When crunching the numbers, it seems those “very big checks” of $3,000 come with a loan shark rate of interest…
(Silver Doctors Editors) For those keeping score, the fiscal stimulus bill passed the Senate, but it’s having problems coming to a vote in the House.
Here’s President Trump:
…& costly. Workers & small businesses need money now in order to survive. Virus wasn’t their fault. It is “HELL” dealing with the Dems, had to give up some stupid things in order to get the “big picture” done. 90% GREAT! WIN BACK HOUSE, but throw Massie out of Republican Party!— Donald J. Trump (@realDonaldTrump) March 27, 2020
The bill has been “delayed” by Rep Massie, Trump says.
Here’s more on the issue, from Fox News:
The House of Representatives on Friday began debate on the massive $2.2 trillion coronavirus stimulus package aimed at reducing the spread of the disease and keeping Americans financially afloat as businesses shut down to limit social contact according to guidelines from the federal and state governments.
It came as one GOP lawmaker was poised to potentially hold up proceedings — and he faced scorching criticism from his colleagues and the White House over that scenario.
“We must take swift action to ensure that people can stay home to slow the spread of this deadly virus and that our economy can be supported so it can rebound when the medical experts and scientists say it is safe to do so,” House Democratic Leader Steny Hoyer said as he kicked off three hours of debate on the measure.
Rep. Kevin Brady, R-Texas, also urged the House to approve the bill as quickly as possible.
“While no one will agree with every part of this rescue bill, we face a challenge rarely seen in America’s history,” he said. “We must act now or the toll on lives and livelihoods will be far greater. I strongly urge its passage.”
The House initially planned to pass the coronavirus stimulus package by unanimous consent or voice vote with a skeleton crew of legislators present in order to minimize the risk of spreading the coronavirus among its members. The body, under its rules, can pass legislation by unanimous consent — with no representative in the chamber objecting — or a voice vote — an exercise in which those for and against a bill yell yea or nay, and the loudest side wins.
Interestingly, Massie has used a term we’ve used for years with regards to debt, the dollar, and fiscal & monetary policies – “dollar devaluation”:
$2 trillion (Congress)— Thomas Massie (@RepThomasMassie) March 26, 2020
+$4 trillion (Fed & Treasury)
$6 trillion stimulus
$6 trillion divided by 350 million citizens = $17,000 per citizen
times a family of 4
=$68,000 per family of new national debt and dollar devaluation in this stimulus.
not a good deal