"At the same time, business leaders and Republicans are complaining that there is a “worker shortage,” and they largely blame the more generous unemployment payments and stimulus checks for making people less likely to take low-paying fast food and retail jobs again. Democratic economists counter that companies could raise pay if they really wanted workers back quickly."
I suggest throwing out the "generous unemployment payments" and see what happens. Will these people get a job? Probably yes.
I like Biden but he is wrong about this stuff.
Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
Saturday, May 8, 2021
Friday, May 7, 2021
The Wall Street Journal explains why businesses need more workers but these people don't want to work because they are making more money from the government. So why get a job? Biden could fix this problem but he caused the problem.
"Some people are receiving more in unemployment benefits than they would earn in the available jobs."
Sunday, May 2, 2021
"More than two months since the military seized power in a coup and unleashed a campaign to suppress protests, the Myanmar economy is collapsing."
Wall Street Journal
ASIA
Myanmar’s Economy Is in a Free Fall, With Empty Factories, Closed Banks, Failing Internet
Experts expect a double-digit contraction of an economy that had made strides in the last decade in reducing poverty and attracting foreign investment.
By Jon Emont
April 10, 2021
SINGAPORE—Bank branches in Myanmar are closed and government employees are boycotting work. Factory workers have fled to their rural homes and foreign companies have flown their overseas employees out. The internet is largely cut off.
More than two months since the military seized power in a coup and unleashed a deadly campaign to suppress protests, the economy is collapsing, with the World Bank and others expecting a double-digit contraction over the course of this year. The upheaval is erasing the large gains that the country had made in reducing poverty and is frightening away foreign businesses and tourists that had done much to lift Myanmar over the last decade.
It is already one of Asia’s poorest countries. Six million people live on less than $3.20 a day, a poverty threshold for lower middle-income countries like Myanmar. A fourth of the nation’s children are far too small for their age because of inadequate nutrition.
There is a reason for this: For half a century, Myanmar was ruled by military generals who enacted disastrous policies. The picture began to steadily change over the last decade as a democratic opening brought a partially civilian government to power and more international investment flowed in. By one measure, poverty declined to 24.8% in 2017 from 42.2% in 2010, according to World Bank data.
The progress of the past decade is now being reversed. After the coup, which toppled an elected government, the World Bank says the number of people living on less than $3.20 is expected to rise by 30% in 2021. That is 1.8 million additional poor people in one year.
The World Bank, which before the coup predicted 2% growth for the 12 months through September 2021, now expects gross domestic product to decline by 10%. Others say the drop could be sharper, with analytics firm Fitch Solutions projecting a 20% decline as people buy less and low tax collection causes government spending to crater.
Since the coup, the streets of Myanmar have been filled with protesters demanding a return to democracy, but they have been met with violent oppression from the military.
More than 600 people have been killed so far, including children struck by bullets in their yards or homes, according to the Assistance Association for Political Prisoners, a monitoring group.
The economic disruption is in part deliberate. Civil servants, bank employees and factory and port workers aren’t going to work, in an effort, they say, to make it impossible for the military regime to govern. KBZ, the nation’s largest privately owned bank, has just 14 of its more than 500 branches open due to worker strikes, according to its website.
“Without having enough staff and human capacity, it is not possible to run the economy,” said Kaung Htet, a 30-year-old relationship officer at a retail bank, Myanmar Oriental Bank, who hasn’t come to work since February.
On Wednesday, the leader of the coup and head of the armed forces, Senior General Min Aung Hlaing, was quoted in a state-run newspaper saying the civil disobedience movement is “country-destroying.”
The central bank has threatened to levy fines against banks that don’t reopen, according to two people who work in the banking industry. Last month, KBZ sent a notice to employees saying it is in a “no-win situation where if we do not open, the regulator will step in and open the bank for us,” according to a copy seen by The Wall Street Journal.
But the central bank is having trouble getting its own staff to show up. About 300 central bank employees have been suspended by the institution in Myanmar’s two largest cities for refusing to work and some have moved back to their family villages, said a senior bank official who has been absent from the office since February. She fears she might be detained by police amid widespread arrests, she said.
Striking government workers have formed teams to make lodging and financial support available for colleagues who also refuse to work and have been expelled from state housing as a result. Zaw Wai Soe, a surgeon and prominent leader of the movement, has said some supporters are selling land to raise funds and that wealthy citizens abroad are contributing.
The goal is that “step by step the military machinery falters and stops,” he said in a speech posted last month on his Facebook page.
Some citizens staying home, however, are starting to feel the pressure. One parliamentary staff member said he had dipped into savings, but colleagues with large families were weighing whether to resume work. A 30-year-old employee working in finance in Yangon said his company has instructed employees to return in May.
Economic pain is widespread. The garment industry, which accounts for about a quarter of the nation’s goods exports, is losing business as major brands like Sweden’s Hennes & Mauritz AB and Italy’s Benetton pause new orders. Protests and violent crackdowns in industrial areas have driven factory workers back to their villages, leading to severe shortages.
Large-scale internet restrictions, including nightly blackouts and major disruptions to mobile and wireless broadband connectivity during the day, are crippling businesses ranging from finance to hospitality. One restaurant owner in Yangon said he had relied on online orders to weather the pandemic, but those orders have now all but stopped, reducing sales by 70%.
International tourism, which quintupled over the last decade, is reeling. The struggling restaurant owner, who also runs a travel agency catering to European and North American visitors, said he had avoided staff layoffs during the pandemic, instead paying employees half their standard wages for reduced hours. Now, he is preparing to let people go.
ASIA
Myanmar’s Economy Is in a Free Fall, With Empty Factories, Closed Banks, Failing Internet
Experts expect a double-digit contraction of an economy that had made strides in the last decade in reducing poverty and attracting foreign investment.
By Jon Emont
April 10, 2021
SINGAPORE—Bank branches in Myanmar are closed and government employees are boycotting work. Factory workers have fled to their rural homes and foreign companies have flown their overseas employees out. The internet is largely cut off.
More than two months since the military seized power in a coup and unleashed a deadly campaign to suppress protests, the economy is collapsing, with the World Bank and others expecting a double-digit contraction over the course of this year. The upheaval is erasing the large gains that the country had made in reducing poverty and is frightening away foreign businesses and tourists that had done much to lift Myanmar over the last decade.
It is already one of Asia’s poorest countries. Six million people live on less than $3.20 a day, a poverty threshold for lower middle-income countries like Myanmar. A fourth of the nation’s children are far too small for their age because of inadequate nutrition.
There is a reason for this: For half a century, Myanmar was ruled by military generals who enacted disastrous policies. The picture began to steadily change over the last decade as a democratic opening brought a partially civilian government to power and more international investment flowed in. By one measure, poverty declined to 24.8% in 2017 from 42.2% in 2010, according to World Bank data.
The progress of the past decade is now being reversed. After the coup, which toppled an elected government, the World Bank says the number of people living on less than $3.20 is expected to rise by 30% in 2021. That is 1.8 million additional poor people in one year.
The World Bank, which before the coup predicted 2% growth for the 12 months through September 2021, now expects gross domestic product to decline by 10%. Others say the drop could be sharper, with analytics firm Fitch Solutions projecting a 20% decline as people buy less and low tax collection causes government spending to crater.
Since the coup, the streets of Myanmar have been filled with protesters demanding a return to democracy, but they have been met with violent oppression from the military.
More than 600 people have been killed so far, including children struck by bullets in their yards or homes, according to the Assistance Association for Political Prisoners, a monitoring group.
The economic disruption is in part deliberate. Civil servants, bank employees and factory and port workers aren’t going to work, in an effort, they say, to make it impossible for the military regime to govern. KBZ, the nation’s largest privately owned bank, has just 14 of its more than 500 branches open due to worker strikes, according to its website.
