WE ARE ON THE VERGE OF BEING COMPLETELY FUCKED OVER BY A DEADLY
COMBINATION OF COWARDLY DEMOCRATIC "CENTRISTS" AND RUTHLESSLY DEMAGOGIC
REPUBLICAN RIGHTWINGERS BANDING TOGETHER TO GIVE US MERE CRUMBS AND A
VICIOUS SUSTAINED ASSAULT ON OUR VERY HUMANITY
BEWARE.
BECAUSE THE WORST IS YET TO COME AND AT THIS RATE IT WILL BE HERE VERY SOON. IF THE PANDEMIC DOESN'T KILL US CONGRESS WILL
EITHER WAY IT'S MASS MURDER BY THE GOVERNMENT AND THERE IS ABSOLUTELY NO EXCUSE FOR IT...
IF COLLECTIVELY WE DON'T DEMAND MUCH MORE OF WHAT WE NEED AND DESERVE
WE WILL GET NOTHING IN RETURN BUT THESE CRIMINALLY RICH ASSHOLES'S
CONTEMPT AND VIOLENT INDIFFERENCE.
DON'T SIMPLY LAMENT YOUR SO-CALLED "FATE"
FIGHT BACK!!!
Kofi
https://www.nytimes.com/…/…/politics/pardon-white-house.html
A bipartisan group of centrist senators announced yesterday morning
that they were working on a $908 billion compromise stimulus bill, but
within a few hours Senator Mitch McConnell, the majority leader, said he
was working up his own substantially smaller proposal with Republican
leaders in the White House and the House. Since May, McConnell has
refused to allow a Senate vote on the $3 trillion stimulus bill passed
by the Democratically controlled House.
The compromise framework,
spearheaded by Senators Joe Manchin and Susan Collins, would restore
federal unemployment benefits that lapsed over the summer, but at $300 a
week instead of $600. It would also provide $160 billion for state,
local and tribal governments.
Steven Mnuchin, the Treasury
secretary, defended his decision to cut short lending programs set up
under stimulus legislation passed this year, a move Democrats have said
will sabotage the economy under Biden. Mnuchin said yesterday that the
economy had “regained 58 percent of the lost jobs” and was recovering
more quickly than expected.
https://www.nytimes.com/…/econo…/biden-economy-stimulus.html
Biden and His Economic Team Urge Quick Action on Stimulus as Risks Mount
The president-elect introduced key nominees in Delaware, while
lawmakers exchanged new proposals with prospects for a deal still dim.
by Jim Tankersley, Alan Rappeport, Jeanna Smialek, Emily Cochrane and Luke Broadwater
December 1, 2020
New York Times
PHOTO: President-elect Joseph R. Biden Jr. acknowledged that any
stimulus agreement would necessarily fall far short of the trillions of
dollars that Democratic leaders have insisted on for
months.Credit...Kriston Jae Bethel for The New York Times
WASHINGTON — President-elect Joseph R. Biden Jr. on Tuesday introduced
the economic team he will rely on to help rebuild the U.S. economy at a
perilous moment, with coronavirus cases soaring, the Federal Reserve
chair warning of challenging months ahead and lawmakers in Congress
still struggling to reach agreement on a rescue package.
Mr.
Biden, speaking in Delaware, called on Congress to pass a substantial
relief package to help keep businesses, households and local governments
afloat while his Treasury secretary nominee, Janet L. Yellen, called
the damage done so far “an American tragedy” that could lead to
long-term devastation if not quickly corrected.
“Right now, the
full Congress should come together and pass a robust package for relief
to address these urgent needs,” Mr. Biden said.
But he
acknowledged that any stimulus agreement would necessarily fall far
short of the trillions of dollars that Democratic leaders have insisted
on for months, saying that “any package passed in a lame-duck session is
lucky to be at best just a start.”
Mr. Biden’s nominees made it
clear that they were thinking expansively about how to revive the U.S.
economy and looking beyond just restoring lost jobs and livelihoods to
finding ways to widen economic wealth, broaden opportunities and repair
safety net programs.
“This is a moment of urgency and opportunity
unlike anything we’ve faced in modern times,” said Cecilia Rouse, Mr.
Biden’s nominee to lead the Council of Economic Advisers. “The urgency
of ending a devastating crisis. And the opportunity to build a better
economy in its wake — an economy that works for everyone, brings
fulfilling job opportunities and leaves no one to fall through the
cracks.”
