House passes $3T new coronavirus stimulus bill: What does it mean?

[turbinetree]

Published 4 hours ago on May 17, 2020
By Value Walk

The House of Representatives passed the massive$3 trillion coronavirusstimulus bill on Friday evening. This new bill, called the HEROES (Health and Economic Recovery Omnibus Emergency Solution) Act, promises hazard pay for frontline healthcare workers, aid to state and local governments, stimulus checks to all, student loan relief, and more.

New coronavirus stimulus bill: what next?
Even though the bill has passed the House, it still has a long way to go to become law. To become law, the bill needs to pass both the House and the Senate and then be signed by the president. The new coronavirus stimulus bill passed the House with 208 to 199 votes. Fourteen Democrats opposed the bill, while one Republican supported it.

The Democratic-run House of Representatives may have approved the bill, but it won’t be easy to get the approval of the Senate. Senate leadership has already referred to the bill as “dead on arrival.” The president has also suggested that he will oppose the bill.

However, CNBC reported on Thursday that the White House might support another round of direct payments, citing two Trump administration officials. Moreover, there is still some time before the Senate returns to Washington, possibly sometime next month. Thus, Democrats have time to gather support for the bill. Analysts are hopeful as well.

https://www.rawstory.com/2020/05/house-passes-3-trillion-new-coronavirus-stimulus-bill-what-does-it-mean/

The senate said the bill is dead on arrival...............okay, tell that to the family of the dead that lost there spouse who was the main provider of the income coming into the home...........you own this, the house did its job, yet again ....................you left a lunatic in the white house that has BLOOD ON HIS HANDS you own this abject failure after all your party says it was Hoax,..........the proverbial ball is in your court..........what are you going to do #Moscow Mitch, July 30 will be coming up real quick.............. .

[Chainfire]

1. If you give 'em more money

they won't go back to work for us......

Moscow Mitch ain't a gonna have it.

[Newest Reality]

2. Here's the deal:

No help for the people, states and municipalities? Really? The Senate would go down as opposing that?

The stock market is still high from getting a fix and some works to shoot up with. However, they are going to need some general source to feed their addiction. The gushing up economy is going to need the abject poverty economy to feed it. The Hoover vacuum of great wealth wants to keep sucking up anything we may have left, including blood, sinew, fat and muscles, if possible. Why, they will grind our bones to make their bread when Vulture Capitalism gets into full gear. So, how do you feed the drunk, opulent bling monkey without "consumers"? Surely the thought of a bit less gourmet wombat droppings or expensive, fermented peacock urine is not going to be tolerable. The paradigm is: more is NEVER enough.

Do they realize just how close things are to various forms of collapse? Are they counting on everyone remaining calm and docile when stomachs grumble and they are close to shutoff and evictions? Was that last check to the people supposed to be a bailout when it was only something like, "Oh, gee, I was able to pay part of the back rent I was overdue on. Whew!" Not even a hamburger's worth left.

That seems like a bet. The Senate Republicans should know that this is getting down to the line. How much can be made on societal decay and collapse and depression these days? I guess one has to check with the brokers. Yes, there is a LOT of money to be made on the way down and I guess the idea of "consumers, (we are citizens) being a part of the circle of production, supply and consumption is not so important now. It leaves you feeling like an old car in a scrapyard just sitting their while Republicans gut you.

[ProfessorGAC]

6. Just A Modest Correction

The markets, especially the Dow have essentially done nothing for a month. The last market month, it has gone up by an annualized rate of 1.8%.
AAA municipal bonds pay 2%, and the principal is often guaranteed.
S&P is better over a month but had a slower first rebound. It's up 1.4% for the month, but is actually down over the last three weeks.
The Russell is down 7.6% over the last 2 weeks.
While your whole post is excellent, the markets are not "up".
They're treading water 4 or 5% below projected equilibrium.
I think suggesting the markets are fine feeds into the narrative of the great economy under PINO.
It's not great for main street or wall street.

[Newest Reality]

8. Sorry,

Correct as stated.

I am projecting my own view based on the current lack of a plummet in relation to current conditions. As a non-economist, I am used to seeing rather quick responses by the market to various forms of data, especially the kind of unemployment rates, (just from perusing) in the past. Maybe "holding" is another way to put it now.

I appreciate the correction though. I do a lot of commentary and get lost in the thought.

On that note, do you see a correlating, negative response coming in the near future? I mean something that may seem to be equivalent to the condition of Main St.? Just curious.

[ProfessorGAC]

9. It Was Definitely NOT A Criticism!

As to your question, yes, if... (I know that's squishy)
The thing the " hurry & open" gang chooses to ignore is that dead people are no longer consumers.
Consumption is 69% of GDP.
So, even a half percent loss of deaths is a 0.35% nominal GDP loss. And there's no chance of later rebound. So GDP does not recover absent a large increase in birth rate.
Consumer product companies & durable goods manufacturers would bear the brunt. This is compounded by the fact that older (not elderly) people do the most consuming. (No more mortgage payments, homestead exemptions on taxes, etc. frees up income for spending)
So the actual downward pressure on cars, & consumer companies like P&G, Lever, Colgate, and associated retailers see a contraction.
I'd also see telecoms hit, because people over 50 still tend to have cable, internet, land line & cell. Those people die in large numbers and its 10s of millions per month in lost revenues.
If bigger states do it smart, we won't likely see a correction, but from the economists I trust, (they don't make "cubic" models predicting zero deaths by May 15), a recession is almost a certainty.

[Newest Reality]

11. Thanks!

I see. I do like to learn what I can from people who delve more into different subjects.

That was clear and makes sense. Statistically, many countries are aging/graying, (with a decline in birthrate) so your point is taken. I can't really see how a deep and prolonged recession, (or worse) could be avoided at this point, from here on the ground, considering the overall condition of a large part of the population.

It's that circle that seems to play down one aspect that presents an issue, to put it simply: producer/supplier/consumer. We have some reckoning to do about the third one, but as you know, that's a whole topic in itself.

Appreciate your time and perspective.

[Hortensis]

3. It means it now goes to the Republican-controlled senate.

Both sides are holding what the other insists on hostage, and what we manage to produce out of it'll be far better than doing nothing.

It'll also be a lot more than those who helped elect Republicans in 2016 deserve; but after whatever is passed through the vacuum-propelled meat grinder they created becomes publicly known, we'll of course know them by their angry, clueless complaints.

[stopbush]

4. 35-million unemployed and counting.

What do the Rs propose to do when the added $600-a-week in Fed UI dries up at the end of July? Promote starvation and honelessness?

[customerserviceguy]

5. I wouldn't hold my breath waiting for another stimulus payment

I am still as surprised as hell that the last one went through.

[panader0]

7. I think Nancy knows that it's DOA in the Senate.

But the Democrats are on record for wanting to help small businesses and rent
payers, etc. Now the repukes will have to go on record opposing the bill. Voters
will remember.

[jmg257]

10. When they say "checks for all" do they really mean "all"?

Or am I Gonna get screwed again? Passed over for arts and humanities or some similar BS?

[Hermit-The-Prog]

12. After Moscow Mitch and trumPutin get done? Sure, but they'd like you to do them a favor, though.

[Buns_of_Fire]

13. If Congress passes it, buttface will sign it.

November is getting closer, and he desperately needs to look like a "good guy." He's certainly not above trying to buy a few votes (so long as it's not coming out of his pocket, of course).

The catch? Stay alive long enough to spend it.