“Without having enough staff and human capacity, it is not possible to run the economy,” said Kaung Htet, a 30-year-old relationship officer at a retail bank, Myanmar Oriental Bank, who hasn’t come to work since February.
On Wednesday, the leader of the coup and head of the armed forces, Senior General Min Aung Hlaing, was quoted in a state-run newspaper saying the civil disobedience movement is “country-destroying.”
The central bank has threatened to levy fines against banks that don’t reopen, according to two people who work in the banking industry. Last month, KBZ sent a notice to employees saying it is in a “no-win situation where if we do not open, the regulator will step in and open the bank for us,” according to a copy seen by The Wall Street Journal.
But the central bank is having trouble getting its own staff to show up. About 300 central bank employees have been suspended by the institution in Myanmar’s two largest cities for refusing to work and some have moved back to their family villages, said a senior bank official who has been absent from the office since February. She fears she might be detained by police amid widespread arrests, she said.
Striking government workers have formed teams to make lodging and financial support available for colleagues who also refuse to work and have been expelled from state housing as a result. Zaw Wai Soe, a surgeon and prominent leader of the movement, has said some supporters are selling land to raise funds and that wealthy citizens abroad are contributing.
The goal is that “step by step the military machinery falters and stops,” he said in a speech posted last month on his Facebook page.
Some citizens staying home, however, are starting to feel the pressure. One parliamentary staff member said he had dipped into savings, but colleagues with large families were weighing whether to resume work. A 30-year-old employee working in finance in Yangon said his company has instructed employees to return in May.
Economic pain is widespread. The garment industry, which accounts for about a quarter of the nation’s goods exports, is losing business as major brands like Sweden’s Hennes & Mauritz AB and Italy’s Benetton pause new orders. Protests and violent crackdowns in industrial areas have driven factory workers back to their villages, leading to severe shortages.
Large-scale internet restrictions, including nightly blackouts and major disruptions to mobile and wireless broadband connectivity during the day, are crippling businesses ranging from finance to hospitality. One restaurant owner in Yangon said he had relied on online orders to weather the pandemic, but those orders have now all but stopped, reducing sales by 70%.
International tourism, which quintupled over the last decade, is reeling. The struggling restaurant owner, who also runs a travel agency catering to European and North American visitors, said he had avoided staff layoffs during the pandemic, instead paying employees half their standard wages for reduced hours. Now, he is preparing to let people go.
Monday, April 5, 2021
Janet Yellen
Treasury Secretary Janet L. Yellen made the case on Monday for a global minimum tax, kicking off the Biden administration’s effort to help raise revenue in the United States and prevent companies from shifting profits overseas to evade taxes.
Ms. Yellen, in a speech to the Chicago Council on Global Affairs, called for global coordination on an international tax rate that would apply to multinational corporations, regardless of where they locate their headquarters. Such a global tax could help prevent the type of “race to the bottom” that has been underway, Ms. Yellen said, referring to countries trying to outdo one another by lowering tax rates in order to attract business.
Her remarks came as the White House and Democrats in Congress begin looking for ways to pay for President Biden’s sweeping infrastructure plan to rebuild America's roads, bridges, water systems and electric grid.
“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Ms. Yellen said. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
The speech represented Ms. Yellen's most extensive comments since taking over as Treasury secretary and she underscored the scope of the challenge ahead.
“Over the last four years, we have seen firsthand what happens when America steps back from the global stage,” Ms. Yellen said. “America first must never mean America alone.”
Ms. Yellen also highlighted her priorities of combating climate change, reducing global poverty and the importance of the United States helping to lead the world out of the crisis caused by the pandemic. Ms. Yellen also called on countries not to pull back on fiscal support too soon and warned of growing global imbalances if some countries do withdraw before the crisis is over.
In a sharp break with the administration of former President Donald J. Trump, Ms. Yellen emphasized the importance of the United States working closely with its allies, noting that the fortunes of countries around the world are intertwined.
Overhauling the international tax system is a big part of that. Corporate tax rates have been falling around the world in recent years. Under the Trump administration, the rate in the United States was cut from 35 percent to 21 percent. President Biden wants to raise that rate to 28 percent and increase the international minimum tax rate that American companies pay on their foreign profits to 21 percent.
The Organization for Economic Cooperation and Development, in coordination with the United States, has been working to develop a new international tax architecture that would include a global minimum tax rate for multinational corporations as part of its effort to curtail profit shifting and tax base erosion.
Ms. Yellen said she is working with her counterparts in the Group of 20 advanced nations on changes to the global tax system that will help prevent businesses from shifting profits to low-tax jurisdictions.
“President Biden’s proposals announced last week call for bold domestic action, including to raise the U.S. minimum tax rate, and renewed international engagement, recognizing that it is important to work with other countries to end the pressures of tax competition and corporate tax base erosion,” Ms. Yellen said. “We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom.”
Alan Rappeport is an economic policy reporter, based in Washington. He covers the Treasury Department and writes about taxes, trade and fiscal matters. He previously worked for The Financial Times and The Economist. @arappeport
Ms. Yellen, in a speech to the Chicago Council on Global Affairs, called for global coordination on an international tax rate that would apply to multinational corporations, regardless of where they locate their headquarters. Such a global tax could help prevent the type of “race to the bottom” that has been underway, Ms. Yellen said, referring to countries trying to outdo one another by lowering tax rates in order to attract business.
Her remarks came as the White House and Democrats in Congress begin looking for ways to pay for President Biden’s sweeping infrastructure plan to rebuild America's roads, bridges, water systems and electric grid.
“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Ms. Yellen said. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
The speech represented Ms. Yellen's most extensive comments since taking over as Treasury secretary and she underscored the scope of the challenge ahead.
“Over the last four years, we have seen firsthand what happens when America steps back from the global stage,” Ms. Yellen said. “America first must never mean America alone.”
Ms. Yellen also highlighted her priorities of combating climate change, reducing global poverty and the importance of the United States helping to lead the world out of the crisis caused by the pandemic. Ms. Yellen also called on countries not to pull back on fiscal support too soon and warned of growing global imbalances if some countries do withdraw before the crisis is over.
In a sharp break with the administration of former President Donald J. Trump, Ms. Yellen emphasized the importance of the United States working closely with its allies, noting that the fortunes of countries around the world are intertwined.
Overhauling the international tax system is a big part of that. Corporate tax rates have been falling around the world in recent years. Under the Trump administration, the rate in the United States was cut from 35 percent to 21 percent. President Biden wants to raise that rate to 28 percent and increase the international minimum tax rate that American companies pay on their foreign profits to 21 percent.
The Organization for Economic Cooperation and Development, in coordination with the United States, has been working to develop a new international tax architecture that would include a global minimum tax rate for multinational corporations as part of its effort to curtail profit shifting and tax base erosion.
Ms. Yellen said she is working with her counterparts in the Group of 20 advanced nations on changes to the global tax system that will help prevent businesses from shifting profits to low-tax jurisdictions.
“President Biden’s proposals announced last week call for bold domestic action, including to raise the U.S. minimum tax rate, and renewed international engagement, recognizing that it is important to work with other countries to end the pressures of tax competition and corporate tax base erosion,” Ms. Yellen said. “We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom.”
Alan Rappeport is an economic policy reporter, based in Washington. He covers the Treasury Department and writes about taxes, trade and fiscal matters. He previously worked for The Financial Times and The Economist. @arappeport
Saturday, February 6, 2021
BBC News: It's "$1,400 checks" not "$1,400 cheques"
BBC News
Biden leaves Republicans behind to fast track $1.9tn bill
Under the Biden-backed "American Rescue Plan", $1,400 cheques would be sent directly to most Americans.
