President Trump recently put in this moratorium of putting in this $300 of extended unemployment benefits, and this essentially is what the GOP proposal is, Christi, and 11 states have taken the money so far. One state in South Dakota has declined, but the big issue here is that FEMA is doling out this money, and they've only given the states the money for three weeks here and then after that, it's only going to be week by week. So, millions of Americans could be in the dark if no compromise is reached. I think this is another example of the ready, fire, aim leadership we are seeing.
[Paul:] So, on that note, how much has the president's executive order on payroll, on the payroll tax, how much has that done to alleviate the financial pain?
[Jenkin:] I don't think it's going to help at all, Christi, look, Americans pay payroll tax is roughly 6.2 percent into Social Security, and 1.45 percent into Medicare. But this is a payroll tax deferral, it's not a payroll tax holiday which means that people when they get money in their paychecks, somebody making $50,000 a year from September to December will get roughly $1,100, Christi. But guess what? They're going to have to pay it back. And Christi, with the average family in America having more than $6,000 in credit card debt, it's extremely dangerous to add a $1,000 of debt when the president says, look, I'll make this go away if I get re-elected when the likelihood is, it will not.
[Paul:] Well, not only do people have debt, but there are people who are at risk of losing their home right now because of evictions. How do tenants know if they have any protection from eviction, and how can people at risk of eviction, how can they get help?
[Jenkin:] I mean, Christi, unfortunately, it's gone right now. The protection under the CARES Act ended at the end of July. And as you mentioned, starting Monday, those folks can start to get an eviction letter. So you need to get in front of the bus and talk to your landlord right now because 40 percent of the 40 million Americans are at risk of eviction. So, there are some great organizations, 211.org is great, if you need rental assistance, justshelter.org is great, a nonprofit that helps people who are facing eviction, get match with organizations that can help them or talk to your landlord about even using your security deposit, Christi, to pay this month or partial of this month's rent right now, until you get back up on your feet or our politicians come to a compromise.
[Paul:] Is there any indication, Ted, that landlords are being a little less stringent about this right now?
[Jenkin:] Well, I think so, Christi. Look it doesn't help them to have an empty apartment building and it certainly doesn't help somebody to get evicted. So, this is why I say talk to your landlord now and try and work something out because certainly, with a lot of vacancies, they simply can't run an apartment building.
[Paul:] Good point, Ted Jenkin, always good to have you with us, thank you, sir.
[Jenkin:] Right, thanks, Christi.
[Blackwell:] Up next, we'll tell you about a top college that is cutting a number of sports sports, I should say, as it tries to stay afloat. Coy Wire has the story when we come back.