The NY Times calls it “one of the largest injections of federal aid since the Great Depression.”
What do you think the indirect effects of the pandemic relief bill might be – economically, politically, or otherwise?
Or will the effects go unnoticed because the relief simply stabilizes the economy and prevents it from getting much worse?
There’s a good bullet-list summary of what’s in the bill in this article:
It will be the start of 40 years of prosperity.
The money going to people will pretty much get spent at a high rate. This will help the economy. Money used to buy goods almost always has a cascading effect to help the economy.
The money used to keep small businesses going will keep people employed and be spent in ways that will help the economy.
Some of the money will somehow be sucked away by parasitic corporations and dispersed as dividends or worse yet bonuses. That is largely a waste. But some will go into help large corps will new tech. That has a good chance of paying long term dividends for the economy.
It is definitely needed! Some of this stuff no… I went to the the CBO (Congressional Budget Office) website. Please take a few minutes and look how your tax dollars are spent. I know no one wants to look at a PDF, 2 pages that’s all.
PDF:
I searched C- span for 45 minutes, I could not find this video. Ok?.. SO…I will link to a site y’all Hate with Republican Kevin McCarthy, House Minority Leader in the U S House of Representatives. I’m sure y’all hate him too. The video is not long. Between the CBO report and the C-Span video, no fake news.
‘Democrats added $40 million to a subway near Speaker Nancy Pelosi’s district overnight in the House Rules Committee after criticism of $100 million already earmarked for the project.’
McCarthy appalled at added $40M 'Pelosi subway' pork in COVID bill
" Under the bill as currently drafted, full-time federal employees can take up to 600 hours in paid leave until September 30, up to $35 an hour and $1,400 a week. That’s 15 weeks for a 40-hour employee. Part-time and “seasonal” employees are eligible, too, with equivalent hours established by their agency.
Federal employees currently have up to 12 weeks of unpaid leave under the Family and Medical Leave Act. A law passed in 2019, allows most federal employees – what the sponsors report is 2.1 million federal workers – up to 12 weeks of paid leave for the birth, foster placement or adoption of a new child.
Even if a federal employee’s child could be in school five days a week, if the school “makes optional” virtual or hybrid schooling, it appears the parent can keep the son or daughter at home and still qualify for paid-time off under the bill."
What about Kerri Doe, lost her job as a hairdresser and caring for 2 small children, one who is austic? She also takes care of her mother in law who had a stroke. Her husband contacted covid working working as supplier to grocers for Fritolay. Thats wrong …
There are huge cuts in SS and medicare. I’m still searching for those figures. Its a mixed bag.
I do not believe much will come of it. We’re already p[umping ridiculous amounts of “stimulus” into the economy and I see little evidence that it does much in the long-term. From the evidence I see, government spending tends to be badly designed and have poor returns. While I respect TriPolar, I can’t agree that it will do any good and certainly not contribute to decades of growth. The best I can say is that, given the current low rates, it will do relatively little harm in the short term.
To be quite frank, your post is a jumbled mess, but I’ll try to figure this out. I’ll number my responses so that you can reference that if you have a rebuttal. For reference, the text of the bill submitted for the President’s signature can be found at this link or in this PDF.
I largely agree with @What_Exit and add that some of it is going places it should have gone months ago and will largely just help stabilize certain aspects of the economy, such as farming, public transportation, airlines, small businesses (more PPP money), housing and rental assistance, and many many more.
(1.) “I read those two pages. Now what?”----
I asked that people read what bills, laws ect are being put forth that our tax dollars contribute to. Maybe I’m one of the few people who read them. I just hate media. So jaded. I feel all politicians are so dispicable.
(2.) I would have preferred a non inflammatory source for the McCarthy video. The fact is the video is from C span.
The profanity at the end of your post was rude and unnecessary.
It was nicknamed ‘Nancy’s Subway’ because it was in her district. It was already funded for 100 million dollars.
I just now read it was stricken from the bill.
The original article I referenced had not been updated.
“The reason it was removed is because Democrats are using a procedure called budget reconciliation to advance the stimulus without the usual 60-vote threshold in the Senate required to move legislation forward. In general, only measures that affect the federal deficit are allowed in such bills. Senate Parliamentarian Elizabeth MacDonough ruled Tuesday that because the extension is the only recipient of a pilot grant program, it did not qualify.”
https://www.masstransitmag.com/rail/news/21212728/ca-how-a-bart-extension-became-nancy-pelosis-silicon-valley-subway
(3.) “And what is the debate?”—
It is my commentary on the topic of the 1.9 trillion dollar Covid relief bill posted on Straight Dope. Is there a debate? Hmmm.. I don't recall you calling for a debate.