•••••••••••••••••••••••••••••
My comment: Thank goodness Biden won the election.
Biden leaves Republicans behind to fast track $1.9tn bill
Under the Biden-backed "American Rescue Plan", $1,400 cheques would be sent directly to most Americans.
•••••••••••••••••••••••••••••
My comment: Thank goodness Biden won the election.
Thursday, January 14, 2021
Joe Biden is going to give me $1,400.00 I don't need. I'm disappointed. I was hoping for $2,000.00 I don't need.
New York Times
BREAKING NEWS |
President-elect Joe Biden will propose a $1.9 trillion package to fight the economic downturn, including $1,400 payments and higher jobless benefits. |
Thursday, January 14, 2021 5:05 PM EST |
The sprawling package contains more than $400 billion to combat the pandemic directly, including accelerating vaccine deployment and safely reopening most schools within 100 days of passage, along with $350 billion to help state and local governments bridge budget shortfalls. It also features more help for workers and families, federally mandated paid leave for workers and large subsidies for child care costs. |
Wednesday, January 6, 2021
In the year 2020 the United States government gave me $1,200 I didn't need. This week they will mail me $600.00 I don't need. And very soon President Joe Biden will mail me $2,000.00 I don't need. I got money coming out of my ears. This is a good thing.
The Washington Post
Economic Policy
$2,000 stimulus checks could become a reality with Democratic control of the Senate
Big new opportunities are on the horizon for the party and new president with key victories in Georgia Senate races.
By Jeff Stein and Erica Werner
January 6, 2021
Democrats vowed Wednesday to rush $2,000 checks to Americans as quickly as possible, as they clinched unified control of Washington with Senate wins in Georgia.
The move would make good on promises President-elect Joe Biden made to Georgia voters in the final days of the runoff race, which ended Tuesday with Democrat Raphael Warnock beating Republican Kelly Loeffler and Democrat Jon Ossoff unseating incumbent Republican David Perdue whose term lapsed Sunday.
Those Democratic victories flipped control of the Senate to the Democrats, giving them a monopoly on power in the nation’s capital for the first time since President Barack Obama’s first term.
“One of the first things that I want to do when our new senators are seated is deliver the $2,000 checks to the American families,” Senate Minority Leader Charles E. Schumer (D-N.Y.) — who will become majority leader — told reporters Wednesday.
The $2,000 checks have become a flash point since President Trump embraced them in December, rejecting a lower figure negotiated by his own administration. The House approved the higher number but the Senate rejected it. Biden wavered on the issue, but ended up explicitly promising Georgia voters that should Warnock and Ossoff win, people would get the checks.
“Their election will put an end to the block in Washington — that $2,000 stimulus check — that money would go out the door immediately, to help people who are in real trouble,” Biden said in Georgia in the closing days of the Senate campaigns. “Think about what it will mean to your lives — putting food on the table, paying rent.”
Biden’s promise to enact $2,000 checks came despite a fierce debate among Democratic economists and lawmakers about the merits of the payments, which some critics argue sends too much money to Americans who do not need it. Ossoff and Warnock both pledged while on the campaign trail to enact $2,000 stimulus payments if elected.
“People need covid relief. We ought to pass a $2,000 stimulus,” Warnock said Wednesday on MSNBC.
It’s unclear how quickly Congress could actually vote on the checks. That depends on when the elections in Georgia are certified, which could be delayed by GOP challenges, making the timing uncertain.
Additionally, it’s not clear whether the House and Senate would vote on the checks as stand-alone legislation, or as part of a larger package that could also include items like state and local aid and an extension of unemployment benefits. Congressional aides cautioned that discussions with the Biden team over how to proceed were in early stages.
Either way, the $2,000 checks could be an early marker in a wide and aggressive economic agenda Biden and congressional Democrats hope to deliver at a moment when the coronavirus pandemic is raging and the economy is teetering on the brink.
Calculate how much you would get from the $600 (or more) coronavirus checks
The first two years of Obama’s presidency brought the nation the Affordable Care Act. Biden, then vice president, will now have the opportunity to enact an ambitious agenda of his own.
Infrastructure spending, climate change legislation, expanding health-care benefits, student debt forgiveness and more may all be on the table. With control of both chambers, Democrats can use special budget rules to push through massive legislation with a simple majority in the Senate, instead of the 60 votes usually required for major bills. That’s how Republicans enacted their $1.5 trillion tax cut bill in the first year of Trump’s presidency with no Democratic votes.
“Together, in under two weeks when we inaugurate the new Biden-Harris Administration, a unified Democratic Party will advance extraordinary progress For The People,” House Speaker Nancy Pelosi (D-Calif.) said in a statement. “We will pursue a science and values-based plan to crush the virus and deliver relief to struggling families.”
Democrats’ slim majorities will limit their ambitions and likely exacerbate infighting between liberals and centrists about how far to go. Their 222-211 House majority is the smallest margin of control either party has had for years. The Georgia wins produce a Senate divided 50-50 between the parties, with Vice President-elect Kamala D. Harris as the tie-breaking vote for Democrats.
Nevertheless, liberals wasted no time Wednesday demanding quick action on their priorities.
“Joe Biden and the entire Democratic Party were incredibly clear of the stakes here, starting with the $2,000 checks and massive economic relief policies that put money and resources in the hands of the people,” said Alex Lawson, executive director of Social Security Works, a liberal advocacy group. “They’re now going to have to deliver that, starting with the checks on day one.”
Renewed signs of economic deterioration will amplify pressure on Democrats to act. Private payrolls shed about 123,000 jobs in December, a startling drop that marked the worst report by the ADP Research Institute in months. The same report showed the number of jobs increasing by more than 300,000 in November. Chris Rupkey, chief financial economist at MUFG, warned in a note to investors that the “dark days of the labor market” from the spring have returned.
“America’s great jobs machine ran into a wall of rising coronavirus cases and state lockdowns, which puts the entire economic recovery from recession at risk,” Rupkey said. “The worst economic downturn since the Great Depression isn’t over yet. Bet on it.”
Biden will also have to focus on reining in the rampaging pandemic, including more money for vaccines and ensuring they go out more quickly.
For their part, Senate Republicans were just beginning to grapple with the implications of their relegation into minority status. The development came as Congress convened Wednesday to certify Biden’s presidential win, a process multiple Republicans were trying to challenge, though their efforts were doomed to fail even before the proceedings were derailed by mob violence.
The Democratic victories in Georgia mean the Senate’s agenda will be “totally changed,” said Sen. Shelley Moore Capito (R-W.Va.). “They’re going to have the ability to run things from the House and, you know, shift the emphasis.”
Harris wants U.S. to give Americans $2,000 a month during pandemic, a contrast with Biden’s measured approach
Congress in March approved more than $2 trillion in emergency economic aid in response to the pandemic and another $900 billion in December. Those aid package have funneled hundreds of billions to small businesses, jobless Americans and others hurt by the coronavirus pandemic. The first round of stimulus payments included $1,200 per adult, as well as $500 per child, and were within months disbursed to more than 100 million American households.
In late December Trump almost overnight helped generate sizable Republican support for the $2,000 checks even though they stand in stark contrast to long-standing conservative skepticism of government spending and direct cash transfer programs.
The president nearly upended negotiations on economic relief when he ridiculed Congress, as well as his own treasury secretary, for proposing stimulus payments worth $600 per person. Schumer and Pelosi raced to demonstrate Democratic support for $2,000 payments as well, aiming to show the bipartisan support for the idea.
Senate Majority Leader Mitch McConnell (R-Ky.) refused to put legislation for the $2,000 checks on the Senate floor, preventing the measure from advancing. But McConnell was undermined by a coalition of about a half-dozen Republican Senators who said they supported the large payments, including both Georgia Republicans up for reelection and possible 2024 GOP presidential candidates including Sens. Josh Hawley (R-Mo.) and Marco Rubio (R-Fla.). The bill passed by the House for $2,000 payments was supported by more than two dozen Republicans as well.
