The nation’s top banking watchdog is worried that not enough money has been dropped into the nation’s economy….
While US Senate Leader McConnell had been talking about waiting for another money bill?
THAT is NOT gonna be the case…
For this bill though?
Lawmakers have tried dropping a little bit of everything in the mix….
They will have to withdraw a lot of the extra’s to get something to vote on…
Federal Reserve Chairman Jerome Powell on Wednesday urged Congress to consider another ambitious fiscal rescue package, warning that the economy may need further support to avoid a cycle of business failures, job losses and bankruptcies well after the pandemic passes.
In a Wednesday speech, Powell said the U.S. could suffer serious long-term economic damage from the coronavirus pandemic and called on policymakers to do whatever they can to foster a strong recovery—regardless of the cost.
“The recovery may take some time to gather momentum, and the passage of time can turn liquidity problems into solvency problems,” he said during remarks before an interview with the Peterson Institute for International Economics.
“Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery,” he continued. “This trade-off is one for our elected representatives, who wield powers of taxation and spending.”
Powell’s latest call for fiscal stimulus comes as Republican lawmakers grow increasingly wary of adding to the roughly $3 trillion already spent by Congress to support the economy. House Democrats on Tuesday proposed another massive $3 trillion economic rescue and COVID-19 response package that Republicans promptly declared dead on arrival….
James you got any sites that give a good breakdown of the things in the House Bill…wherever I look i get bits and pieces, but I wanted to see how local and state government money is planned to be distributed, as well as the money for front line hospital workers and student loan debt forgiveness.
If 75% of this bill passes including the student loan aspect, and the local government money passes I will definitely be spending more money in the economy…the problem is most small items I would get are all manufactured out of the US and doesn’t benefit our economy, the act should focus on giving business incentives to bring back high level manufacturing to the US such as tech products that are high end like microprocessors, etc. Also a lot of basic shit that we need for healthcare etc.
I would love an iphone with its inside made in America and money going to American workers to build those insides…all money staying in house…I will gladly buy a shirt made in Bangladesh or china, but higher end manufacturing should come back to the US and the government is the only one that can really incentives the companies to do it.
I’ll check for the bill particulars…
Usually DSD is good for the fine print….
You DO know that GOPer’s will work to shit can most of the things for consumers?
Of Course, but I think at least the state and local money will get passed, and probably some of the direct payments will be doled out…
The fundamental issue remains, you give people money they buy shit, most may still spend only on essential stuff, luxury spending is going to be limited, and the real stuff people will spend on will be electronic home products. and most of that shit aint made here…so the money flows out the country…minus the few bucks the retailer makes on selling the item…