Update on US Economic Stimulus

by Stephen Lendman (stephenlendman.org - Home - Stephen Lendman)

On Sunday, a Dem leadership statement said the following:

"Today, we have reached agreement with Republicans and the White House on an emergency coronavirus relief and omnibus package that delivers urgently needed funds to save the lives and livelihoods of the American people as the virus accelerates."

Omitted was explaining that the package — while better than nothing — is woefully inadequate.

It's a temporary bandaid fix when large-scale/longterm stimulus is needed for ordinary Americans during the country's Greatest Depression that's likely to be protracted.

On Sunday, GOP Senate Majority Leader Mitch McConnell issued the following statement:

"At long last we have the bipartisan breakthrough the country has needed." 

"Now we need to promptly finalize text, avoid any last-minute obstacles and cooperate to move this legislation through both chambers."  

A Monday vote is expected. Barring last minute changes, below is what's in the package:

An additional $300 in unemployment benefits through March.

A one-time payment of $600 for qualified adults, another $600 per child.

It's for individuals with annual income of $75,000 or more — $150,000 for couples — the amount decreasing for higher-income households.

Dependents over age-16 don't qualify for stimulus. Nor do disabled adults. 

$30 billion goes for distributing harmful to human health covid vaccines, as well as for worthless PCR testing and tracing — aiding Pharma, harming Americans willing to be their guinea pigs.

$284 billion for Paycheck Protection Program (PPP) loans.

What's allegedly for small businesses too often goes to large ones — $15 billion going to airlines.

$45 billion overall goes for transportation, including for airports, their concessions, Amtrack, public transit systems, and highway construction.

$82 billion for education — $54.3 billion for primary and secondary grade schooling, $22.7 billion for higher education.

Another $4.05 billion is for state governors to spend on education at their discretion.

Colleges are getting $908 million for student aid, another $1.7 billion for minority higher-education institutions.

$10 billion allocated for child care.

$15 billion for operators of theaters and other performance operations.

$25 billion going for rental aid and an extension on the evictions moratorium.

$13 billion for food stamps and child nutrition benefits.

$1.8 billion in tax credits for employers to provide paid leave.

According to Bloomberg News:

"Negotiators couldn't bridge partisan differences over a liability shield for companies wanted by some Republicans, and aid for state and local governments that Democrats had demanded, and left those out."

Stimulus agreed on will be part of $1.4 trillion legislation to fund the federal government through end of the current 2020-21 FY year on September 30 next year.

According to White House communications advisor Ben Williamson, Trump supports what congressional leaders agreed on.

Defying reality, Biden called agreed on stimulus an "important down payment" instead of urging much more during the nation's Greatest Depression with no end of it in prospect.

Bloomberg noted that agreed on stimulus comes at a time of economic "deterioration."

Economist John Williams said US "economic collapse continues." There's been "severe systemic structural damage" to the US economy.

It'll "forestall (a) meaningful rebound into 2022 or beyond irrespective of (covid) treatments and vaccines."

Millions more US households are impoverished than when 2020 began, millions more likely to join them next year.

It's part of state-sponsored thirdworldizing of America that's been ongoing since the neoliberal 90s, especially post-9/11.

At the same time, the US privileged class never had things better — benefitting hugely from the greatest mass-wealth transfer scheme from ordinary people to wealthy ones in world history.

Like all congressional funding bills, the stimulus one is laden with pork for special interests.

It includes a tax break for corporate meal expenses at a time of unprecedented food insecurity and hunger in America.

What's agreed on for ordinary Americans is woefully inadequate when massive aid is most needed.

On Monday, House and Senate members will likely pass the legislation, sending it to Trump's desk for enactment into law.

VISIT MY WEBSITE: stephenlendman.org (Home - Stephen Lendman). Contact at lendmanstephen@sbcglobal.net.

My two Wall Street books are timely reading:

"How Wall Street Fleeces America: Privatized Banking, Government Collusion, and Class War"

https://www.claritypress.com/product/how-wall-street-fleeces-america/

"Banker Occupation: Waging Financial War on Humanity"

https://www.claritypress.com/product/banker-occupation-waging-financial-war-on-humanity/