{"id":43345,"date":"2020-08-09T04:20:00","date_gmt":"2020-08-09T01:20:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/washingtons-dubious-and-pricey-stimulus\/"},"modified":"2020-08-09T04:20:00","modified_gmt":"2020-08-09T01:20:00","slug":"washingtons-dubious-and-pricey-stimulus","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/washingtons-dubious-and-pricey-stimulus\/","title":{"rendered":"#Washington\u2019s dubious \u2014 and pricey \u2014 \u2018stimulus\u2019"},"content":{"rendered":"

“#Washington\u2019s dubious \u2014 and pricey \u2014 \u2018stimulus\u2019<\/strong>”<\/p>\n

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August 8, 2020 |<\/span> 9:20pm <\/p>\n

\n Enlarge Image<\/p>\n

\"Trump<\/img>
\n The best fix for governments and private citizens: an economic resurgence.<\/span>
\n EPA<\/span><\/p><\/div>\n

\n With negotiations over a (yes!) fifth COVID-19 rescue package at an impasse, President Trump took action on his own Saturday, signing executive orders on a number of \u201cstimulus\u201d measures. Whether his actions or Congress\u2019 ultimately prevail, expect a pretty hefty price tag \u2014 and dubious economic benefits.<\/p>\n

For starters, unilateral steps by a president, especially regarding the budget, are often legally and politically fraught. The Constitution gives Congress the power over the purse, and if there isn\u2019t enough political will to act, it can be a stretch for presidents to simply use their \u201cphone and pen\u201d (as President Barack Obama put it when he issued his own EOs) and sidestep lawmakers.<\/p>\n

Democrats have already questioned the legality of Trump\u2019s move, and even he says he expects a lawsuit.<\/p>\n

Besides that, some of his measures are questionable on the merits: His payroll-tax cut, for example, won\u2019t help people out of work, and those with jobs don\u2019t really need it.<\/p>\n

Yet the moves might\u2019ve been meant mostly to light a fire under Dems and prompt concessions. As with past pack\u00adages, Democrats have been slowing any agreement, demanding the moon and figuring they can blame Trump for any stalemate. They\u2019ve resisted, for instance, narrow stand-alone measures, even those both sides agree on.<\/p>\n

They started the bidding for a deal at a ridiculous $3.4 trillion, more than the entire GDP of any other country except Germany, Japan and China. (The GOP plan, at a still-sky-high $1 trillion, was modest in comparison.) And this, after Congress already set aside nearly $3 trillion in the four previous packages.<\/p>\n

At week\u2019s end, House Speaker Nancy Pelosi hinted that she might be willing to trim $1 trillion off her ask \u2014 but no more than that. (She clearly thinks she\u2019s playing with Monopoly money.)<\/p>\n

Then there\u2019s the $600 unemployment bonus app<\/a>roved under the previous rescue plan. Those payments got added to state jobless benefits, leaving many unemployed workers with more money than they made on the job and creating perverse incentives to prolong the high jobless rates. Republicans were willing to agree to $200 or 70 percent of a workers\u2019 lost wages \u2014 but Pelosi insisted on leaving it as is: \u201cThere\u2019s no in between,\u201d she said last week. Trump would allow for $400 a week.<\/p>\n

Dems also pushed for a patently absurd $1 trillion to bail out (mostly Democratic-run) state and local governments that have spent recklessly and were ill-prepared for the pandemic.<\/p>\n

Both sides also want to send out $1,200 \u201cstimulus\u201d checks. Yet Americans are clearly socking away money (the savings rate shot up to 25.7 percent in the second quarter), which they\u2019ll spend once the pandemic begins to wane and the economy stabilizes.<\/p>\n

Of course, federal aid is vital for some things, such as the ailing mass-transit system that powers New York City, the nation\u2019s most critical economy. Even the additional $4 billion the MTA seeks won\u2019t likely be enough to keep it afloat, particularly if ridership remains low.<\/p>\n

The best fix for governments and private citizens: an economic resurgence.<\/p>\n

In 2001, Uncle Sam actually saw a surplus, thanks to a hot economy. Fact is, no \u201cstimulus\u201d can top beating COVID and letting the economy gear up. Washington should focus on that.\n <\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

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If you want to read more Opinion News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Washington\u2019s dubious \u2014 and pricey \u2014 \u2018stimulus\u2019” August 8, 2020 | 9:20pm Enlarge Image The best fix for governments and private citizens: an economic resurgence. EPA With negotiations over a (yes!) fifth COVID-19 rescue package at an impasse, President Trump took action on his own Saturday, signing executive orders on a number of \u201cstimulus\u201d measures….<\/p>\n","protected":false},"author":1,"featured_media":43346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[50890],"class_list":["post-43345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-washingtons-dubious-and-pricey-stimulus"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/43345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=43345"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/43345\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/43346"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=43345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=43345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=43345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}