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(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.
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
If Donald Trump figured out how to **** gold bricks and then handed them out to the general public the headlines would be, "TRUMP HANDS AMERICANS PILES OF ****".
If Donald Trump figured out how to **** gold bricks and then handed them out to the general public the headlines would be, "TRUMP HANDS AMERICANS PILES OF ****".
Every time I find myself disgusted at Donald Trump, I am left all the more disgusted by the swarming pit of oleaginous, mendacious, double-dealing vermin we call Congress who presume to represent us and our interests.
Every time I find myself disgusted at Donald Trump, I am left all the more disgusted by the swarming pit of oleaginous, mendacious, double-dealing vermin we call Congress who presume to represent us and our interests. Donald Trump has no shame or sense of morality and has never pretended very hard to have one. These people pretend to know better and be better.
This is far worse than 9/11 when both parties came together, yet they play political football with our well being. They're setting up a situation where people will start to revolt and the system begins to fail.
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
If Donald Trump figured out how to **** gold bricks and then handed them out to the general public the headlines would be, "TRUMP HANDS AMERICANS PILES OF ****".
Set it up???? They already set it up when they decided to resist everything Trump.
Screw em. Go to work or go hungry.
Meaning he can claim there is an insurrection declare marshal law and call off the election. Be careful to not play into their hands.This is far worse than 9/11 when both parties came together, yet they play political football with our well being. They're setting up a situation where people will start to revolt and the system begins to fail.
Perfect!
:lamo
Work where?
If Donald Trump figured out how to **** gold bricks and then handed them out to the general public the headlines would be, "TRUMP HANDS AMERICANS PILES OF ****".
Screw em. Go to work or go hungry.
Trust me, neither party wants to own what's about to come. Once the system gets 'out of whack' enough, it can take decades to restore. The wealthy politicians from both sides *think* they're untouchable and can't be held accountable.
Work where?
There are 30 Million Unemployed, think if they start to starve it will you that gets screwed.
The sad part about it, Trix, is that about 99.9% of this crap could be solved if the states, rather than the federal government, were responsible for most domestic issues. Neither political party, however, wants to go back to that way of doing things because all the congressmen, senators, aides and lobbyists would have to find a new cocktail circuit with which to entertain themselves. Well, that and then they'd also find out that they were accountable to the people in their districts. The last thing any politician wants is personal accountability.
Meaning he can claim there is an insurrection declare marshal law and call off the election. Be careful to not play into their hands.
Screw em. Go to work or go hungry.
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