Posted on 03/17/2020 11:07:58 AM PDT by Red Badger
Key Points
Treasury Secretary Steven Mnuchin said Tuesday that the Trump administration wants to get emergency funds in Americans pockets immediately amid the coronavirus crisis.
The latest daily briefing came as stocks struggled to recover from one of the worst trading sessions ever.
Markets have shed trillions of dollars amid the coronavirus spread, which has crippled major industries and forced governments around the world to take drastic steps to try to slow the spread of the disease.
====================================================================
Treasury Secretary Steven Mnuchin said Tuesday that the Trump administration wants to get emergency funds in Americans pockets immediately amid the coronavirus crisis.
Americans need cash now, Mnuchin said during a White House press briefing on the administrations latest efforts to combat the disease. I mean now in the next two weeks.
The president has instructed me that we have to do this now, Mnuchin added.
The latest daily briefing came as stocks struggled to recover from one of the worst trading sessions ever a day earlier.
Markets have shed trillions of dollars amid the coronavirus spread, which has crippled major industries and forced governments around the world to take drastic steps to try to slow transmission of the disease. States and cities have taken sweeping measures to reduce social interaction, including limiting restaurants to delivery and takeout services. Other businesses have had to lay off and furlough employees.
Mnuchin said that an idea of the administrations plan will come into focus by the end of the day Tuesday.
He added that the U.S. is unlikely to send checks to millionaires.
I think its clear, We dont need to send people who make a million dollars a year checks, Mnuchin said. I think were going to do something that gets money to them as quickly as possible. That may not be an accurate way of doing it. Some people obviously shouldnt be getting a check for $1,000 but well have an idea at the end of the day of what we will be doing.
President Donald Trump said in Mondays briefing that the U.S. may be able to get the new coronavirus outbreak under control by July or August at the earliest. Equities tanked as Trump delivered those remarks.
But major indexes rose during the coronavirus task forces briefing Tuesday, as Trump and his officials signaled that the administration was mobilizing a major economic response that would go into effect soon.
Were going big, Trump said at the presser. We want to go big, go solid.
We dont want airlines going out of business. We dont people losing their jobs, the president said.
More than 183,000 people have contracted the COVID-19 virus and at least 7,167 have died, according to Johns Hopkins University. In the U.S., more than 5,000 people have caught the coronavirus and at least 85 people have died, according to Johns Hopkins.
Other U.S. politicians have already suggested sending checks to Americans as part of an economic relief package. Sen. Mitt Romney, R-Utah, on Monday floated a proposal to give $1,000 to every American to ease the pain caused by the virus.
Meanwhile, lawmakers on Capitol Hill are working to push through more emergency spending plans to respond to the virus. Trump signed an $8.3 billion funding package earlier in March, and a second bill is currently working its way through Congress.
Senate Minority Leader Chuck Schumers office said Monday that he will put forth a third proposal with at least $750 billion in spending to combat the coronavirus pandemic.
-- CNBCs Christina Wilkie contributed to this report.
Welfare for everyone!
Fantastic idea NOT
I watched the original episodes as they aired.
Later I binge watched them.
Later still, I binge watched them again.
They are that good.
You should make it a point to watch the entire series.
They need to immediately establish a
Strategic Toilet Paper Reserve(STPR)
7
They already have. It’s called an Iowa cornfield...................
I don’t get it. All this over the flu?
If the government is considering giving away money, it must be worse than we thought!........................
Lets hope it goes only to Americans. The democrats idea of an American shocks me.
+7
Free cheese, free Obama phones, subsidized rent, subsidized utility bill payments, free food stamps, free transport to medical facility, free health insurance subsidy if you sign up for Obamacare, etc.
Oh wait just a minute, people were already getting all those freebies BEFORE the corona virus arrived from China.
It is 10 times more contagious and 10 times more lethal to seniors with health issues, much more than flu. But hey, might solve the social security & medicare shortfalls for decades to come.
Well the steps to stop the curve are wealth destroyers.
Free money to the banks, Wall Street, the airlines and every other industry with connections in DC
All Quiet on the Western Front
QE 201
It would be very dangerous for large numbers of people to be suddenly unemployed and impoverished, especially if shortages of vital supplies become critical. The last thing we need now is large numbers of desperate people.
President Trump, in additional to being a genius and a man of great morality, is pragmatic. He has already anticipated the dangers.
And thanks to President Trump's genius, including his pragmatism, the US economy has boomed to the extent that we can afford it!
This might be an excellent emergency measure to take, somewhat like the Marshall Plan.
In fact, considering the success of the Marshal Plan, serious consideration should be given to sending cash--not loans--to subsidize small businesses hurt by the pandemic.
We need to assure their survival until the crisis is over.
When it's over, the economy is going to come back with a roar. Small businesses--the backbone of the world's greatest economy--ours!--will roar back with it, fueling it.
Trump is one of the greatest--perhaps the greatest--President in US history.
He is proving this point minute by minute during these stressful times.
Might as well. There is enough money being pumped into a failing system that the inflation will render the money valueless. China’s reaction to the WuHanFlu was such that their economy took a massive hit. We responded by shutting down our own economy. Don’t want to have an unfair advantage over the Chicoms. The enemy shoots off three of his toes so we amputate a leg.
My kids - age 33 and 27 - need this $1,000 bucks.
I really don’t.
And it’s my kids that will someday inherit a finally desolate American economy where $1,000 will buy you a case of water and a roll of toilet paper.
That is if they can find some.
This amounts to nothing more than buying votes.Turning Alinsky around against the dems.Pure and Simple.
But what can the democrats do about it? They are the ones who set in motion this financial crisis.
Clever.
The way he is handling this is genius.
He's always one step ahead.
He seems to be ready for anything.
Yes. And he's trying to get the USA prepared for anything.
Trump is the antidote for the decadence of Western Civilization. It's our misfortune that much of the US (and European) intelligentsia lacks the wit to understand this. If they were all as intelligent as Trump, we would be in vastly better shape.
Treasury Secretary Steven Mnuchin gonna tie this one down... some of the ideas are gold - others not so much. But he’s a good man. Wish Mnuchin would talk to Tucker. Having and keeping a job is more important than ‘free cash’ from the government. It’s a balance thing.
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.