(4.) “Title IV, Section 4001 of the bill (page 74 in the PDF).”
Thank you, I appreciate you the taking time and delving into the bill and providing me and the other readers the information.
(5.) “Who”—
Kerri Doe- Fictional person
However, its a shame that people like Kerri Doe and her family cannot recieve the same GENEROUS BENIFITS as the federal employees.
Is Kerri Doe and her family not as deserving as a federal employee?
The money going to people will pretty much get spent at a high rate. This will help the economy. Money used to buy goods almost always has a cascading effect to help the economy.
The money used to keep small businesses going will keep people employed and be spent in ways that will help the economy.
Some of the money will somehow be sucked away by parasitic corporations and dispersed as dividends or worse yet bonuses. That is largely a waste. But some will go into help large corps will new tech. That has a good chance of paying long term dividends for the economy.
(6.) “Where”
As I previously stated I haven’t finished reading the bill and when I do I’ll update. Or if the Medicare and SS cuts are as big as mentioned by McCarthy it will be on the the news that lies and only has opinions and talking points that are not true facts.
If you’re referring to Fuckstain McCarthy, then I’m not about to apologize for that. If it turns out he’s a poster here, I’ll stop insulting him as that would be against the rules. Until that time, that’s one of the nicer things I have to say about an asshole who claims I bear some responsibility for the storming of the capitol on Jan. 6th. You should hear the names I have for McConnell.
Yes, if… several more equivalently-sized bills are passed to tackle infrastructure, climate change, job training, and the various other crises the U.S. is facing. We’re decades behind in problem solving because of the Republicans. We need to act big and act now.
BTW, why in the world would anybody cite an ideological rant to the cameras by Kevin McCarthy as meaningful? He’s a Republican denouncing a Democratic bill. Do you honestly think him capable of objective analysis? His sole purpose is to issue giant lies to be endlessly repeated on Fox News. All politicians are not despicable. However, all Republican politicians are. Believing otherwise will always get you the wrong answer.
I am hoping for a short term economic boom starting later in the year and that it will help people realize the benefits of consumer side economics. The population in general seems primed to do this. Lots of hoping needed, one big unexpected problem could also sink us.
No it wasn’t in her district.
Her district has BART already. This is an extension - funded by measures passed by the taxpayers, including me, that extends BART to San Jose - which is not in Pelosi’s district. The ridership of BART, like that of other mass transit districts, is way down due to the Pandemic, so some relief is not such a bad thing. The money in the deleted section is tiny compared to the cost of the extension - which will relieve traffic and reduce pollution, once things get back to normal.
Your sources basically lied to you.
As for the family leave, gee, the Federal government did it for its employees. Do you want it to force other employers to do it also? (Not a bad idea, done in Europe.) In fact my son-in-laws travel company is just putting a similar program into place, just in time for my next grandchild.
I agree that the stimulus, may not help too much. I think the stimulus will be saved by many people. yeah some will be spent but by people who already have jobs but are worried about the future it’ll be saved instead.
I personally think a legitimate infrastructure bill is a better way to decrease unemployment, grow the economy and make the US more business friendly.
a) It’s not a stimulus, it’s a relief bill. Biden has been very careful to call it that repeatedly. Admittedly, many idiots in the media are talking about stimulus checks, but the slightest bit of research would explain why they’re wrong.
b) Some people will save the money, many more will spend it. That’s exactly what should happen.
c) The bill is not designed to decrease unemployment but to mitigate the effects of current unemployment and underemployment.
d) As I said above, many additional bills need to be passed, but that’s not a reason to criticize this bill for not being something it was never intended to be.
This bill will save many people from desperate situations. That will translate into votes. They will remember who gave them real help instead of promises.
I wonder if together with Unemployment Insurance bonuses it will almost be a trial run for universal basic income.
Unless the increase in production of goods, services, and houses matches the increase in money supply and velocity I don’t see how this won’t just be inflationary. I suppose that is good for those who owe in US dollars, the stock market, and house owners and bad for those who save cash.
Yeah, so?
But can you see how it helps those is desperate need?
There is almost certainly going to be a massive increase in the consumption (and thus production) of services as people go back to restaurants and the like, and an increase in the consumption of goods as people go to malls and buy clothes again. And an increase in production and consumption as people get hired again.
The Fed expects a short jump in the inflation rate, but nothing long term. We’ve been under the desired inflation rate for years now. A lot of that comes from ending the pandemic - the relief just lets the poor have a break. Horrible, I know.