Mnuchin: Virus aid package soon, $1,200 checks by August

[KWR65]

Source: AP News Wire

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin said Saturday that Republicans were set to roll out the next COVID-19 aid package Monday and assured there was backing from the White House after he and President Donald Trump’s top aide met to salvage the $1 trillion proposal that had floundered just days before.

Mnuchin told reporters at the Capitol that extending an expiring unemployment benefit — but reducing it substantially — was a top priority for Trump. The secretary called the $600 weekly aid “ridiculous” and a disincentive for people to go back to work. He also promised a fresh round of $1,200 stimulus checks would be coming in August.


Read more: https://apnews.com/77fb2de39e69ae6e4d233ac666fce346

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People on unemployment need more than the base rate to survive.

[soothsayer]

1. Dude doesn't understand how the economy works

[RainCaster]

4. NONE of the GOP knows how the real economy works

They are still believing "trickle down" and all that bullshit. They need some strong lessons from Elizabeth Warren.

[BlueIdaho]

13. +1000

[HotTeaBag]

46. They all understand it perfectly well.

But they'd prefer to make it work better for them and their donors - not for the rest of us.

[Initech]

26. I mean, it's one rent. What could it cost? $1200?

[Mr.Bill]

2. Oh boy. I get $1200,

and Mnuchin's corporate buddies get tens of millions. Again.

[mysteryowl]

23. And it won't come until September.

They say August, it will be September by time people actually receive it.
They don't even know how the bureaucracy works.

[soothsayer]

33. And it will be a gift card

[mysteryowl]

48. for one dollar and 2 cents each gift card.

[CrispyQ]

38. Don't forget the churches, too. The churches that pay no taxes will get forgivable PPP loans.

It blows the fucking mind.

[bullimiami]

3. No money no spending no economy.

[safeinOhio]

5. This last week Jim Bezo

made $13 billion in one day. Not one penny in taxes.

[Bengus81]

37. His shares are worth $46 billion more than they were on Feb 19th.......

That was the day before the markets tanked several thousand points and almost six months ago. Day over day or weekly gains don't mean much but nearly a half year does. As reported by the media he's made another fortune during this pandemic.

Personally I don't care if his stocks make him loads of money. What is bullshit is his Company paying nothing in taxes--and actually getting a refund in 2018 and guys like him getting a huge tax cut. Can't wait to see what happens with Amazon's 2019 returns.

[underpants]

6. We don't need it. We were in the pandemic sweet spot. All ours is going to the local food program.

Much, but not all, of the first one did too.
Look we don’t need this. These assholes need to get their shit together and get on the next one because there will be another one right in time for the holidays. For unemployment it going to takes states anywhere from 6-20 weeks to get anything other that flat rates worked out. For the one time payments they need to mine the tax return info better but I understand how archaic IRS technology is.

Financially we were in the sweet spot. Both of us worked at home with no change in pay or benefits. Our kid doesn’t need daycare anymore. Frankly this whole thing has been a boon to us. From refinancing our mortgage to our bank account it’s all roses. We have had serious medical issues in the family related to the virus.

[SergeStorms]

27. I'm giving half to Feeding America....

and the other half to Joe Biden. Like you, I don't really need the money, which is crazy because the people who really need it won't get it!

[bucolic_frolic]

7. low income people without backup funds need it most

Mnuchin could never understand the meaning of that sentence

[roamer65]

8. Spend it fast. A currency crisis isn't far off.

[mahina]

17. Inflationary or deflationary?

How bad? How do you get there? I don’t doubt it for a moment but hope to understand your perspective. Mahalo

[alittlelark]

21. My take is deflcationary

The US Dollar as the Bourse is in possible peril.

It is a cage of starving rats devouring each other at the moment.

[roamer65]

39. Eventually inflationary.

The Federal Reserve is on a path of unlimited money creation.

Gold and silver are the barometers to watch.

[mahina]

41. That's my take too

[Trailrider1951]

42. This is correct

Gold is now at $1900 per ounce.

Silver is at $22.71 per ounce.

https://www.democraticunderground.com/111688900

Scroll down to the gold and silver charts from www.kitco.com

[bringthePaine]

9. craven elitist bunghole - no furnace, engine, or motor fuels via the exhaust pipe

[progree]

11. From article: Repubs want a lot less than $600/week. But the AGI thresholds for $1200 checks will

be the same: For individuals the full $1200 amount up to an AGI of $75,000, and then phase out between $75,000 and $100,000 (Marrieds have double these thresholds on their joint AGI).

Back to the unemployment:

The White House floated plans to cut the additional aid back to $100 a week, while Senate Republicans preferred $200, with general agreement about phasing out the flat boost in favor of one that ensures no more than 70% of an employee’s previous pay.

[pecosbob]

12. Personally I think Mnuchin needs to be first in line for the tumbrils

[DeminPennswoods]

30. Nope

Mnuchin can actually work productively, and has, with Pelosi/Schumer/Dems and with Trump/Rs. That is a rare ability in the Trump administration.

[Trailrider1951]

43. Nope. That would be Moscow Mitch

He deserves it for that impeachment vote, never mind all his other BS.

[bucolic_frolic]

14. Helicopter money

There are people who need it, and people whose lives are not much affected. There is no effort to differentiate. It's like the purpose is to enrich those doing ok, and keep the poor on life support, while spending as much as possible and to hell with deficits. This is helping to ruin the currency.