Jeff Stein is the White House economics reporter for The Washington Post. He was a crime reporter for the Syracuse Post-Standard and, in 2014, founded the local news nonprofit the Ithaca Voice in Upstate New York. He was also a reporter for Vox. Follow
Erica Werner has worked at The Washington Post since 2017, covering Congress with a focus on economic policy. Previously, she worked at the Associated Press for more than 17 years. Follow
Economic Policy
$2,000 stimulus checks could become a reality with Democratic control of the Senate
Big new opportunities are on the horizon for the party and new president with key victories in Georgia Senate races.
By Jeff Stein and Erica Werner
January 6, 2021
Democrats vowed Wednesday to rush $2,000 checks to Americans as quickly as possible, as they clinched unified control of Washington with Senate wins in Georgia.
The move would make good on promises President-elect Joe Biden made to Georgia voters in the final days of the runoff race, which ended Tuesday with Democrat Raphael Warnock beating Republican Kelly Loeffler and Democrat Jon Ossoff unseating incumbent Republican David Perdue whose term lapsed Sunday.
Those Democratic victories flipped control of the Senate to the Democrats, giving them a monopoly on power in the nation’s capital for the first time since President Barack Obama’s first term.
“One of the first things that I want to do when our new senators are seated is deliver the $2,000 checks to the American families,” Senate Minority Leader Charles E. Schumer (D-N.Y.) — who will become majority leader — told reporters Wednesday.
The $2,000 checks have become a flash point since President Trump embraced them in December, rejecting a lower figure negotiated by his own administration. The House approved the higher number but the Senate rejected it. Biden wavered on the issue, but ended up explicitly promising Georgia voters that should Warnock and Ossoff win, people would get the checks.
“Their election will put an end to the block in Washington — that $2,000 stimulus check — that money would go out the door immediately, to help people who are in real trouble,” Biden said in Georgia in the closing days of the Senate campaigns. “Think about what it will mean to your lives — putting food on the table, paying rent.”
Biden’s promise to enact $2,000 checks came despite a fierce debate among Democratic economists and lawmakers about the merits of the payments, which some critics argue sends too much money to Americans who do not need it. Ossoff and Warnock both pledged while on the campaign trail to enact $2,000 stimulus payments if elected.
“People need covid relief. We ought to pass a $2,000 stimulus,” Warnock said Wednesday on MSNBC.
It’s unclear how quickly Congress could actually vote on the checks. That depends on when the elections in Georgia are certified, which could be delayed by GOP challenges, making the timing uncertain.
Additionally, it’s not clear whether the House and Senate would vote on the checks as stand-alone legislation, or as part of a larger package that could also include items like state and local aid and an extension of unemployment benefits. Congressional aides cautioned that discussions with the Biden team over how to proceed were in early stages.
Either way, the $2,000 checks could be an early marker in a wide and aggressive economic agenda Biden and congressional Democrats hope to deliver at a moment when the coronavirus pandemic is raging and the economy is teetering on the brink.
Calculate how much you would get from the $600 (or more) coronavirus checks
The first two years of Obama’s presidency brought the nation the Affordable Care Act. Biden, then vice president, will now have the opportunity to enact an ambitious agenda of his own.
Infrastructure spending, climate change legislation, expanding health-care benefits, student debt forgiveness and more may all be on the table. With control of both chambers, Democrats can use special budget rules to push through massive legislation with a simple majority in the Senate, instead of the 60 votes usually required for major bills. That’s how Republicans enacted their $1.5 trillion tax cut bill in the first year of Trump’s presidency with no Democratic votes.
“Together, in under two weeks when we inaugurate the new Biden-Harris Administration, a unified Democratic Party will advance extraordinary progress For The People,” House Speaker Nancy Pelosi (D-Calif.) said in a statement. “We will pursue a science and values-based plan to crush the virus and deliver relief to struggling families.”
Democrats’ slim majorities will limit their ambitions and likely exacerbate infighting between liberals and centrists about how far to go. Their 222-211 House majority is the smallest margin of control either party has had for years. The Georgia wins produce a Senate divided 50-50 between the parties, with Vice President-elect Kamala D. Harris as the tie-breaking vote for Democrats.
Nevertheless, liberals wasted no time Wednesday demanding quick action on their priorities.
“Joe Biden and the entire Democratic Party were incredibly clear of the stakes here, starting with the $2,000 checks and massive economic relief policies that put money and resources in the hands of the people,” said Alex Lawson, executive director of Social Security Works, a liberal advocacy group. “They’re now going to have to deliver that, starting with the checks on day one.”
Renewed signs of economic deterioration will amplify pressure on Democrats to act. Private payrolls shed about 123,000 jobs in December, a startling drop that marked the worst report by the ADP Research Institute in months. The same report showed the number of jobs increasing by more than 300,000 in November. Chris Rupkey, chief financial economist at MUFG, warned in a note to investors that the “dark days of the labor market” from the spring have returned.
“America’s great jobs machine ran into a wall of rising coronavirus cases and state lockdowns, which puts the entire economic recovery from recession at risk,” Rupkey said. “The worst economic downturn since the Great Depression isn’t over yet. Bet on it.”
Biden will also have to focus on reining in the rampaging pandemic, including more money for vaccines and ensuring they go out more quickly.
For their part, Senate Republicans were just beginning to grapple with the implications of their relegation into minority status. The development came as Congress convened Wednesday to certify Biden’s presidential win, a process multiple Republicans were trying to challenge, though their efforts were doomed to fail even before the proceedings were derailed by mob violence.
The Democratic victories in Georgia mean the Senate’s agenda will be “totally changed,” said Sen. Shelley Moore Capito (R-W.Va.). “They’re going to have the ability to run things from the House and, you know, shift the emphasis.”
Harris wants U.S. to give Americans $2,000 a month during pandemic, a contrast with Biden’s measured approach
Congress in March approved more than $2 trillion in emergency economic aid in response to the pandemic and another $900 billion in December. Those aid package have funneled hundreds of billions to small businesses, jobless Americans and others hurt by the coronavirus pandemic. The first round of stimulus payments included $1,200 per adult, as well as $500 per child, and were within months disbursed to more than 100 million American households.
In late December Trump almost overnight helped generate sizable Republican support for the $2,000 checks even though they stand in stark contrast to long-standing conservative skepticism of government spending and direct cash transfer programs.
The president nearly upended negotiations on economic relief when he ridiculed Congress, as well as his own treasury secretary, for proposing stimulus payments worth $600 per person. Schumer and Pelosi raced to demonstrate Democratic support for $2,000 payments as well, aiming to show the bipartisan support for the idea.
Senate Majority Leader Mitch McConnell (R-Ky.) refused to put legislation for the $2,000 checks on the Senate floor, preventing the measure from advancing. But McConnell was undermined by a coalition of about a half-dozen Republican Senators who said they supported the large payments, including both Georgia Republicans up for reelection and possible 2024 GOP presidential candidates including Sens. Josh Hawley (R-Mo.) and Marco Rubio (R-Fla.). The bill passed by the House for $2,000 payments was supported by more than two dozen Republicans as well.
Jeff Stein is the White House economics reporter for The Washington Post. He was a crime reporter for the Syracuse Post-Standard and, in 2014, founded the local news nonprofit the Ithaca Voice in Upstate New York. He was also a reporter for Vox. Follow
Erica Werner has worked at The Washington Post since 2017, covering Congress with a focus on economic policy. Previously, she worked at the Associated Press for more than 17 years. Follow
Today is January 6, 2021. I just found out the $600.00 I don't need was mailed today. I'm hoping I will get more money I don't need, preferably $2,000.00, from President Biden. Sometimes living in America is a good thing.
https://www.irs.gov/coronavirus/get-my-payment
We scheduled your payment to be mailed on January 6, 2021 to the address we have on file for you.
