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"President Donald Trump wants to ‘go big’ on a fiscal stimulus...

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Dentie

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11/03/20

09:38

Post #: 43419590
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Originally posted by Crom Valen: ↑

The guy is trying to juice stock markets again....so far the stimulus is looking like a nothing burger.

But Wall Street traders fell for it......they always do!

Humans are stupid.

https://www.politico.com/news/2020/03/10/donald-trump-coronavirus-stimulus-package-124904

Trump seeks 'big' stimulus steps but aides are skeptical

Trump loves the idea because he wants to jolt the economy and hopefully bolster the flagging stock market.

By NANCY COOK
03/10/2020 10:05 AM EDT

President Donald Trump wants to ‘go big’ on a fiscal stimulus package to combat economic uncertainty caused by the coronavirus, but his own White House aides remain cool to one of the centerpieces of the package — a temporary payroll tax cut.
At a meeting of top economic officials on Monday night, the president and aides like Treasury Secretary Steven Mnuchin, National Economic Council Director Larry Kudlow and Acting Director of the Office of Management and Budget Russ Vought all broadly agreed on ideas such as paid sick leave for hourly workers and loans for small businesses affected by the coronavirus, according to two administration officials briefed on the meeting.
But Mnuchin, Kudlow and Vought were far less enthusiastic about the temporary payroll tax cut idea, arguing it is too early to take that kind of measure. “The president seems to like the idea, but there are a number of people around him who were not as enamored of it,” said one administration official.
Republican senators also do not seem receptive. On Monday night, Republican senator John Cornyn told POLITICO: “Well, I usually love tax cuts, but I think it’s a little premature.”
Trump on Tuesday went to Capitol Hill to personally pitch Republicans on the idea. Mnuchin and Kudlow joined the president and gave Senate Republicans a rundown of the proposals at their weekly policy lunch.
Speaking to reporters after the meeting, Trump said the payroll tax was "one of the things we talked about," but didn't offer any details about how the idea was received.
"I was just with the Republican senators and they were just about all there, mostly all there and there's a great feeling about doing a lot of the things," he said.
Even before officially announcing his administration's plans to combat coronavirus's economic drag, Trump had signaled his readiness for a Capitol Hill fight with Democrats whose support he will need in order to pass most of the White House's proposals.
"Nancy Pelosi just said, 'I don’t know if we can be ready this week.' In other words, it’s off to vacation for the Do Nothing Democrats," Trump wrote on Twitter of the House speaker. "That’s been the story with them for 1 1/2 years!"
Trump loves the idea beacuse he wants to jolt the economy and hopefully bolster the flagging stock market. He views the payroll tax cut as one way to accomplish that, while also providing the middle class and certain types of businesses with a temporary tax cut. Behind the scenes, his administration separately has been working on a tax cut 2.0 package that would offer additional tax relief to middle class families heading into the 2020 reelection.
“A payroll tax cut might be the correct response to an economic downturn, but it is far too broad to have a significant impact on the source of this potential crisis. It might help the stock market in the short run but it will be expensive,” said Paul Winfree, the former Deputy Director of the Domestic Policy Council in the Trump White House. “Furthermore, it won’t help people who either can’t work because they’re home sick or are caring for someone who is sick. Nor will further incentives for people to work through supply-side policies to help contain the coronavirus epidemic.”
Aides are well aware of the potential reticence toward the stimulus measures, especially the payroll tax cut, and they say the size and scope of any package will ultimately depend on the feedback they receive from members of Congress, including Democrats.

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"President Donald Trump wants to ‘go big’ on a fiscal stimulus package to combat economic uncertainty caused by the coronavirus..."

IMO, President Donald Trump doesn't give a big rat's bum about the coronavirus and he also doesn't give a big rat's bum that the public will, once again, be baling out firms etc. The ONLY thing he cares about is getting re-elected in November - at whatever cost!! I agree with you CV...the best way of that happening is to keep the stock market from crashing. Nothing else matters...
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