Biden's 1.9 Trillion plan is good; Republican counter offer is not only bad economics, but disingenuous
I just read about the Republican moderates counter offer of a $600 billion "stimulus". Here is my almost over the character limit response/comment that I left at the WaPo.
No Deal. 600b is simply not enough to offset the loss of demand. It
will result in the kind of uneven and slow recovery we had in 2009-2011,
which is precisely what R's want to happen so they can run their
campaigns; at the expense of the American people yet again.
So much demand has been lost, that 1.9 tril may be too low.
The
only impediment to 1.9 tril is inflation and Powell said that a bit of
inflation would actually be a good thing. We do NOT need to worry about
paying for it - we are the sole creator of our own currency, can never
go insolvent. So paying for it is NOT the question. The question is:
is it a good idea?
Child care tax credit cuts child poverty in half. YES
Essentially universal checks guarantee that everyone who has been hurt by this virus gets some assistance. YES
States
and local government are NOT the sole creator of their currency,
therefore they have to balance budgets. If they are not helped, then
teachers, police, transportation, fire fighters and etc will be laid
off. YES
People who lost their jobs for not fault of their own
deserve unemployment insurance. The vaccines should be about to all
Americans by the end of the summer, so extending benefits makes sense.
YES
Kids need to be in school. Parents need kids to be in school. YES
Rental
and eviction moratoriums. Too bad we didn't just do recurring monthly
checks or we wouldn't have to choose between renters and landlords.
But as it is, I would prefer to live in a country that doesn't have
starving families thrown out of their homes in the middle of winter.
How about y'all? YES.
$15/hr minimum wage will help in so many ways. YES
Is it perfect? No but what is. Every
provision in this bill would help people. And it would be pretty
obvious who was in favor of it, who delivered it, and who gets the
credit. THIS is why Republicans oppose it. Ugly.
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