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Big League Economics

President Trump Appoints Vince McMahon, Sports Leagues Commissioners to Economic Recovery Team

Sports leagues are vital for many communities.

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President Donald Trump has announced his intention to nominate WWE legend Vince McMahon and the commissioners of several major American sports leagues to an advisory group on the matter of reopening the US economy.

Some of the most prominent individuals in American sports will be on the commission, which Trump announced at Wednesday’s press conference. He stated that the New England Patriots’ Robert Craft, the NFL’s Roger Goodell, MLB’s Rob Manfred, and the NHL’s Gary Bettman. Mark Cuban, the owner of the Dallas Mavericks, will also be on the commission.

President Trump has a lengthy friendship with McMahon, even going so far as to compete against McMahon personally in a WWE event. McMahon recently had to terminate the operations of the XFL, a spring football league originally intended to compete with the NFL, due to the national coronavirus epidemic.

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Sports leagues were among the first major American institutions to suspend operations as the coronavirus epidemic began, with the prospect of tens of thousands of people gathering in relative proximity being a total no-go in the midst of the highly contagious pandemic. Major League Baseball is even considering starting its regular season entirely in Arizona spring training facilities, in games played without fans.

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The creation of advisory boards on the matter of reopening the economy doesn’t mean everything is going to open back up tomorrow. The commissioners of sports leagues suspended their league operations before state and federal social distancing requirements were enacted, putting a halt to their profitable businesses.

It’s likely the economic advisors will come up with a plan to gradually phase everyday American institutions and workplaces back into operation.

Big League Economics

Trump Administration Warming to Prospect of Second TrumpBux Payment

Trump had earlier considered a payroll tax.

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President Donald Trump suggested on Thursday that he supports a second round of direct ‘TrumpBux’ payments to individuals, a stimulus measure first utilized in March to mitigate the effects of the coronavirus recession. Most U.S. taxpayers have already received a $1,200 payment from the federal government as part of the CARES Act.

When asked about the prospect of another round of payments, the President said “I think we’re going to be helping people out” and “getting some money for them.” The fourth round of coronavirus economic stimulus legislation is likely to be the last, if it’s even enacted at all, and the President said that he supports “one more nice shot” to stimulate the economy.

Senior Trump administration officials such as Treasury Secretary Steve Mnuchin and economic advisor Kevin Hassett signaling their support for the proposal, with the former stating that he sees a “strong likelihood” the national economy will require an additional supplement of the form of stimulus.

The Trump administration appeared to be initially considering a round of payroll tax cuts as an alternative to another TrumpBux, with some questioning how such a policy would benefit the millions of Americans in industries such as the energy sector who have lost their paychecks as a result of the recession.

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Congressional Democrats have attempted to ram through a sham stimulus 4.0 package filled with a progressive policy wishlist, including a provision that would grant amnesty to several million illegal immigrants. Senate Republicans and the White House essentially confirmed that the legislation was dead on arrival after passing the house.

However, Senate Majority Mitch McConnell has accepted the concept of a fourth stimulus package after raising fiscal concerns, making it likely that House Democrats will concede enough to pass a politically acceptable bill through the House. It’s possible that the parties will battle over the notion of bailing out state governments, with Republicans preferring to use resources providing payments to individuals.

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