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
— 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.
$1.9 Trillion Stimulus Package Passes the House With $15 Minimum Wage
The bill includes $1,400 stimulus checks.
The House of Representatives passed President Joe Biden’s $1.9 trillion dollar stimulus package in a near party-line vote on Friday night. Two Democrats deflected, declining to vote for the bill.
The bill includes a provision to raise the federal minimum wage to $15 an hour. This provision is likely to be removed in the Senate, with the Senate parliamentarian ruling that a spending and appropriations package can’t include a minimum wage increase.
Republican critics of the bill have alleged that the legislation is weighted towards ‘pork’ spending, with hundreds of billions delegated in the spending package that have little to do with the coronavirus. Senators such as Mitt Romney have pointed out that the bill provides billions in funding to state governments such as California, which incurred a budgetary surplus in 2020. Critics have alleged that a third stimulus package should be more directly targeted, with the federal government incurring the largest budget deficit in the history of the United States in 2020.
The package’s main provision is a round of $1,400 stimulus checks for all taxpayers who filed less than $75,000 in their 2019 tax return.
Senate Democrats are determined to pass the large stimulus package using budget reconciliation, a process that would only require 50 votes to pass. Biden’s voter base have become increasingly impatient, with the Democrat having previously promised that stimulus checks would be issued immediately after his ascension to the presidential throne.
If left-wing pork projects prevent Biden from delivering on his game-changing campaign promise of stimulus checks, his presidency will be exposed as little more than a false bill of goods sold by the feckless establishment since the beginning.
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