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Big League Economics

Stock Market Rebounds at Stimulus News, Biggest Day for Dow Since 1933

The stock market exploded in response to stimulus news.

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Stock prices soared on Tuesday, recovering a portion of the value markets have lost in the coronavirus epidemic in the greatest single day for the Dow Jones since 1933.

The Dow closed up 11.4%, and the S&P 500 surged by 9.4%.

The market surge appears to coincide with developments suggesting that a stimulus package in response to the coronavirus recession appears to be nearing agreement with Democrats and Republicans. Steven Mnuchin and Chuck Schumer suggested that they would reach a final agreement on the deal when speaking to congressional press on Monday night.

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It’s possible the market was reacting to a suggestion by President Trump that he’d like to see the economy return to normal function by Easter.

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The coronavirus epidemic has been devastating for the stock market, with declines in share value approaching that last seen during the 2008 Great Recession. Today’s surge in value suggests that the crisis might ultimately prove to be far less lasting than the last recession, and that the economy will recover when the virus is adequately contained.

Today’s stock market surge places the Dow Jones back over 20,000, leaving the index at 20,704.91 to end the day.

The United States is far from out of the woods in facing down the economic hardship created by the Chinese coronavirus, but the upward trend of markets to the upcoming stimulus package is perhaps a sign that recovery is near. A vote to pass the coronavirus stimulus package is expected on Wednesday as Democrats and Republicans near final agreement on the terms of the nearly $2 trillion package.

Big League Economics

SHAME: Democrats Are Blocking Stimulus Legislation That Includes Second $1,200 TrumpBux Check

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Democrats in Congress are blocking a bipartisan $1.5 trillion stimulus package that includes a second round of $1,200 TrumpBux payments to Americans.

Leading House Democrats are saying the bill isn’t big enough of a giveaway, but they favor stimulus measures that would divert funds away from the pockets of everyday Americans to institutions. They want to bail out Democrat state and local governments, and are willing to block TrumpBux payments to Americans if they aren’t allowed to.

The House passed a $3.4 trillion stimulus package in May that was shot down by Senate Republicans. The latest $1.4 stimulus legislation has been presented as a compromise, after House Democrats in turn rejected a thin $500 billion stimulus package proposed by Republicans last week. That package did not include a second round of $1,200 payments, and Republicans are now willing to sign off on another TrumpBux payment in order to pass another round of stimulus.

The $1.5 trillion stimulus legislation emerged from the Problem Solvers Caucus, a group of 25 Republicans and 25 Democrats who emphasize bipartisanship and common ground. Aside from TrumpBux 2, it features $500 billion for cities and states, unemployment insurance of $600 a week, increased SNAP benefits and rental assistance.

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Steny Hoyer and Nancy Pelosi are claiming the legislation doesn’t go far enough and that it “leaves too many needs unmet.”

Pelosi and House Democrats are insisting that Congress will remain in session until a second stimulus agreement is met, but in rejecting the Problem Solvers Caucus legislation they’re already shown they’re not open to a generous compromise.

Try asking everyday working Americans of all stripes and walks of life if they’re willing to wait or even go without a second $1,200 stimulus payment in order to provide a bigger bailout to states and cities that already engage in questionable budgetary practices to begin with. The Democrats are resolutely determined to avoid making people the priority in  a stimulus package, and will block stimulus legislation to do so.

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