- Joined
- Dec 1, 2011
- Messages
- 31,450
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- 12,925
- Location
- FL - Daytona
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- Political Leaning
- Independent
The Dems are in the right asking for a big enough stimulus bill to keep the economy afloat. The GOP stubbornly wants a much smaller bill and to cut benefits to the unemployed for state and payroll tax cuts which defunds social security and medicare.
Trump's executive orders, which won't kick in for weeks and have been called 'unconstitutional slop', are not going to win him votes with a 50% reduction in benefits asking the states to add $100 from their CRF funds that are already 75% allocated. According to estimates, the money in the Disaster Relief Fund, used for unemployment, may only last four to five weeks before expiring and ending benefits.
In another few months, as the mortgage/rents, utilities, car payments, and other bills go unpaid, there will be a tsunami effect of homelessness, hunger, and drop in retail sales. The longer it takes Congress to act on a new bill, the more they're hurting Americans and shooting themselves in the foot.
Trump, McConnell, Mnuchin, Meadows, Schumer and Pelosi are all playing political 'chicken' with peoples lives and that won't reflect well come election time.
Standoff on U.S. Virus Relief Package Leaves Damage All Around
Trump's executive orders, which won't kick in for weeks and have been called 'unconstitutional slop', are not going to win him votes with a 50% reduction in benefits asking the states to add $100 from their CRF funds that are already 75% allocated. According to estimates, the money in the Disaster Relief Fund, used for unemployment, may only last four to five weeks before expiring and ending benefits.
In another few months, as the mortgage/rents, utilities, car payments, and other bills go unpaid, there will be a tsunami effect of homelessness, hunger, and drop in retail sales. The longer it takes Congress to act on a new bill, the more they're hurting Americans and shooting themselves in the foot.
Trump, McConnell, Mnuchin, Meadows, Schumer and Pelosi are all playing political 'chicken' with peoples lives and that won't reflect well come election time.
Standoff on U.S. Virus Relief Package Leaves Damage All Around
(Bloomberg) -- There were plenty of casualties left in the rubble of failed negotiations on another trillion-dollar-plus rescue package for a U.S. economy mired in a historic, pandemic-induced recession.
Worst hit are the families, businesses, and state and local governments that have had a safety net pulled out from under them at a time some data suggest that recent gains in employment may be transitory as the continuing spread of Covid-19 infections forces a retrenchment.
Meanwhile, almost 30 million Americans said they didn't have enough to eat in the week ended July 21, the U.S. Census reported.
In Washington, the political damage is widespread. But the biggest impact may be on President Donald Trump.
The president on Saturday took some modest steps to try to mitigate the economic impact -- diverting disaster money to boost unemployment insurance, and suspending collection of payroll taxes for some workers.
Trump said his actions "will take care of, pretty much, this entire situation." But many economist disagree, and even his own top aides have admitted they're no substitute for a legislative deal.
But the top Democrats clung to their $3.4 trillion package until late in the talks, when they offered to cut the topline number closer to $2 trillion. Their massive plan gave Republicans a political opening to argue they overreached, a theme Mnuchin repeated on Sunday.