We will mail you a letter with additional information on this payment.
If you need additional help or do not receive your payment, please visit our Frequently Asked Questions page.
We scheduled your payment to be mailed on January 6, 2021 to the address we have on file for you.
We will mail you a letter with additional information on this payment.
If you need additional help or do not receive your payment, please visit our Frequently Asked Questions page.
This is a good thing. I might get $2,000.00 I don't need.
The Washington Post
Tuesday's runoff elections in Georgia appear likely to give Democrats control of the Senate, and several party members vowed to use their majority to send $2,000 stimulus checks to many Americans.
But many people are discovering that they won't get the $600 checks passed in last month's bipartisan stimulus bill until they file their 2020 tax returns. This delay could further damage the economy amid historic levels of unemployment.
Friday, January 1, 2021
Today is January 1, 2021. Exactly one year ago, on January 1, 2020, I made some predictions about the future of the United States. This was before the coronavirus thing was a problem, so all my predictions were wrong.
Today is January 1, 2020.
In the United States, 2020 is a big deal because American voters have to make a very important decision. Do we let our moron president get the job for another 4 years? A president who is trying to destroy the planet instead of saving it. A president who has been trying to destroy the global economy with his never-ending moronic trade wars. A president who has repeatedly made this country a laughing stock with his breathtaking stupidity.
This should be an easy decision but there is a problem. Our economy is stronger than it has ever been before. Anyone can get a job, including people who have been in prison. Workers are getting raises. They can change jobs to make more money. This is all a good thing but it means Trump is going to get reelected because these people don't want to risk voting for a candidate who might fuck up everything.
There are numerous Democrats who want to be the president and virtually all of them would lose to Trump because their ideas are stupid.
Fortunately, Mike Bloomberg was able to figure out he had to try to get the job because he is the only person who can defeat Trump. If Mike doesn't win the Democratic nomination then Trump will win the election.
This should be an easy decision but there is a problem. Our economy is stronger than it has ever been before. Anyone can get a job, including people who have been in prison. Workers are getting raises. They can change jobs to make more money. This is all a good thing but it means Trump is going to get reelected because these people don't want to risk voting for a candidate who might fuck up everything.
There are numerous Democrats who want to be the president and virtually all of them would lose to Trump because their ideas are stupid.
Fortunately, Mike Bloomberg was able to figure out he had to try to get the job because he is the only person who can defeat Trump. If Mike doesn't win the Democratic nomination then Trump will win the election.
Unfortunately, the Democrats who vote are not too bright. They don't realize how serious the problem is. We will see what happens.
Wednesday, December 16, 2020
Trump never read anything because he never learned how to read. Biden, do you know how to read? Prove it. Read this. You better read it and you better agree with it.
The Wall Street Journal
BUSINESS
JOURNAL REPORTS: LEADERSHIP
CEOs’ Advice to the Biden Administration
Among the suggestions: re-engage with allies, less disruption and go slow on reinstituting regulations.
December 13, 2020
The Wall Street Journal’s CEO Council met Dec. 8 during a tumultuous time in the U.S.—a pandemic and economic downturn, a divisive presidential election, trade relations upended, and the aftermath of broad public protest over racial and economic inequality.
What should be done? The CEOs had advice for the incoming administration of President-elect Joe Biden, a partial agenda for the nation through the lens of business.
Of the 282 global CEOs attending the virtual meeting, 116 broke into four task-force groups to address key issues the country faces. A Journal editor moderated each of the sessions with the understanding that comments wouldn’t be attributed so debate could be candid.
The CEOs weren’t shy about wanting a fresh approach.
First, they advised the incoming administration to find productive ways to re-engage with allies and international organizations. “Don’t pull up the drawbridges,” said one CEO. Other recommendations: Rejoin the Paris climate accord, revive America’s role in the Trans-Pacific Partnership trade pact, bolster the U.S. commitment to the North Atlantic Treaty Organization, and open the door wider to talented immigrants.
The reason? To boost the U.S. economy in the short run. And, in the longer run, to build alliances needed to stave off the commercial and security threat posed by China.
One executive said he hoped the nationalist impulse of the past four years was a “blip” in the history of U.S. engagement internationally in the aftermath of World War II. Big border-spanning companies like those in the CEO Council tend to be internationalist by nature. So, in more than one task force, CEOs underscored the need to explain to average Americans the benefits of engagement. Better marketing and having real benefits to sell—that’s one way to help blunt nationalism, they said.
Second, a little less disruption, please. Companies, just like stock markets, like consistency and predictability, not big swings in policy. How else can chief executives make long-term plans?
The CEOs advised President-elect Biden to go slow on raising corporate taxes (no surprise there) and on reinstituting regulations cut by the Trump administration. (Mr. Biden is looking at consumer finance and energy.) Business knows the policy landscape will be changing under a new president, but the CEOs asked for moderation and a long-range plan.
“We can’t afford regulatory uncertainty,” one executive said. “We need policy we can count on for a decade to come.” Similarly, a big shift in tax policy three years after the last big shift creates more uncertainty and could increase costs—something that companies can’t afford in the middle of a pandemic, the executives contended.
Add tariffs to that list of disruptions. The Trump administration used tariffs to try to force China to open its market, abide by global trade conventions and stop stealing U.S. technology. The strategy had limited effect. But the backwash for U.S. companies was notable.
“Tariffs create disruption,” one executive said. Another complained that the tariffs raised his costs, forcing him to revamp his supply chain and move manufacturing jobs out of the U.S.
Don’t just disrupt, the executives concurred. Find a less concussive approach to problems, like strategizing with allies to pressure China to conform.
Third, build consensus. Reach across party lines, the CEOs urged. Listen to others, walk in their shoes and then make your decision. In other words, don’t stoke polarization. The CEOs who examined how the pandemic is affecting economic growth shook their heads over the fact that wearing a face mask—the first line of defense against getting or spreading infection—had become politicized. That struggle makes it harder to reopen their companies.
The executives encouraged Mr. Biden to resist promoting widespread lockdowns. Several said they were able to operate their businesses safely using social-distancing protocols and masks. The workplace isn’t the problem, they contended. It’s the home.
“We’ve had lines we’ve had to shut down because someone had a family gathering,” one chief executive said.
Build consensus and then pursue policy in moderation, the CEOs reiterated, whether that applies to rejoining the Paris climate accord or crushing the coronavirus.
And fourth, invest. Invest creatively in core needs of the nation, the CEOs advised. Invest in STEM education for K through 12 schools to boost technical proficiency and reduce inequality in the workplace. Invest in programs that teach the workforce needed skills, and optimize opportunities for people of all races and educational backgrounds (in fact, create a federal Office of Reskilling). Invest in basic research to power the next generation of scientific and commercial innovation and enterprise.
Which gets back to the CEOs’ admonition to build consensus—in this case, consensus on how to raise the money for all of that investing.
Did someone say corporate tax hike?
•••••••••••••••••••••••••••••••••••••••••••••••
What CEOs Want
What do business leaders want from the incoming administration? Here’s a rundown of their wish list in four key areas: the economy; America’s role in the world; trade and China policy; and inequality and inclusion in the workplace and society.
Managing the Economy
• Education: Focus on reskilling workers, both white-collar and blue-collar. Expand Pell grants. Consider national curriculums with a business focus.
• Regulations: Don’t rush to re-regulate businesses, which can’t afford added costs right now, and they need certainty. A big change in the tax code, just three years after the last one, would be counterproductive
• Coronavirus: Support targeted social-distancing measures, not broad lockdowns. Some businesses can operate safely. Let them.
