Stimulus Check Update 10-12-20: White House Wants More Than $2.2 Trillion Stimulus Package?

Here’s your daily stimulus check, your second stimulus check, your executive action, order, memorandums, moratoriums and stimulus package update for Monday, October 12th, 2020.

It’s no surprise to anyone that watches the channel, but leading economists, corporate executives, and business leaders continue to call out for more stimulus funds to help keep the economy alive.

Heidi Shierholz, a former chief economist at the Department of Labor under the Obama administration explained: “The real-world consequences of not passing new stimulus at this point in the crisis are ‘huge.’”

She continued: “It's literally millions of jobs in the balance here. No matter what they do, no matter how amazing they are, no matter how great their skills are, they won't get a job because the jobs just aren't there.”

Kathy Jones, the chief fixed income strategist at Charles Schwab, offered her take on a Phase 4 disaster relief bill, stating: “There's just going to be some small businesses that aren't going to be able to hang on. The people that work for them, obviously, are not going to have jobs."

Jones also expressed the need for state and local funding, saying: "they can't be like the federal government and just keep borrowing money."

I just wish that our politicians would listen to the economists for once, instead of delaying talks and negotiating the terms of another stimulus bill for months.

Meanwhile, Minneapolis Federal Reserve President Neel Kashkari explained yesterday on CBS that Congress must be "aggressive" with another stimulus package in order to boost the US economy.

Kashkari explained: "The reason the economy bounced back as strongly as it did in June and July is because Congress was so aggressive in the spring."

He continued: “There are many sectors of the economy that are still being devastated. The travel and tourism industries, the frontline service industries, restaurants, and that's where you're seeing big job losses and bankruptcies. And this is going to continue to spiral and continue to bleed on."

Kashkari explained: "Right now, the U.S. government is able to borrow at very, very low rates. And so now is the time. If there is a need to run deficits, now is the time to go ahead and use that government's fiscal capacity to provide the assistance."

I completely agree with the Fed President here, as Americans need these funds as soon as possible, and the government will end up getting that money back in the long run anyway.

Finally, I’m hearing that high ranking White House officials are discussing a new stimulus package that exceeds even the Democrats Phase 4 disaster relief price tag.

White House economic adviser Larry Kudlow went on CNN yesterday and explained that President Trump and Steven Mnuchin are looking into passing another stimulus package that could exceed $2.2 trillion.

Kudlow stated: "President Trump actually has always said — I've heard him say it in the Oval — as far as the key elements are concerned, the checks, the unemployment assistance, the small business assistance, we gotta help airlines out — he would go further. He's always said that."

He continued: "Secretary Mnuchin is up to $1.8 trillion. So the bid and the offer is narrowing somewhat between the two sides."

While we still don’t have an agreement on a new stimulus package, it’s encouraging to hear the price continue to rise, and that all sides are still interested in passing a bill before the election.

And if y’all continue to dilly dally and don’t get us our much needed disaster relief bill, I can guarantee we’ll let you hear our frustrations on the campaign trail.

Source: https://www.forbes.com/sites/terinaallen/2020/10/11/urgent-call-for-second-stimulus-checks-and-economic-stimulus-relief/#1150b1f12ba5

https://www.foxbusiness.com/economy/congress-needs-to-be-aggressive-with-economic-assistance-to-boost-recovery-feds-kashkari-says

https://www.axios.com/kudlow-trump-stimulus-package-7a25ee8e-1f88-4ed5-b57c-02cf05535459.html

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Видео Stimulus Check Update 10-12-20: White House Wants More Than $2.2 Trillion Stimulus Package? канала Andrew Cartwright