Senate Fails to Pass $2T Stimulus Package
This really shouldn’t be difficult, but unfortunately this is the reality we live in. Senate Democrats argue that the current $2T Stimulus Bill contains a $500B lending program aka “slush fund” the Treasury Dept controls and will allow them to select who will receive the the funds. Senate Minority leader Chuck Schumer and other Democrats maintain that the package should be more heavily favored for the people, and restrictions for how companies will use the money.
Republicans on the other have accused the Democrats of playing politics, and not having the urgency needed to help Americans out of work due to COVID-19 pushing Mayors/Governors to lock down cities and states.
So who is right?
I don’t know, but lets re-visit the not too distant past for some insight. Look back to late 2008 during the financial crisis, the last stimulus package that bailed out the automobile industry and big banks (TARP). While the bailout was praised for saving the auto industry and stabilizing the banks, the major criticism of the bailouts was that it was not felt by the people. President Obama himself admitted that not enough was done to help Americans directly who were had underwater mortgages.
With that said, is there some kind of rule against splitting this stimulus up into 2 parts? One for the people and one for the large and small businesses. I think everyone can agree on sending Americans money, either $1200 or $2000. That can be ironed out, so why not come to an agreement on a stimulus for the people first instead of trying to package a huge bill that includes a stimulus for business?
If you quickly get something out for the people and then separately tackle a stimulus for the businesses. You can provide the people will relief while taking the time necessary to put together a business stimulus package that restricts how the money is used (buybacks or paying bonuses to execs).
there is something to be said, “It’s On Broadway” to step up and say it!!