• Divisions: The country is divided. Even mask-wearing has become politicized. Reach out to people of all political persuasions to talk to them, not criticize them.
America’s Role in the World
• China: Define an agenda for dealing with China that incorporates allies more effectively.
• International Organizations: Re-engage with the world generally and with international organizations specifically.
• Internationalism: Restore Americans’ faith in internationalism by showing it can work for them.
• R&D: Reinvest in research, development and people.
Trade and China Policy
• Tariffs: Steer away from applying tariffs as a preferred tool, and instead use them highly selectively.
• China: Deploy an approach of ‘targeted reciprocity’ with China.
• Multilateralism: Ally with other like-minded nations rather than relying on a largely bilateral approach.
• WTO: The World Trade Organization needs to be reformed to help it address the disadvantage companies have competing against China’s subsidized state-owned enterprises.
Inequality and Inclusion in the Workplace and Society
• Reskilling: Create incentives for companies to undertake reskilling programs.
• Disabilities: Create incentives for companies to employ people with disabilities.
• A new federal office: Create an Office of Reskilling in the federal government.
• STEM: Invest in STEM education for grad.
—John Bussey, Elena Cherney, Charles Forelle, Jamie Heller and Gerald F. Seib
Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved.
Appeared in the December 14, 2020, print edition as 'Wish List From CEOs.'
BUSINESS
JOURNAL REPORTS: LEADERSHIP
CEOs’ Advice to the Biden Administration
Among the suggestions: re-engage with allies, less disruption and go slow on reinstituting regulations.
December 13, 2020
The Wall Street Journal’s CEO Council met Dec. 8 during a tumultuous time in the U.S.—a pandemic and economic downturn, a divisive presidential election, trade relations upended, and the aftermath of broad public protest over racial and economic inequality.
What should be done? The CEOs had advice for the incoming administration of President-elect Joe Biden, a partial agenda for the nation through the lens of business.
Of the 282 global CEOs attending the virtual meeting, 116 broke into four task-force groups to address key issues the country faces. A Journal editor moderated each of the sessions with the understanding that comments wouldn’t be attributed so debate could be candid.
The CEOs weren’t shy about wanting a fresh approach.
First, they advised the incoming administration to find productive ways to re-engage with allies and international organizations. “Don’t pull up the drawbridges,” said one CEO. Other recommendations: Rejoin the Paris climate accord, revive America’s role in the Trans-Pacific Partnership trade pact, bolster the U.S. commitment to the North Atlantic Treaty Organization, and open the door wider to talented immigrants.
The reason? To boost the U.S. economy in the short run. And, in the longer run, to build alliances needed to stave off the commercial and security threat posed by China.
One executive said he hoped the nationalist impulse of the past four years was a “blip” in the history of U.S. engagement internationally in the aftermath of World War II. Big border-spanning companies like those in the CEO Council tend to be internationalist by nature. So, in more than one task force, CEOs underscored the need to explain to average Americans the benefits of engagement. Better marketing and having real benefits to sell—that’s one way to help blunt nationalism, they said.
Second, a little less disruption, please. Companies, just like stock markets, like consistency and predictability, not big swings in policy. How else can chief executives make long-term plans?
The CEOs advised President-elect Biden to go slow on raising corporate taxes (no surprise there) and on reinstituting regulations cut by the Trump administration. (Mr. Biden is looking at consumer finance and energy.) Business knows the policy landscape will be changing under a new president, but the CEOs asked for moderation and a long-range plan.
“We can’t afford regulatory uncertainty,” one executive said. “We need policy we can count on for a decade to come.” Similarly, a big shift in tax policy three years after the last big shift creates more uncertainty and could increase costs—something that companies can’t afford in the middle of a pandemic, the executives contended.
Add tariffs to that list of disruptions. The Trump administration used tariffs to try to force China to open its market, abide by global trade conventions and stop stealing U.S. technology. The strategy had limited effect. But the backwash for U.S. companies was notable.
“Tariffs create disruption,” one executive said. Another complained that the tariffs raised his costs, forcing him to revamp his supply chain and move manufacturing jobs out of the U.S.
Don’t just disrupt, the executives concurred. Find a less concussive approach to problems, like strategizing with allies to pressure China to conform.
Third, build consensus. Reach across party lines, the CEOs urged. Listen to others, walk in their shoes and then make your decision. In other words, don’t stoke polarization. The CEOs who examined how the pandemic is affecting economic growth shook their heads over the fact that wearing a face mask—the first line of defense against getting or spreading infection—had become politicized. That struggle makes it harder to reopen their companies.
The executives encouraged Mr. Biden to resist promoting widespread lockdowns. Several said they were able to operate their businesses safely using social-distancing protocols and masks. The workplace isn’t the problem, they contended. It’s the home.
“We’ve had lines we’ve had to shut down because someone had a family gathering,” one chief executive said.
Build consensus and then pursue policy in moderation, the CEOs reiterated, whether that applies to rejoining the Paris climate accord or crushing the coronavirus.
And fourth, invest. Invest creatively in core needs of the nation, the CEOs advised. Invest in STEM education for K through 12 schools to boost technical proficiency and reduce inequality in the workplace. Invest in programs that teach the workforce needed skills, and optimize opportunities for people of all races and educational backgrounds (in fact, create a federal Office of Reskilling). Invest in basic research to power the next generation of scientific and commercial innovation and enterprise.
Which gets back to the CEOs’ admonition to build consensus—in this case, consensus on how to raise the money for all of that investing.
Did someone say corporate tax hike?
•••••••••••••••••••••••••••••••••••••••••••••••
What CEOs Want
What do business leaders want from the incoming administration? Here’s a rundown of their wish list in four key areas: the economy; America’s role in the world; trade and China policy; and inequality and inclusion in the workplace and society.
Managing the Economy
• Education: Focus on reskilling workers, both white-collar and blue-collar. Expand Pell grants. Consider national curriculums with a business focus.
• Regulations: Don’t rush to re-regulate businesses, which can’t afford added costs right now, and they need certainty. A big change in the tax code, just three years after the last one, would be counterproductive
• Coronavirus: Support targeted social-distancing measures, not broad lockdowns. Some businesses can operate safely. Let them.
• Divisions: The country is divided. Even mask-wearing has become politicized. Reach out to people of all political persuasions to talk to them, not criticize them.
America’s Role in the World
• China: Define an agenda for dealing with China that incorporates allies more effectively.
• International Organizations: Re-engage with the world generally and with international organizations specifically.
• Internationalism: Restore Americans’ faith in internationalism by showing it can work for them.
• R&D: Reinvest in research, development and people.
Trade and China Policy
• Tariffs: Steer away from applying tariffs as a preferred tool, and instead use them highly selectively.
• China: Deploy an approach of ‘targeted reciprocity’ with China.
• Multilateralism: Ally with other like-minded nations rather than relying on a largely bilateral approach.
• WTO: The World Trade Organization needs to be reformed to help it address the disadvantage companies have competing against China’s subsidized state-owned enterprises.
Inequality and Inclusion in the Workplace and Society
• Reskilling: Create incentives for companies to undertake reskilling programs.
• Disabilities: Create incentives for companies to employ people with disabilities.
• A new federal office: Create an Office of Reskilling in the federal government.
• STEM: Invest in STEM education for grad.
—John Bussey, Elena Cherney, Charles Forelle, Jamie Heller and Gerald F. Seib
Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved.
Appeared in the December 14, 2020, print edition as 'Wish List From CEOs.'
Monday, November 30, 2020
My two cents
It is now Monday night, November 30, 2020. Just one more month and then 2020 is over with.
