U.S. federal government response to the COVID-19 pandemic
From Intelligent Party@Intelligent@savetheworldmsn.com to sac.politics,ca.general,alt.california,ca.politics,ny.politics,nyc.politics on Sun Sep 13 12:48:30 2020
From Newsgroup: nyc.politics
You know the Government spending only goes into the Interest Rate and Inflation.
There is no Federal debt in America in a sense, as the Federal Reserve can write
off the bonds it buys from Congress, and inflate the currency and the interest rate, both of which are near zero, presently. We own the Federal Reserve.
We do want to invest in infrastructure and schools. We do want to be able to get
a job tomorrow if we're unemployed. But we can't let our countrymen suffer and
die to Coronavirus. We can't build the economy on the backs of the poor and starving, and now those suffering to Coronavirus. Only two things matter in this
sense: Coronavirus, and the Economy.
Who cares about the American people? *All* the American people? And who's best
for the economy? George Bush Jr. and Barrack Obama gave us crap economies. Bill
Clinton's campaign slogan "It's the economy stupid!" was delivered upon. As has
It's interesting to read, the different responses to the Pandemic, politicians in
the House and Senate have floated:
"On March 13, 2020, Democratic House Representatives Ro Khanna and Tim Ryan introduced legislation to provide payments to low-income citizens during the crisis via an earned income tax credit. The U.S. House Committee on Financial Services released a stimulus proposal on March 18 in which the Federal Reserve would fund monthly payments of "at least $2,000 for every adult and an additional
$1,000 for every child for each month of the crisis". On March 18, Representative
Rashida Tlaib proposed similar legislation which would involve sending pre-loaded
$2,000 debit cards to every American, with $1,000 monthly payments thereafter until the economy recovers. On April 14, Khanna and Ryan introduced legislation
with 18 Democratic co-sponsors which would provide $2,000 in monthly payments to
16-year-old and older Americans making less than $130,000 a year. House Representative Ilhan Omar has presented legislation that would cancel rent and home mortgage payments for a year. More recently, Representatives Tlaib and Pramila Jayapal have proposed giving Americans $2,000 a month until the crisis ends and $1,000 a month for a subsequent year. Representatives Madeleine Dean and
Don Beyer suggest a one-time $1,500 payment possibly to be followed by $1,000 quarterly payments. On May 8, Senators Bernie Sanders, Ed Markey, and Kamala Harris presented a plan for $2,000 payments to Americans making less than $120,000
annually for up to three months after the crisis ends. Nancy Pelosi has endorsed
some form of guaranteed monthly income. On May 15, the House passed a $3 trillion
bill which would provide one-time $1,200 payments for individuals making less than
$75,000 annually, but Mitch McConnell and members of his caucus have pegged it as
"dead on arrival" in the Senate. On July 31, the House passed a $1.3 trillion package which Politico writes "has no shot in the Republican-controlled Senate and
President Donald Trump has already threatened to veto it."
President Trump has floated using the low interest rates to invest in infrastructure, including roads, bridges, and tunnels (but specifically excluding
the initiatives of the Democratic Party's Green New Deal). Pelosi has made similar
proposals, suggesting broadband and water projects be included.
Both Republican and Democratic governors have called for $500 billion in unrestricted federal aid to state governments, which are losing billions of dollars in tax revenue due to business closings. Existing aid to states was restricted to specific programs, mostly direct costs related to the pandemic, which faced delays being disbursed, and some of which may need to be returned due
to restrictions on how it could be spent. Congressional Democrats attempted to negotiate state aid into federal relief packages. In response to a question from
a radio talk show host, Mitch McConnell said he would instead support states going
bankrupt (which would require Congress to change the bankruptcy code), prompting
criticism from both Democratic and Republican elected officials, including Republican governors.
On May 5, New York representative Carolyn Maloney introduced a bill in the House
which would cancel the student loan debt of healthcare workers. Senator Elizabeth
Warren has proposed eliminating student loans altogether.
On August 18, Republicans floated a $1 trillion bill which seeks to codify and fund Trump's $300 weekly unemployment insurance from August (being provided retroactively) through December, establish liability protections, provide $105 billion in school funding, $10 billion for the U.S. Postal Service, as well as help fund the PPP. According to The New York Times, this smaller bill is unlikely
to draw support from Democrats. Senate Republicans were expected to present a $1.3 trillion bill the week of September 8, which CBS News reported would focus on
"children, jobs and liability protections for small businesses." On September 10,
a $500 billion Republican bill was voted on in the Senate, receiving a 52–47 majority, but failing to receive the 60 votes needed to move forward."
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