[progree]

16. DXY dollar index - It closed 7/24/20 at 94.35, down 6.7% under Trump.

(against a basket of foreign currencies)

Tansy Gold has been posting the dollar chart in her daily Stock Market Watch thread
in the Economy Group https://www.democraticunderground.com/?com=forum&id=1116

Here's the latest graph. Note it's for the last 6 months



==============================================

Below: link for dollar index chart for as long a period as one might want (it goes back to 1986). The 5 year might be of most interest as it encompasses July 2015 to July 2020 (last 1.5 years of Obama, first 3.5 years of Trump)

https://www.marketwatch.com/investing/index/DXY/charts

When Obama left office and Trump took office, the U.S. Dollar Index was at 101.17 (1/19/17 close)
It closed 7/24/20 at 94.35, down 6.7% under Trump.

This is helping to ruin the currency.

[cstanleytech]

29. Sounds like the Simpsons might have been right about Trump. nt

[roamer65]

44. The Federal Reserve will opt for an inflationary depression over a deflationary one.

There is more experience in dealing with inflationary depressions.

Brazil, Argentina, Zimbabwe, Yugoslavia, Mexico, Weimar Germany, etc, etc.

[bucolic_frolic]

45. human history keeps repeating itself. authoritarian personalities keep getting elected.

lying to us all, and stealing everything.

[LastLiberal in PalmSprings]

15. I bet Trump tries again to get his signature on checks to make it look like it's his money.

Last time he had to settle for having his signature printed somewhere on the checks (which was unheard of), but with the election fast approaching he's pulling out all the stops. Making people think he personally gave them the money wouldn't convince everyone, but maybe enough low-information voters would buy into it.

As for Mnuchin, the can go fuck himself. Congress makes the final decision, no matter what he or Trump want. And I don't think there are many voters who are just making it who will buy into the "nobody's going to want to go back to work" argument.

[left-of-center2012]

18. Nit picking, but ...

(not butt)

The AP news article title says $1,200 by August but it's actually promised for sometime in August.
I wish it were by August.

[soothsayer]

34. Yeah I saw that too. Of course Canada and other places only needed 3 days to get $$ to citizens

Put it right in their accounts practically overnight and wasn’t it $2k or $3k?

[gab13by13]

19. It's good that Republicans finally rolled out their aid packages,

now they can roll it by Democrats. Is there protection for trump's DC hotel? Is there protection for corporations that kill their workers.

You can bet that the MSM will blow up the headlines if Democrats don't cater to the Republican bill. It's like groundhog day.

[Wuddles440]

40. This is an absolute certainty!

McTurtle, Munchkins, and company are playing this to perfection. They're delaying and protracting the negotiations with the Dems to generate public and media pressure for adopting the GOPppers' "stimulus" proposal because, you know, it's critical economic relief and time is of the essence. Of course, they conveniently ignore the fact that the House proposed a stimulus package months ago which McTurtle declared DOA. Also, as long as the market is booming and Powell continues to see that it does, they have no real motivation to move forward with any sense of urgency.

[Crowman2009]

20. Oh great! Here come some more crumbs!

F***in' cheapskates!

[Baclava]

22. Maybe one more round too, around the end of Oct? Because nothing will have changed

[yaesu]

24. his wall street buddies got 9 trillion we get chump change, Dems should hold out for at least 2k

a month.

[rainin]

25. I get the max unemployment for my family of 3

a hefty $521 every 2 weeks. That's $300 short of my monthly mortgage. When Mitch McConnell says we get too much, I have impure thoughts I won't describe

[cstanleytech]

28. "People on unemployment need more than the base rate to survive." The people working need help to.

My brother only brings in about 450 a week max at 40 hours a week and his wife only does about 300ish at Walmart for what they claim is full time but they do not give her 40 hours rather it varies from 32 to 38 hours a week.
Of course that explains why I read somewhere that a number of companies are complaining about not being able to find people due to that 600 a week because lets face it why would anyone in their right mind give up 600 a week to go earn poverty level wages for a company?

[DeminPennswoods]

31. For perspective

$2400/month is about the same as my monthly net retirement. It's more than many seniors who are on soc security get a month.

[duforsure]

32. trump and Moscow Mitch are failing with this so bad

They're turning states blue, and heading us into a trump depression. This is not working like they wanted at all , and after they funneled millions to millionaires and billionaires again , then give us nothing. trumps doing to us what he does to contractors, stiffing us.

[Vinca]

35. I imagine we'll also be treated to a follow-up Trump campaign letter.

[progressive nobody]

36. How generous another $1200 4 months apart while in Europe

and Canada they gave monthly payments like Canada $2000.00 a month for 4 month. I was told by a friend who lives and works in Germany she got $1800 a month for 3 months before her work place got telecommute for all employees. This is why these countries are at baseline.


https://www.bbc.com/news/business-52450958

https://www.businessinsider.com/countries-offering-direct-payments-or-basic-income-in-corona-crisis-2020-4

[former9thward]

47. I don't know about Europe but the U.S. was more generous than Canada.

First the Canadian $2000 is worth $1400 U.S. dollars so it was $5600 over 4 months. Canadians did not offer any increase in unemployment benefits. The U.S, tacked on $600 a week. So someone unemployed made around $10,800 compared to Canada $5600. In addition the U.S. gave $500 a child, Canada $216 U.S. The $1200 checks in the U.S. went to most people. In Canada their stimulus only went to people in "changed circumstances" -- people laid off from Covid.