It was a difficult year. Lots of people suffered and/or dropped dead thanks to a free gift from China. The coronavirus is going to get much worse before we wipe it out.
But if there was no coronavirus the American economy would have continued to be fantastic with everyone able to get a job. Trump would have won the election and that would have been a disaster.
I thank China for fucking up. They saved this planet from something much worse, Fucktard Trump.
Wear a mask. Don't go anywhere. Stay away from people. And there should be no problem.
It was a difficult year. Lots of people suffered and/or dropped dead thanks to a free gift from China. The coronavirus is going to get much worse before we wipe it out.
But if there was no coronavirus the American economy would have continued to be fantastic with everyone able to get a job. Trump would have won the election and that would have been a disaster.
I thank China for fucking up. They saved this planet from something much worse, Fucktard Trump.
Wear a mask. Don't go anywhere. Stay away from people. And there should be no problem.
Wednesday, November 25, 2020
This is a very good thing.
The Washington Post
After a long, bitter delay, Biden transition kicks into gear
Aides to President-elect Joe Biden held at least 20 meetings with Trump administration officials and were in active discussions with every federal agency, as well as the White House, preparing for the daunting task of taking over a crumbling economy and overseeing the distribution of a coronavirus vaccine.
By Matt Viser ● Read more »
After a long, bitter delay, Biden transition kicks into gear
Aides to President-elect Joe Biden held at least 20 meetings with Trump administration officials and were in active discussions with every federal agency, as well as the White House, preparing for the daunting task of taking over a crumbling economy and overseeing the distribution of a coronavirus vaccine.
By Matt Viser ● Read more »
Monday, November 16, 2020
Joe Biden's speech about the economy and the coronavirus.
New York Times
BREAKING NEWS |
In a speech that also called for economic relief, Joe Biden said that “more people may die” if President Trump won’t coordinate on the virus response. |
Monday, November 16, 2020 4:12 PM EST |
In his first economic address since winning the election this month, Mr. Biden warned that a “very dark winter” is ahead and called on Congress to pass an economic stimulus package immediately to help workers struggling to cope with the pandemic. |
Saturday, November 14, 2020
My two cents
These days I'm a big fan of Joe Biden. He defeated Fucktard Trump and that's a very good thing. It was getting more and more obvious another 4 years of Trump would have been a disaster for this country and this planet.
These are my ideas about what Trump did right and what Trump fucked up.
I'm going to start with what Trump fucked up.
Trump did everything he possibly could to destroy the environment. He was trying to destroy the planet. Trump is a world-class stupid fucking asshole.
The coronavirus thing - Trump repeatedly told Americans they didn't have to wear a mask if they didn't want to. He said wearing a face mask was optional. That probably cost thousands of lives. That's genocide. What a fucking moron.
After being defeated Trump still has not congratulated his opponent, Joe Biden. Why? It's because he is a stupid fucking asshole.
Many books have been written and will be written about all the things Trump fucked up. Some day there will be a movie about Trump and it will be about his stupidity.
•••••••••••••••••••••••••••••••••••••••
What Trump did right:
Some people will disagree, but his decision to kill the 2nd most important member of Iran's theocracy was a good thing. He took a big chance but it worked. The asshole Trump killed needed to be killed.
Trump made it impossible for Muslim scum to enter this country and that's a very good thing. We don't need terrorists coming here to cut off heads. Biden is going to let these terrorists get in. That's not a good idea.
Early in Trump's administration, he told his generals they didn't need his permission to kill the Muslim scum terrorists in Iraq. The result: The United States Armed Forces wiped out those fucking assholes.
Muslims blow themselves up every day. They long ago lost their right to live on this planet.
Trump knew Iran's theocracy was causing lots of problems in several countries. Trump decided to throw out the agreement we had with them and Trump did everything he could to make Iranians hate their dictator.
Trump gave Israel everything they wanted. Trump was the best friend Israel ever had. And that's a good thing. And thanks to Trump, Isreal now has a good relationship with many countries in the Middle East.
Trump was criticized for sucking up to the dictator of North Korea. But at least he tried to fix a problem. And that's better than doing nothing.
Before the coronavirus disaster, the American economy was fantastic thanks to Trump. Even people who were in prison found it easy to get a job. If there was no coronavirus, Trump would probably have been the president for 8 years instead of 4 years.
Maybe the coronavirus was a good thing because it prevented Trump from winning the 2020 election. It sure was a good thing for me. I got a $1,200 check out of it, and I think Biden will send me another $1,200. I don't need any of this money, but I like to have it. Money is a good thing.
•••••••••••••••••••••••••••••••••••••••
That's "my two cents".
Google: "My two cents" is an American idiomatic expression, taken from the original English idiom "to put in my two-penny worth" or "my two cents". It is used to preface a tentative statement of one's opinion.
These are my ideas about what Trump did right and what Trump fucked up.
I'm going to start with what Trump fucked up.
Trump did everything he possibly could to destroy the environment. He was trying to destroy the planet. Trump is a world-class stupid fucking asshole.
The coronavirus thing - Trump repeatedly told Americans they didn't have to wear a mask if they didn't want to. He said wearing a face mask was optional. That probably cost thousands of lives. That's genocide. What a fucking moron.
After being defeated Trump still has not congratulated his opponent, Joe Biden. Why? It's because he is a stupid fucking asshole.
Many books have been written and will be written about all the things Trump fucked up. Some day there will be a movie about Trump and it will be about his stupidity.
•••••••••••••••••••••••••••••••••••••••
What Trump did right:
Some people will disagree, but his decision to kill the 2nd most important member of Iran's theocracy was a good thing. He took a big chance but it worked. The asshole Trump killed needed to be killed.
Trump made it impossible for Muslim scum to enter this country and that's a very good thing. We don't need terrorists coming here to cut off heads. Biden is going to let these terrorists get in. That's not a good idea.
Early in Trump's administration, he told his generals they didn't need his permission to kill the Muslim scum terrorists in Iraq. The result: The United States Armed Forces wiped out those fucking assholes.
Muslims blow themselves up every day. They long ago lost their right to live on this planet.
Trump knew Iran's theocracy was causing lots of problems in several countries. Trump decided to throw out the agreement we had with them and Trump did everything he could to make Iranians hate their dictator.
Trump gave Israel everything they wanted. Trump was the best friend Israel ever had. And that's a good thing. And thanks to Trump, Isreal now has a good relationship with many countries in the Middle East.
Trump was criticized for sucking up to the dictator of North Korea. But at least he tried to fix a problem. And that's better than doing nothing.
Before the coronavirus disaster, the American economy was fantastic thanks to Trump. Even people who were in prison found it easy to get a job. If there was no coronavirus, Trump would probably have been the president for 8 years instead of 4 years.
Maybe the coronavirus was a good thing because it prevented Trump from winning the 2020 election. It sure was a good thing for me. I got a $1,200 check out of it, and I think Biden will send me another $1,200. I don't need any of this money, but I like to have it. Money is a good thing.
•••••••••••••••••••••••••••••••••••••••
That's "my two cents".
Google: "My two cents" is an American idiomatic expression, taken from the original English idiom "to put in my two-penny worth" or "my two cents". It is used to preface a tentative statement of one's opinion.
Sunday, November 1, 2020
Gallup poll about Trump
Gallup
A slim majority of Americans, 52%, approve of the way Trump is handling the economy. The economy has typically been Trump's strongest issue, but the current reading is significantly below his personal best 63% from January.
Meanwhile, 40% approve of the president's response to the coronavirus, down slightly from 44% in September, but still remaining above his lowest approval of 36% on that issue in August. When the pandemic exploded in the U.S. in March, six in 10 approved of Trump's response.
Forty-four percent approve of his handling foreign affairs.