But those goals, which were at the center of Mr. Biden’s
campaign, are likely to run into obstacles in Congress, where
Republicans, who spent the past four years on a spending spree, have
resurrected their concerns about the federal deficit. They have cited it
as a reason to forgo the kind of large stimulus package that Mr. Biden
and other top Democrats have said is needed.
The political
divisions were on display Tuesday, as a bipartisan group of centrist
senators announced in the morning that they were working on a $908
billion compromise stimulus package. By the afternoon, Senator Mitch
McConnell of Kentucky, the majority leader, announced that he had been
discussing his own proposal with Trump administration officials and
Representative Kevin McCarthy of California, the minority leader.
That package would be hundreds of billions of dollars smaller than the
bipartisan plan — and thus a nonstarter with Democrats. But Mr.
McConnell seemed to suggest that President Trump would not sign a more
expansive bill, reminding Republicans in a private conference call and
reporters during a news conference that a presidential signature is
needed.
The continued likelihood of congressional gridlock before
Inauguration Day threatens to saddle Mr. Biden’s economic team with dim
prospects come Jan. 21, when it will confront an economy that has seen a
slowdown in hiring growth, manufacturing activity and other key
measures in recent weeks. Millions of Americans are set to lose
unemployment assistance at year’s end. Others could face eviction and
foreclosure as government moratoriums expire.
“The pace of
improvement has moderated,” the Fed chair, Jerome H. Powell, told the
Senate Banking Committee on Tuesday, saying the rise in virus cases was
“concerning and could prove challenging in the next few months.”
“The risk of overdoing it is less than the risk of underdoing it,” Mr. Powell said.
Administration officials have shown little sign of worry about recent
economic developments, insisting the recovery is on track while Mr.
Trump continues his legal quest to overturn his re-election defeat at
the polls.
ImageTreasury Secretary Steven Mnuchin and the Fed chair,
Jerome H. Powell appeared before the Senate Banking Committee on
Tuesday
Treasury Secretary Steven Mnuchin and the Fed chair,
Jerome H. Powell appeared before the Senate Banking Committee on
Tuesday.Credit...Al Drago for The New York Times
Treasury
Secretary Steven Mnuchin, appearing alongside Mr. Powell, downplayed the
broader risks facing the economy and blamed economic shutdowns in some
states for slowing progress. While he called for targeted relief for
sectors that have been hit hardest by the pandemic, like restaurants and
airlines, he said the economy had recovered faster than many had
expected and that the economy had “regained 58 percent of the lost
jobs.”
RELATED: Paul Krugman: A deeper look at what’s on the mind of Paul Krugman, a world-class economist and opinion columnist.
He defended his decision to end several of the Fed’s emergency lending
programs on Dec. 31. He has also requested that the central bank return
the Treasury funds supporting those programs. Democrats said the moves
amounted to economic sabotage.
“Either you’re purposefully trying
to stop President-elect Biden and Janet Yellen from getting to work for
the people we all serve, or you’re so delusional that you think because
the stock market is back up, everything is fine,” said Senator Sherrod
Brown, Democrat of Ohio. “Either way, it’s malpractice.”
Mr.
Powell, who told lawmakers that the Fed would have preferred to keep
those lending programs going while acknowledging that it was Mr.
Mnuchin’s place to decide, painted a more dire picture of the economic
outlook. He pointed to continued uncertainty around the speed of a
vaccine rollout, the reality that millions remain out of work and the
fact that small businesses could fail in the winter months.
“We
do have a long way to go,” Mr. Powell said. “We’ll use our tools until
the danger is well and truly past, and it may require help from other
parts of government as well, including Congress.”
Republicans
insist that the economy is recovering and that the United States does
not need to borrow more money for another big relief package, while
Democrats insist that a large jolt of stimulus is necessary and that now
is not the time to worry about deficits.,
“There’s a reason
states and localities have to have a balanced budget but we’re allowed
to have a deficit to deal with crises and emergencies as we have in the
past,” Mr. Biden said. “We have to keep vital public services running,
have to give aid to local and state governments to make sure they can
have law enforcement officers, firefighters and educators as we did in
2009.”
After months of deadlock on Capitol Hill, a bipartisan
group of senators tried to move things forward with the $908 billion
compromise stimulus proposal, funded in part by repurposing the money
that Mr. Mnuchin clawed back from the Fed lending programs.
The
proposal, spearheaded by two centrists — Senators Joe Manchin, Democrat
of West Virginia, and Susan Collins, Republican of Maine — and a handful
of senators from both parties, has not been publicly endorsed by either
Speaker Nancy Pelosi of California or Mr. McConnell.
