Big League Economics
Trump Pans New Stimulus Payments Directly to Americans in Favor of Payroll Tax Cuts for Businesses
What about the unemployed?
President Donald Trump suggested he’s more amenable to the prospect of future payroll tax cuts in order to simulate economic growth in light of the coronavirus recession, a policy proposal that could prove useful to those who have kept their jobs but useless to the millions of Americans who have lost their full-time jobs in the wake of the recession.
The President stated he’s more amenable to using payroll tax cuts during an Oval Office interview on Tuesday.
Trump comes out AGAINST additional stimulus checks for millions of Americans
Instead says, "I like the idea of payroll tax cuts." Adds economists would agree with him. I reported recently Trump has been talking late at night w/ Art Laffer, supply side economist
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— Jeffrey Stein (@JStein_WaPo) April 28, 2020
President Trump has recently received advice on economic recovery strategies from Art Laffer, a former Reagan administration supply side economist. It’s questionable how pertinent Laffer’s economic advice could prove to Trump in 2020, an era considerably different than the 1980’s, where Americans enjoyed far more abundant middle class career fields and a healthy manufacturing sector. Reagan’s supply-side economic policies were also enacted in an economy that wasn’t in immediate recovery from a sharp recession.
Workers in fields such as construction and energy are more likely to have lost their payroll income in the wake of the recession. These workers, who make up a sizable share of President Trump’s base, would stand to benefit far more from an expanded TrumpBux proposal than a paywall tax cut they’re not going to benefit from in the near future.
Trump’s blue collar base is going to get shafted by this.
From a family member who has lost only source of income: “Payroll tax cut??? Yeah, that will give people more money in their paycheck. What paychecks?”
“Real America here and we need fucking money, period.” https://t.co/G7cGxgLtwb
— Amber Athey (@amber_athey) April 28, 2020
Other Trump administration figures such as Larry Kudlow and Steve Mnuchin have been far more amenable to the notion of an expanded TrumpBux program in the wake of the recession, with the Treasury Secretary having been originally said to support two $1000 payments to middle class tax filers as a means to stimulate the economy.
Larry Kudlow says he’s open to hearing Rep Tim Ryan’s $2000/mo UBI plan for all adults making under $130k per year 👀
— Alison Arkin (@Cronikeys) April 24, 2020
President Trump should look closely at the benefits of additional TrumpBux packages to individuals before signing onto a payroll tax much of his core constituency of American workers wouldn’t even benefit from.
Big League Economics
SHAME: Democrats Are Blocking Stimulus Legislation That Includes Second $1,200 TrumpBux Check
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.
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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