A slim majority of Americans, 52%, approve of the way Trump is handling the economy. The economy has typically been Trump's strongest issue, but the current reading is significantly below his personal best 63% from January.
Meanwhile, 40% approve of the president's response to the coronavirus, down slightly from 44% in September, but still remaining above his lowest approval of 36% on that issue in August. When the pandemic exploded in the U.S. in March, six in 10 approved of Trump's response.
Forty-four percent approve of his handling foreign affairs.
Monday, October 19, 2020
Fucktard China gave this planet the coronavirus which killed millions of people and destroyed the economy of every country. China is now having a wonderful time because all their problems have been fixed.
New York Times
BREAKING NEWS |
The Chinese economy surged in the last quarter, showing that a fast rebound is possible when the coronavirus is brought firmly under control. |
Sunday, October 18, 2020 10:04 PM EST |
The Chinese economy surged 4.9 percent in the July-to-September quarter compared with the same months last year, the country’s National Bureau of Statistics announced on Monday. The robust performance brings China nearly back up to the roughly 6 percent pace of growth that it was reporting before the pandemic. |
Friday, October 16, 2020
The United States has a problem that will take a long time to fix.
New York Times
BREAKING NEWS |
The budget deficit reached a record $3.1 trillion, driven by government spending on households and businesses struggling with pandemic shutdowns. |
Friday, October 16, 2020 2:07 PM EST |
The shortfall underscores the long-term economic challenge facing the United States as it tries to emerge from the sharpest downturn since the Great Depression. |
The Washington Post
 |
|
|
ECONOMY
U.S. Budget Gap Tripled to Record $3.1 Trillion in Fiscal 2020, Treasury Says
Spending soared 47% in year ended September 30 as government rolled out programs to battle coronavirus and recession.
By Kate Davidson
Updated October 16, 2020, 2:33 pm ET
WASHINGTON—The U.S. deficit tripled to a record $3.1 trillion in the fiscal year that ended Sept. 30, as the government battled a global pandemic that plunged the U.S. into a recession in February, the Treasury Department said Friday.
A surge of federal spending to combat the coronavirus and cushion the U.S. economy, coupled with a drop-off in federal revenues amid widespread shutdowns and layoffs, contributed to the widening deficit. As a share of economic output, the budget gap in fiscal year 2020 hit roughly 16.1%, the largest since 1945, when the country was financing massive military operations to help end World War II.
Federal receipts totaled $3.4 trillion, a 1% decline from the previous year, with much of the drop occurring since March, when the virus began spreading across the country. Federal spending rose 47% to a record $6.5 trillion as the government distributed emergency loans for small businesses, and enhanced jobless benefits and stimulus payments for American households.
Federal debt rose 25% for the year, to $21 trillion at the end of September, from $16.8 trillion at the start of fiscal 2020. The Committee for a Responsible Federal Budget has estimated debt hit 102% as a share of gross domestic product, exceeding the size of the economy for the full fiscal year for the first time in more than 70 years.
By another measure, the debt already exceeded the size of the economy during the April-through-June quarter, when it hit 105.2%, data from the Federal Reserve Bank of St. Louis show.
Historically low interest rates and low inflation, however, meant the cost of servicing higher government debt declined. Net interest costs on the public declined 9% last year from a year earlier, the Treasury said, suggesting the government has the capacity to borrow more to finance the recovery.
Research and economic data show that unprecedented relief spending— the bulk of which was enacted in the $2.2 trillion Cares Act in March—helped keep households and businesses afloat during the initial months of the downturn, boosting incomes and bolstering consumer demand.
With more than 10 million people still out of work, however, there are signs that the recovery’s momentum is slowing as federal aid programs expire. Economists and policy makers, including Federal Reserve Chairman Jerome Powell, have warned that growth could decelerate further unless Congress passes additional aid.
Republicans in Congress have balked at another large economic relief bill, pointing to the huge budget shortfalls this year and mounting federal debt as reasons to hold back on more spending.
Up until March, the budget gap for 2020 largely mirrored the shortfall during the same period of 2019. Federal spending from October through March was up 6.8%, while revenues rose 6.4%, Treasury officials said.
By contrast, from April through September, spending was nearly twice as high as it was during the same six-month period a year earlier, and receipts plunged 7.1%. That caused the deficit to climb 715% in the second half of the year compared with the same period of 2019, Treasury officials said.
Much of the spending increase can be tied to efforts to mitigate the economic downturn that resulted from the pandemic, officials said. Spending by the Small Business Administration, which administered the Payroll Protection Program for small businesses, totaled $577 billion, compared with $456 million a year earlier. Spending by the Labor Department, which administers unemployment benefits, jumped to $477 billion in 2020 from $36.4 billion in fiscal 2019.
Spending for other safety-net programs, including Medicaid, Social Security and nutrition assistance, also climbed, along with outlays for new programs such as the coronavirus relief fund for cities and states and one-time $1,200 stimulus payments to households.
During the first half of fiscal 2020, federal receipts rose, as a strong economy and low unemployment boosted corporate and individual tax revenues. From April through October, however, receipts declined as the virus brought economic activity to a standstill, businesses shut down and more than 20 million workers lost their jobs.
Individual income and payroll taxes fell 7% in the second half of the year, while gross corporate tax receipts declined 15%, in part due to measures Congress enacted to help reduce taxes this year for businesses facing revenue losses, Treasury officials said.
Thursday, October 15, 2020
I don't care about this stuff. I make more than enough money and I will never have to work for it.
The Washington Post
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Wednesday, October 7, 2020
Wednesday, October 7, 2020. Vice Presidential Debate between Mike Pence and Kamala Harris.
I'm watching the debate. The candidates are civilized. But they are throwing out the moderator's request that their time is up.
They are talking about the coronavirus. They are boring.
Both candidates are ignoring the moderator's question so they can talk about something else.
Pence is being nice. Trump could never do that.
I am not having fun.
Both Trump and Biden are morons. I'm voting for the Biden moron.
Harris doesn't understand how capitalism works.
Pence is talking about how good our economy was thanks to Trump.
Pence is interrupting Harris.
Harris is talking about health care.
Pence is not very interested in protecting the environment.
Global warming is the subject now.
Pence forgot to mention Trump has been trying to destroy the environment.
Pence thinks natural gas is a good thing. I agree because I would freeze to death without it. But we still need to get rid of it in the near future.
Harris correctly said Trump is anti-science. His entire cabinet are science deniers. Trump is a stupid fucking asshole.
I hate this debate.
Harris correctly criticized Trump for his moronic trade wars. Trump is a stupid fucking asshole.
China is the subject now, but Pence would rather defend the idiotic trade wars.
I quit. I will read the rest of it tomorrow.
At least the 2 candidates were not assholes like Trump was.
They are talking about the coronavirus. They are boring.
Both candidates are ignoring the moderator's question so they can talk about something else.
Pence is being nice. Trump could never do that.
I am not having fun.
Both Trump and Biden are morons. I'm voting for the Biden moron.
Harris doesn't understand how capitalism works.
Pence is talking about how good our economy was thanks to Trump.
Pence is interrupting Harris.
Harris is talking about health care.
Pence is not very interested in protecting the environment.
Global warming is the subject now.
Pence forgot to mention Trump has been trying to destroy the environment.
Pence thinks natural gas is a good thing. I agree because I would freeze to death without it. But we still need to get rid of it in the near future.
Harris correctly said Trump is anti-science. His entire cabinet are science deniers. Trump is a stupid fucking asshole.
I hate this debate.
Harris correctly criticized Trump for his moronic trade wars. Trump is a stupid fucking asshole.
China is the subject now, but Pence would rather defend the idiotic trade wars.
I quit. I will read the rest of it tomorrow.
At least the 2 candidates were not assholes like Trump was.
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