While we are so eager to get our Government Stimulus check . This has me wondering if this (1)>>idea of pumping money to people is really a good idea or not. I have some problems with it . LET'S think back to 2009 . The Obama-era stimulus package pumped hundreds of billions of dollars into the U.S. economy to stave off the Great Recession. Though a decade of putting money into the hands of people is vary wastful tactic by the government . (1.2)>>The Obama stimulus did very little , it bailed out the Banks and Wall Street . It took a decade for a full economic recovery , that was because of Donald J Trump who took the foundation laid by Obama , made a few twists by cutting taxes which generated more money into the hand of people . While it's not perfect what Trump did , remember unemplyoment was at 3.4 % . As I wrote before , the massive layoffs of people should not be happening . It's the government's fault for forcing people out of work as In the case of the pandemic. (1.3)>>The government is wasting money , adding to the Federal deficit. ALL the people should just go back to work when the shelter in place is lifted . It's so simple . .Some in Washington, including Senate Majority Leader Mitch McConnell, question whether the preceding relief measures have met their goals and want to tap the brakes before approving more federal spending to evaluate the effects of the already-approved relief packages. McConnell and others also worry how additional (2)>>stimulus packages will increase the historic federal deficit. Now Well, it's a stimulus program. They want people to spend it. Sure it'd be nice for only those who need it to get it, but in her case that cash flows away... and helps support whatever coaching service she's buying. So in that sense it's working as intended. This past Friday evening, the US House of Representatives voted to pass a second coronavirus relief bill to assist those battered economically by the coronavirus pandemic. The proposed legislation seeks to infuse up to $3 trillion into the US economy, and would include another round of stimulus checks to individual Americans, as well as financial aid for people who are unemployed, struggling businesses, the US Postal Service and money to help pay for coronavirus testing. Clearing the House of Representatives -- which is controlled by a Democrat majority -- is one step in the journey from bill to law, but by no means a guarantee. The question, however, is how will their Republican and Democratic colleagues in Congress ultimately agree on an economic relief package that will not only gain Trump’s signature but also get money to those who need it quickly?
NOTES AND COMMENTS:
(1)>>idea of pumping money to people is really a good idea or not.This country has a 34 trillion dollar deficit and cannot afford more debt. to pay this debt, every U.S. citizen would have to pay $170,000 each to eliminate our debt. Printing more money only causes more inflation. How much more debt do you think our country can withstand before our financial situation finally collapses all programs, including Social Security? (1.2)>>The government is wasting money. This isn't even remotely confirmed yet. This is an idea in someone's brain still, not attached to paper and not voted on"Senate Republicans have also discussed combining the House-passed bill and the broader stimulus measures being proposed by the administration, according to a person familiar with the discussions. Such a move could speed up passage of the coronavirus response provisions in the Senate, but it would require the House to return to Washington to approve the new combined package."This is a ploy to make further cuts to the already passed House bill for aid, which itself was already severely cut back thanks to House Republicans fighting tooth and nail against all forms of paid sick leave."The Trump administration’s stimulus plan will include roughly $50 billion for the airline industry, according to the people, as well as billions of dollars in general stimulus that could include a payroll tax cut."This is absolutely a trojan horse designed to swindle low information voters with the potential for a $1,000 check into supporting the complete gutting of social security and medicare. At the same time, billions upon billions will be given to industries that intentionally made themselves poorly prepared for these kinds of scenarios in order to artificially inflate their value through stock buybacks.We live in unique times, do not use that as an excuse to be underinformed or compromise with those who want nothing but profits and suffering. (1.2)>>The Obama stimulus did very little In early 2009, President Obama predicted that his American Recovery and Reinvestment Act would "jump-start our economy," "create new jobs," and provide "many years of economic growth." He claimed that this growth would "cut the deficit in half by the end of [his] first term in office" and put "our nation on sound fiscal footing." Terrified of a repeat of the Great Depression, Americans supported the president's plan for more than $1 trillion in new government spending.There is little evidence for any correlation between infrastructure spending and short-term job growth. Analysis of the economy 10 months into President Obama’s first economic stimulus plan, cited in a January 12, 2010 Associated Press article, found that, “A federal spending surge of more than $20 billion for roads and bridges in President Obama’s first stimulus has had no effect on local unemployment rates…, it didn’t matter if a lot of money was spent on highways or none at all: Local unemployment rates rose and fell regardless. And the stimulus spending only barely helped the beleaguered construction industry.”(2)>>stimulus packages will increase the historic federal deficit. The Treasury Department said that it will borrow {FROM CHINA] $3 trillion during the current quarter to cover the massive cost of the federal government’s response to the coronavirus crisis. The Congressional Budget Office said that it expects the federal budget deficit to hit $3.7 trillion by the end of fiscal year 2020—more than four times the current deficit at the halfway mark of the fiscal year.Less than two months since the U.S. began to reckon with the Covid-19 pandemic, Washington has already passed three stimulus packages that will increase federal spending by half, quadruple the deficit, spend twice as much as existing tax revenue, and trigger the largest monetary expansion since the Civil War. We need a reality...Administration statements over the past few days point to something on the order of $2 trillion in economic juice. By contrast, then-President Barack Obama ushered an $831 billion package through during the financial crisis.That type of fiscal burden comes as the government already has chalked up $624.5 billion in red ink through just the first five months of the fiscal year, which started in October. That spending pace extrapolated through the full fiscal year would lead to a $1.5 trillion deficit, and that’s aside from any of the spending to combat the coronavirus.Already, the national debt stands at more than $23.5 trillion and will be on track to eclipse $25 trillion. Taxpayers shelled out $574.6 billion in fiscal 2019 on interest payments for the debt and another $229.1 billion in fiscal 2020. In short, the shock from the COVID-19 spread will blow a fiscal hole through Washington, D.C., that could take years if not decades to patch. Yet a growing number of economists and other experts think that, at least for now, the nation's debt isn't a problem. Even the Peterson Foundation, which has long argued for paying down public debt, recently came out in favor of federal stimulus spending to fight the coronavirus recession. So, too, has Kenneth Rogoff, the Harvard economist who in 2009 co-wrote a seminal history of financial collapses that warned about the risks spiraling national debt.
