OK, you already know that Trump emasculated the Departments that were created to deal with widespread illnesses and specifically pandemics.
And you already know that Trump and his flunkies at FOX “News” downplayed the risk, called it a “hoax,” and virtually urged people to keep doing exactly what they had been doing.
And you already know that we are months behind in creating protective, analytical, and treatment equipment to protect currently healthy people and to identify and cure sick people.
And, you already know that hospital space and personnel are insufficient.
But did you know, the government, in a “mountain labored and produced a mouse” act that is the very definition of “too-little, too-late, produced this?
Coronavirus aid bill includes $3,000 for families, $4 trillion liquidity for Fed: Mnuchin
WASHINGTON (Reuters) – The coronavirus economic relief bill being finalized by the U.S. Congress will include a one-time $3,000 payment for families and allow the Federal Reserve to leverage up to $4 trillion of liquidity to support the nation’s economy, U.S. Treasury Secretary Steven Mnuchin said on Sunday.
Mnuchin, speaking on the “Fox News Sunday” television program, said the additional liquidity measures would allow the U.S. central bank to help a broad base of businesses to get through next 90 to 120 days.
Trump administration officials hoped to finalize the legislation on Sunday and see a vote on Monday, Mnuchin said, adding that further steps could be taken if the crisis did not abate in 10 to 12 weeks.
There are 83.5 million families in America. Even if every single family received the full $3,000, that would total only $250 billion. And not every family will receive that amount.
That amount of stimulus is so insufficient as to be laughable if the situation weren’t so dire. (See: Which party will be remembered as “the party of too-little, too-late”?)
Before anyone knew anything about the coronavirus, the federal government already was budgeted to spend $4.6 Trillion in 2020. The abovementioned $250 Billion “stimulus” comes to a paltry 6% increase in federal spending!
A 6% increase to fight the greatest threat to our economy since the depression of 1929! And, as stated before, even that amount won’t be spent.
Are these people crazy or just plan uncaring? No, it’s more than that. It’s a deliberate attempt to enslave the lower and middle classes.
Mnuchin said the U.S. economy would clearly take a hit from the health crisis, but should rebound once the new coronavirus has been contained.
And when will that happen? No one knows. It could take many months or years. And meanwhile, all but the rich will suffer. (Or is that the plan?)
“We need to get the money into the economy now. If we do that, we think we can stabilize the economy,” he said.
You can’t stabilize our economy with a lousy $250 Billion. The U.S. Gross Domestic Product is over $21 Trillion.
Congress people, do you really believe you will stabilize a ripped-apart, $21 Trillion economy with an additional $250 Billion, a 1% “stimulus”?
Here is what we’re dealing with today (and it only will get worse):
Nearly one in four Americans, or 80 million people, were under orders to close up shop and stay home as just five states, New York, California, Illinois, Connecticut and New Jersey instituted statewide lockdowns to try to contain the rapid spread of the highly contagious respiratory illness.
Mnuchin downplayed a question about a possible recession, calling it a “technical question” that was not “terribly relevant” in the current situation since the government was effectively shutting down large parts of the economy to slow the virus.”
As soon as we can get the medical situation under control, we’re going to reopen it.”
And how much will GDP have fallen by then? Ten percent? Twenty percent? Fifty percent?
No one knows, but it surely won’t be only 1%.
And what about the lasting damage. Simply “reopening” the economy won’t result in an instant cure. Some businesses will never re-open. Some people never will recover.
Lives will be lost, forever. Life plans will disappear. The kids who were planning on college won’t make it. New doctors won’t be educated. Start-up businesses never will open. The chaos will be long-lasting.
I urge you who are reading this to pick up your torches and pitchforks and march on Washington, march on your Senators’ office and homes, march so they know you mean it.
The U.S. federal government easily can and should invest at least $5 Trillion to $7 Trillion in the economy, NOW. Get the money out there.
Despite the lies you have been told, it would cost you, as a taxpayer, nothing. The federal government can do it without collecting a single penny in taxes.
The whole disgusting plan is part of the program by the very rich who run America, to make you captives, willing to slave for them at pennies an hour.
Why do you think miserly Social Security slowly has been taken away as qualifying ages rise?
Why do you think the unnecessary and regressive FICA tax is levied, and now they lie that the fake Social Security “Trust Fund” is running short of money?
Why do you think they don’t want you to have Medicare for All, and tag it with the false epithet, “socialist”?
Why do you think the single biggest asset on the government’s books is student debt, when the government easily could pay for all tuitions, and without collecting any taxes?
Why do you think that of all private debts, only student debt has not qualified for bankruptcy dismissal?
Why do you think all those tax loopholes and avoidance schemes are designed to benefit the rich?
Why do you think a guy like Warren Buffet pays a lower percentage of his income in taxes than does his secretary, and a guy like Donald Trump pays no taxes?
Why do you think the poor are criticized for accepting federal benefits (“lazy takers”) while the rich receive billions in special benefits, and that is considered being “smart”?
Don’t let those bastards get away with destroying your life and your children’s futures. (“Please sir, I’ll take any job. I’m desperate.”)
These are not accidents. These are not bugs. They are features.
Now, during an election year, is the time to protest, loudly, angrily. Get out your torches and pitchforks. March for yourselves and for your children.
Mass protests work. Mass protests ended the Vietnam war and a Presidency. Politicians are afraid of protests.
Do it, now.
Rodger Malcolm Mitchell
Search #monetarysovereignty Facebook: Rodger Malcolm Mitchell
THE SOLE PURPOSE OF GOVERNMENT IS TO IMPROVE AND PROTECT THE LIVES OF THE PEOPLE.
The most important problems in economics involve:
- Monetary Sovereignty describes money creation and destruction.
- Gap Psychology describes the common desire to distance oneself from those “below” in any socio-economic ranking, and to come nearer those “above.” The socio-economic distance is referred to as “The Gap.”
Wide Gaps negatively affect poverty, health and longevity, education, housing, law and crime, war, leadership, ownership, bigotry, supply and demand, taxation, GDP, international relations, scientific advancement, the environment, human motivation and well-being, and virtually every other issue in economics.
Implementation of Monetary Sovereignty and The Ten Steps To Prosperity can grow the economy and narrow the Gaps:
Ten Steps To Prosperity:
2. Federally funded Medicare — parts A, B & D, plus long-term care — for everyone
3. Provide a monthly economic bonus to every man, woman and child in America (similar to social security for all)
4. Free education (including post-grad) for everyone
5. Salary for attending school
6. Eliminate federal taxes on business
7. Increase the standard income tax deduction, annually.
8. Tax the very rich (the “.1%”) more, with higher progressive tax rates on all forms of income.
9. Federal ownership of all banks
10. Increase federal spending on the myriad initiatives that benefit America’s 99.9%
The Ten Steps will grow the economy and narrow the income/wealth/power Gap between the rich and the rest.
One thought on “OMG! The government's response is even worse than you realized.”
I agree that we need to firehose the economy with money, STAT! And lots of it. We need to prime the pump and make it rain! One truly massive infusion of several thousand dollars per person with no strings attached, followed by all of the Ten Steps to Prosperity (with aid to affected businesses included in Step Ten) implemented indefinitely, is what we need. Yesterday.
One caveat though is that if the more extreme restrictive measures such as shutdowns, lockdowns, and the like are kept in place for more than a few weeks, the “cure” becomes worse than the disease, and no amount of money, not even trillions, would be enough to prevent a depression that would make the 1930s look like a walk in the park. To say nothing of the implications in terms of civil liberties and quality of life. Sooner or later, life has to go on regardless. Hopefully we can quash this coronavirus sooner than later.