Intended as
a stopgap measure to last until March, it would restore federal
unemployment benefits that lapsed over the summer, but at half the rate,
providing $300 a week for 18 weeks, and does not include another round
of checks for every American. The measure would provide $160 billion to
help state, local and tribal governments facing fiscal ruin — a fraction
of what Democrats had sought. Also included was $288 billion to help
small businesses, restaurants and theaters, and a short-term federal
liability shield from coronavirus-related lawsuits.
In contrast,
the framework circulated on Capitol Hill by top Republicans does not
include funds for state and local governments and curtails a short
restoration of federal unemployment benefits even further.
“The
advantage of our compromise bill is it has bipartisan, bicameral
support,” Ms. Collins said. “I want a bill that can become law.”
The bipartisan plan is an attempt to find a middle ground between the
dueling stimulus proposals that Democrats and Republicans have haggled
over for months. Its cost is less than half of what Democratic leaders
had pushed for in the weeks leading up to the election but nearly double
the latest proposal from Republican leaders.
PHOTO: A
bipartisan group of senators on Tuesday unveiled a $908 billion
compromise stimulus proposal on Capitol Hill.Credit...Saul Loeb/Agence
France-Presse — Getty Images
It includes most of the main
ingredients that Mr. Biden and Democratic leaders have called critical
for a deal, a possible sign that it could form a basis for a compromise
that Mr. Biden could get behind.
Asked about the plan by
reporters after his event with his economic team, Mr. Biden replied: “I
just heard about it. I’ll take a look at it when I get back.”
The
fresh attempt at a bipartisan compromise came as Ms. Pelosi and Mr.
Mnuchin held their first phone discussion since late October, when they
had a flurry of pre-election conversations that failed to culminate in a
deal. Ms. Pelosi said she and Senator Chuck Schumer of New York, the
Democratic leader, had sent a new proposal of their own to Republican
leaders on Monday.
John Lettieri, the president of the Economic
Innovation Group think tank in Washington, which has pushed for more
small-business aid, said the bipartisan plan “seems close to being the
sweet spot” for a possible compromise — if one is possible.
Some
Senate Republicans on Tuesday reiterated opposition to any deal that
sends money to support state and local government budgets, with Senator
John Kennedy of Louisiana challenging Mr. Powell at the hearing about
whether states are really in such bad straits and suggesting the money
would be used to shore up shaky pension funds.
“I’ve always said,
I think it’s an area that’s worth looking,” Mr. Powell said, noting
that states are among the largest employers in the economy and that they
provide critical services.
Mr. Biden’s appointees all sounded an urgent tone as the incoming administration faces the prospect of a double-dip recession.
His nominees, all of whom must win Senate confirmation, talked about
the pain of the pandemic recession, noting that it was falling hardest
on traditionally marginalized Americans and widening the divide between
the rich and the poor.
Ms. Yellen, a former Fed chair and an
academic labor economist, said she had gone into economics “because I
was concerned about the toll of unemployment on people, families and
communities.” She warned that inaction in the face of the current
economic crisis “will produce a self-reinforcing downturn causing yet
more devastation.”
Nicholas Fandos contributed reporting.
ABOUT THE AUTHORS:
Jim Tankersley covers economic and tax policy. Over more than a decade
covering politics and economics in Washington, he has written
extensively about the stagnation of the American middle class and the
decline of economic opportunity. @jimtankersley
Alan Rappeport is
an economic policy reporter, based in Washington. He covers the
Treasury Department and writes about taxes, trade and fiscal matters in
the era of President Trump. He previously worked for The Financial Times
and The Economist. @arappeport
Jeanna Smialek writes about the
Federal Reserve and the economy. She previously covered economics at
Bloomberg News, where she also wrote feature stories for Businessweek
magazine. @jeannasmialek
Emily Cochrane is a reporter in the
Washington bureau, covering Congress. She was raised in Miami and
graduated from the University of Florida. @ESCochrane
Luke
Broadwater covers Congress. He was the lead reporter on a series of
investigative articles at the Baltimore Sun that won a Pulitzer Prize
and a George Polk Award in 2020. @lukebroadwater
A version of
this article appears in print on Dec. 2, 2020, Section A, Page 1 of the
New York edition with the headline: Biden Urges a ‘Robust’ Stimulus as
Risks Mount. Order Reprints | Today’s Paper
PHOTO:
President-elect Joseph R. Biden Jr. acknowledged that any stimulus
agreement would necessarily fall far short of the trillions of dollars
that Democratic leaders have insisted on for months.Credit...Kriston Jae
Bethel for The New York Times
