Editorial: Will someone please listen to the Federal Reserve chairman?
Lost in the Rosengarten melodrama, outbreaks in the west wing, balcony moments in "Evita / Covita", sightings of Vice President flies and claims of miracle therapies was Jerome Powell's desperate call to Congress to pass a "robust" stimulus package and not fret over "it." exaggerate ".
"Too little support would lead to a weak recovery and create unnecessary difficulties for households and businesses," he said in prepared remarks to a meeting of economists on Tuesday. The final result? Not investing enough right now would result in a series of “household and corporate bankruptcies” that would further shake the economy and stunt growth.
One of the things Congress got right this year (and given the brevity of this list, you'd think everyone involved would clearly remember it) was to approve bipartisan trillions of dollars in COVID-related relief in March, which still so was relatively early in the pandemic. The Coronavirus Aid, Relief and Economic Security (CARES) law was big and comprehensive. It could even be called careless as it contained $ 1,200 checks for those with skilled incomes and extended unemployment insurance benefits. It was like Washington turned on a fire hose and just spread money across the countryside, and that was the point. The pandemic, shutdowns and job losses were so devastating that it was the best way to save the country from total economic collapse.
The House-approved Omnibus Emergency Solutions (HEROES) bill for $ 2.2 trillion in health and economic recovery comes as close to Chairman Powell's vision as its breadth and size can imagine. Unfortunately, it's now twice implicated in partisan politics, and Republicans seem most scared that it is either: A.) too big, which shows they are ignoring Powell or his vested fears of the ongoing fallout from the pandemic, or B.) It supports states struggling with a pandemic-induced drop in tax revenues, including Democratic-led states - and is preparing for a shock. The prospect of helping "blue" states that might otherwise be forced to fire public employees, including teachers and first responders, has apparently swooned many in the primitive and proper GOP, including President Donald Trump.
Even by Trumpian negotiating standards, where it is imperative to refrain from talking and tweet conflicting views on any situation, this has been a tumultuous venture that appears to be going nowhere. Or maybe somewhere. Trump's most recent volley, proudly announcing that he “stopped” talks with Democrats on Tuesday, until early Thursday announces that help of all kinds is back on the table, either individually or collectively under “very productive talks” just his latest finding. For-Cable theater company. It remains to be seen whether these are stimulus checks, airline bailouts, or anything else.
To be honest, the whole thing smells like a made-up reality TV show that only lacks a catchphrase like "You are fired" or "You are banned from the island" or "Pack your knives together". There are certain issues that need to be discussed on another day, including the country's deficit, tax justice, government spending priorities and even concerns about public employee pensions, but this is not the time to do so. The nation needs that fire hose again. Don't take our word for it. Take that of Mr. Powell, whose job it is to provide the nation with a stable and productive financial system. His long career as well as his banking and finance, which has earned him the support of Democratic and Republican presidents, do not damage the chairman's credibility.
It's no surprise that such a large corporation is embroiled in the politics of an election that is now little more than three weeks away. But here is another one that appears on D.C. Also worth highlighting: persistently high unemployment rates across the country, including the 840,000 workers who applied for first-time benefits just last week, a four-time average before the pandemic. Or how about this one: an increase in COVID-19 cases in 39 states. The prospect in places like Wisconsin is so worrying that some virus-related restrictions are back in place. That's what it means for you to set a 7-day death record. Polls show that Americans have already issued a tough judgment on Mr Trump's handling of the coronavirus crisis. A continued refusal to take Mr. Powell's advice and give the economy any significant boost is likely to render them ruthless on November 3rd.
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