Posted on 08/06/2020 4:48:02 AM PDT by karpov
As negotiations for another giant spending bill proceed in Washington, President Trump faces a choice. Does he do another deal giving Speaker Nancy Pelosi most of what she wants, perhaps splitting the GOP in the process? Or does he press his own economic agenda and, if the Speaker blocks it, take that to the voters in November?
On present trend Mr. Trump is headed for the first choice. Mrs. Pelosi’s House passed her $3 trillion spending bill in May, and the President is moving toward her step by step. Even if the final number ends up somewhere between $1.5 trillion and $2 trillion, the Speaker would get most of what she wants.
That includes more money for profligate Democratic-run states, more money for income-transfer payments, more payments to schools whether or not they reopen for classroom instruction, and perhaps even an extension of $600 weekly federal jobless payments that subsidize unemployment by paying workers more not to work than they earn on the job.
*** Treasury Secretary Steven Mnuchin seems to have convinced Mr. Trump that this is necessary to get a grand deal and help the economy through Election Day. We’d say the opposite is closer to the truth. The jobless payments will keep unemployment higher than it would otherwise be, as University of Chicago economist Casey Mulligan has shown. If schools stay closed, fewer parents will be able to return to work.
Another $300 billion or more for the states would be counterproductive in encouraging more states to keep their economies locked down for longer. Gov. Andrew Cuomo wants $30 billion from the feds to fill his rising budget gap but is still keeping New York City largely under wraps.
(Excerpt) Read more at wsj.com ...
I have relatives that aren’t looking for work simply because of the layoff money. The only way people are going to even start demanding businesses reopen is if funds are cut.
Ben Franklin’s warning goes unheeded again as the practice accelerates ...
What a great idea right before the election.
And what do you think will happen if Democrats have the House, Senate, and Presidency?
Fiscal responsibility?...
McConnell should simply have the Senate pass an unemployment extension as a stand-alone bill — with nothing else in it. Let Pelosi explain why the Democrats would oppose it. That’s probably the best GOP campaign strategy at this point.
sorry, there is no work. The government forcibly shut down most businesses. This is an instance where the government not only should but MUST pay up!
I want another check like we received a few months ago to compensate me for my losses.
I have employees that were grumbling because I stayed open and didn’t lay them off here.
Many of their friends did and enjoyed reaping a big increase in pay while doing nothing but drinking beer and fishing. Now those same people are not returning to work either when they are called back I hear.
I hope they get nailed for this and have to return anything they got after the callback date.
That too. Unemployment extension plus another $1,200 payment to every taxpayer.
McConnell wouldn't have had the votes for even that. He's pretty much washed his hands of this and will pass whatever Trump and Pelosi come up with.
Which is why the title of the article doesn't make sense. The Trump choice will will be whether he merely signs the $2 to $3 trillion bill Mnuchin and Pelosi agree on or whether he adds a FICA tax suspension onto the deficit as well. Either way this administration will make make past administrations running up of the deficit look like child's play by comparison.
PING!
Fine with me, if it’s $300/week or less, rather than $600/week. Do you think only Soros funds all those laser pointers, shields, umbrellas and power tools?
There are help wanted signs everywhere here, I can see three of them from where I’m standing at my warehouse. I see them all the way home, every business has them up. People are just not going back to work. Cut off ALL the money, no more unemployment, no more stimulus checks.
I own my own business which has been forcibly shut down by the government more or less. I have built this business from nothing over the last 15 years and have had my bottom line devastated by the forced closure of it. So you are suggesting to go get a job at the grocery store? because no way in heck will I ever qualify for unemployment.
“Divide the GOP”
The GOP is dead and won’t be coming back. The current iteration of the Democrats will be beaten by white populism or it won’t be beaten at all.
Cheating working people out of their unemployment to fatten bankers further is a recipe for disaster.
Or, the president should summon up his emergency powers and extend unemployment benefits including the $600 extra by executive order.
No democrat would dare challenge that action in court
How many small businesses were destroyed?
How’s the service industry going?
Airlines, hotels, vacationers, waiters, bartenders, cruises, retail...
How do you think real estate is going to be doing next year?
You’re a fool. You would have the Democrats control the House, Senate, and Presidency.
This all starts and continues with Trump not being honest and strong on the covid hoax and not having got control of his own admin (and rising tech censorship) three and a half years in. As long as hr continurs on the path for the disastrous forced mRNA vaccine for a hoax, we’re going to remain under a medical/tech tyranny that they know how to rule us, the government, and the economy with.
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