I found the following article to be vomit-inducing.

Coronavirus stimulus: Democrat governor argues against extending extra $600 unemployment insurance
Brian Sozzi, Editor-at-Large, Yahoo Finance, July 17, 2020

There are better ways to support those unemployed at the hands of COVID-19 than extending the $600 unemployment top up, Democratic Connecticut Governor Ned Lamont says.

“Look, I think we’ve got to extend the unemployment [benefits],” Lamont said on Yahoo Finance’s The First Trade. “We still have a double-digit unemployment rate here [Connecticut].

And I would be generous when it comes to those companies that are still not open.

Translation:

“We should be generous to business owners because they all want to work.”

Our event planners, for example, our bars. There we have got to be generous.

But for those companies that are open, which is most of our economy, I want to do everything I can to encourage them to get back to work.

We can get them back to work safely. So I was sort of more inclined towards giving people the incentive to get back to work and not doing a big $600 increase for everybody else who are still unemployed.”

Translation:

“As I said, business owners all want to get back to work. So give them the money they need to re-open,

“But employees, by contrast, are lazy, and if you give them a few dollars, they will just stay home or go golfing.

“In order to get them back to work we have to whip them by denying them money. When they don’t have enough to feed themselves, they will be motivated to look for jobs.”

Lamont’s position is a rare one right now inside the Democratic party.

Democrats in the House signed off on a $3 trillion COVID-19 relief bill several months ago.

It would extend the $600 weekly payments originally passed in the Coronavirus Aid, Relief, and Economic Security (CARES) Act through January.

The bill would also provide for another round of direct payments of up to $1,200 for individuals and $6,000 with families that have children.

While House Speaker Nancy Pelosi has signaled recently a willingness to compromise with Republicans (who are against them) on the $600 unemployment checks, the decision on any form of extension is likely to come down to the wire.

Translation:

“Lamont and of course the Republicans, wish to do nothing more for people who are out of work, and nothing more to prevent a recession.

“The Democrats want to help the unemployed as well as to stimulate economic growth.”

Without an extension, the extra unemployment relief will expire on July 31 and possibly send households into fresh financial chaos.

Proponents of the top up such as Lamont and most Republicans have argued it gives people more money to sit at home than to actively look for work.

Translation:

“Give those lazy bums $600 a week and that’s all they’ll want. They won’t want to save for college, pay for better homes, pay off debts, buy things for their families, own a 2nd car, or lead better lives.

“They are unmotivated to do anything to improve themselves. “They will be happy just to sit at home, drink beer, and nap on the couch, while the rich people work themselves to the bone.”

“The single most important thing we have to do going forward is stop the $600 a week [unemployment] payments,” Heritage Foundation economist Stephen Moore said on The First Trade this week.

Moore estimates the U.S. economy has lost 1 million to 2 million jobs because of the extra unemployment payments.

Translation:

“The worst thing we ever did was to provide unemployment compensation to those lethargic derelicts.

“Unemployment compensation cost businesses the services millions of low-paid workers, and as you know, we don’t want to cost rich businesspeople money if we don’t have to.

“If we simply cut out all the benefits to the poor and middle-income people — the Social Security, Medicare, Medicaid, food stamps, education aids, etc., — then those good-for-nothing bums would have to look for work, at whatever business people are willing to pay them.”

Hey, who can argue with that logic? Certainly not Lamont or the GOP.

And by the way, I suggest eliminating Lamont’s and the rest of the GOP’s pay until the COVID-19 crisis ends.

That way, they will be motivated to do something to help their constituents, rather than sitting back and trying to figure out how to screw them on behalf of the rich.

Rodger Malcolm Mitchell

Monetary Sovereignty Twitter: @rodgermitchell 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:

  1. Monetary Sovereignty describes money creation and destruction.
  2. 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:

1. Eliminate FICA

2. Federally funded Medicare — parts A, B & D, plus long-term care — for everyone

3. Social Security for all or a reverse income tax

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.

MONETARY SOVEREIGNTY