Yes Those Executive Orders Do Affect Your Money!
Updated: Jul 6
Whenever a new administration enters the Whitehouse there will be executive orders signed within the first few days. The new administration has signed over seventeen executive orders in the beginning days of their term. Executive orders are more than just a headline in a newspaper some of these orders can impact your money. I want to share three executive orders and the financial impact they could have.
$15 Minimum Wage:
As of right now this only applies to federal workers. The federal workers that see this increase in their checks will be in a better position to pay off debt if they have any, save more money, and be in a better financial position overall. This executive order also benefits the cities these workers live in. Federal workers will have more money to spend at local small businesses and support their local economy. It is a win-win!
Freezing Student Loan Debt:
This executive order will help the finances of millions of student loan borrowers. If you have federal student loan debt you will have 0 payments, 0 interest, and no wage garnishment through September 30th 2021. This will give borrowers an opportunity to save money for emergencies or pay down their student loans if they have extra money to do so.
Helping The Most In Need:
There were three executive orders that directly help ease the financial burden of those who need the most help during this time. Expanding food assistance will help families put more food on the table. Extension of the foreclosure and eviction protections will keep more people in their homes. The third executive order puts actions in place that will speed up the distribution of the $600 stimulus checks to the lowest income Americans who have yet to receive them.
As you can see executive orders can affect your life and for many it can provide a financial lifeline.
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