Posted on 03/17/2020 1:01:14 PM PDT by Oldeconomybuyer
WASHINGTON - President Donald Trump is asking Congress to unleash a torrent of emergency economic aid - including direct checks to Americans - an effort unseen since the Great Recession to shore up households and the economy amid the coronavirus crisis.
Trump wants checks out to the public within two weeks as part of what officials said could approach a $1 trillion package. Congressional leaders vowed swift action. Treasury Secretary Steven Mnuchin appeared on Capitol Hill to brief Senate Republicans as state and local officials acted more forcefully to restrict gatherings and mobility in the face of growing sickness.
“We want to go big,” Trump said at a White House briefing. “We want to get it done and have a big infusion.”
Senate Majority Leader Mitch McConnell promised the Senate would not adjourn until the package was passed.
“Obviously, we need to act,” McConnell said after meeting White House officials at the Capitol.
But first, McConnell said, the Senate will vote on the House’s $100 billion package of sick pay, emergency food and free testing that’s on track for Trump’s signature.
After a savage drop at the start of the week, the stock market rose during Trump’s briefing as he and aides sketched out elements of the economic rescue package.
Bigger than the 2008 bank bailout or the 2009 recovery act, the White House proposal aims to provide a massive tax cut for wage-earners, $50 billion for the airline industry and $250 billion for small businesses.
“It is a big number,” said Mnuchin, exiting a briefing of Senate Republicans. “This is a very unique situation. We’ve put a proposal on that table that would attract a trillion dollars into the economy.” One GOP leader, Sen. John Thune of South Dakota, told reporters afterward it “could be” up to $1 trillion.
(Excerpt) Read more at apnews.com ...
Better us than Iran, I guess.
Europe is going to be much worse off. May even need a “Marshall Plan” for Europe.
But that could benefit US Producers.
Our economy will explode from pent up demand when this curse passes. The combination of cabin fever and money will bring back the good economic times.
Just what do we produce they want?
Add in repatriation of critical supply chain manufacturing. This could be that next industrial revolution.
It’s nothing short of a reboot of the world economy. And with Trump leading that effort, it provides the silver lining in this cloud.
Fortunately, thanks to Trump and his genius, the US economy is the strongest in the world, and we can afford this.
This crisis is temporary.
The Trump Economy is sound.
Trump is a genius.
(On the other hand, the last thing we need is a large number of desperate, unemployed, impoverished people, especially if vital resources are scarce!)
The real cost of mass third world immigration, offshoring and outsourcing becomes apparent
As if 9/11 wasn’t enough to convince our ruling class to lock down
I expect an expansion of the debt of about 2 $trillion this year.
Normal business: 1 $trillion
Coronavirus: 1 $trillion
1+1=2, as always.
No problem. As of Dec. 2019, America owed China $1.07 trillion dollars. There’s a bit left to spend, then deduct it from monies owing.
Europe is a fully developed economy. They can take care of themselves.
"But that could benefit US Producers."
At the expense of everyone else.
Owed for what?
Who in the h3ll thought it was such a good idea to grant China MFN trade status on the theory that they would behave if they profited from capitalism?
Nope, wouldn't work. That was fine in 1946, in 2020 the EU bureaucrats would insist on total control over the money and waste it on nonsense. And then blame us for not giving enough.
Yeah, too bad nobody ever warned people /s
Sorry - “owes”. $1.07 trillion was what America owed to China - part of the national debt.
Nice theory, but for the problem of having our economies too entangled with each other. They have aces up their sleeves to play, too. Dealing with “the China problem” was one of the biggest reasons I supported Trump. Now, with this tragedy, we may actually make real progress, but it will be hard, very hard. And not fast.
All the measures I’ve been reading about? They’ll blow through $1T in nothing flat. Expect $2T.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.