The Senate had lunch with Treasury Secretary Steve Mnuchin, and the lawmakers listened to his plea to bail the country out of the worst recession since the 1929 great depression. The COVID-19 pandemic has the country in panic mode. And the panic could last for 18 months or more, according to a new government report.
That report paints a bleak economic picture and Mnuchin told lawmakers Trump’s more than $1 trillion bailout plan would keep the economy stable. But several senators, including Lindsey Graham, thinks sending most American $2,000 in cash is a stupid idea. Graham thinks that’s a waste. He wants to send that $500 billion to the healthcare industry to buy more personal protective equipment.
A group of Republican senators didn’t like the $300 billion check Trump wants to write to protect the airline, hotel, and cruise ship industries. Those senators claim they don’t need a bailout; they need a loan. Republicans want collateral, but Trump doesn’t like that idea. Mr. Trump bailed out the farmers when his tariff war took bread off farmers’ tables. The airline, hotel, and cruise ship industries are just as important for his re-election campaign as the farmers, so he’ll continue to push for bailout money, according to the Washington Post.
Mr. Mnuchin also increased the panic level when he told the press unemployment could hit 20% before COVID-19 disappears. Other White House officials tried to play down that claim, but the virus is in the process of bankrupting small businesses. Corporate profits are in the toilet, and the coronavirus pandemic could flush what’s left of those profits down the capitalistic drain, according to the New York Times.
That’s why investor Bill Ackman wants Trump to lock down the country down for 30 days. Bill thinks the virus will disappear by then and the economy can start to grow again. But the White House disagrees with Ackman.
Infectious disease expert Dr. Tony Fauci continues to warn people to practice self-isolation as well as social distancing, even though he stood right next to the president and at least five other people on a podium during a press conference. That’s one reason 60% of Americans don’t trust Trump’s ability to handle the pandemic in the right way. The Trump team continues to send mixed messages and distorted truths, according to the New York Times.
Dil Bole Oberoi
