On Tuesday, U.S. Treasury Secretary Steve Mnuchin said that the Trump administration plans to send money to Americans immediately. The cash injection could provide support to Americans who have seen dramatic income declines due to the coronavirus COVID-19 pandemic.
Some good news – in the form of money – may be coming to Americans soon… Americans need cash now,” Mnuchin said, indicating checks could come in the next two weeks.
The announcement follows much discussion over how the government could act to help shore up American workers’ bank balances now, with so many businesses temporarily closed or operating at reduced capacities.
Details on how big the checks the Trump administration hopes to deploy have not been disclosed. Of course, any plans would need a green light from Congress. “The basic idea of getting money into the economy very quickly is a good idea,” said Leonard Burman, institute fellow at the Urban Institute, a non-partisan think tank, and co-founder of the Tax Policy Center.
Whether and how the extra income is taxed will also depend on the terms of the program. Burman said he thinks making that extra income subject to income taxes is a smart move. That way, he said, it would put a greater burden on high earners to pay more of it back. It would also increase state income tax bases that will be hurt in a recession.
One thing to remember about a universal plan to pay all Americans is that it is not based on financial need. “It’s going to be too much for some of them and not enough for others,” Burman said.
MacDailyNews Take: Those who need it, need it. Those who don’t should consider donating to a charity such as a local food bank to help those in need during the COVID-19 pandemic. Of course, some will spend it on a new MacBook Air (working from home), a new Mac mini, a new iPad Pro, or other Apple products which helps Apple employees and Apple suppliers.
See also: Trump Administration aims to send $2,000 to many Americans in coronavirus stimulus — March 18, 2020, 3:07pm EDT
More info on the Prevention & Treatment of Coronavirus Disease 2019 (COVID-19) via the U.S. CDC is here. Track the Coronavirus COVID-19 Global Cases by the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University (JHU) here.
Can I donate it to the Democratic candidate?
Sure, if you want to waste it instead of helping others with it.
It would be an act of patriotism.
Or you could just light it on fire. It’d accomplish the same result.
Nah, the candidate would spend it.
Do you speak for both of you?
You can’t argue with a Democrat, they know what’s best for you. Stay home shut up and give all your money to greedy Democrats.
My husband is a disabled Vietnam Vietnam marine vet? We have an application in for me to become his caregiver as I have to do everything for him? Who can we get to make this happen? We are in a financial bind and selling anything we have ? What do we do?
I don’t know other than to tell you that a country that supports Citizens United over you may need some socialism.
I’ll donate a good chunk of it to Apple when they announce the iPhone SE 2.
Keep waiting! I got a nice pipeline.
BUT SOCIALISM!
It’s “big league,” moron. And look up “socialism” since you don’t understand that either.
and neither do you
Big leagues ended their seasons after slow don finally realized the virus is a serious matter.
Socialism: a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
Explain to us all how federal debt spending, including direct loans or gifts to companies and citizens, is not a socialist act
Explanation: such payments leave ownership and control of the means of production in private hands, hence not socialism.
What do you call it when the Fed buys corporate bonds, and thus owns part of production?
well said, socialism within reason is communities pooling their resources to accomplish what nobody alone could do. problem is somebody has to organize group efforts, which means overhead. capitalism, also within reason, uses natural human greed to seek profits. problem is, it takes just as much overhead and capitalists are not democratically elected. when they acquire huge wealth, they buy lobbyists to benefit themselves at the expense of all others. either model in the extremes fails
somewhere in the middle is a decent balance. the inequality in the usa, and the pants-down approach to long term stuff like pollution or widespread societal problems like pandemics, shows that extreme libertarianism isn’t a good goal. every libertarian is a boiling frog
i like the german model. capitalists have enormous power but labor and local communities have seats on the board too. total transparency.
Funny thing is the gov’t is saying, plenty of food, dont panic buy. Just went into the local supermarket. No milk, bread, eggs. So where is the resupply? WTF? And this is why people panic and hoard.
Here’s a concept (novel to you, it seems): Your single anecdotal, isolated, local experience doesn’t translate countrywide.
Bullshit. I live in L.A. It is everywhere, wake up idiot.
If you are among those who have declared “he’s not MY president!” you are required to send the money back.
Thank you Mr. Putin.
Haha! Good one!
Oh, the democrats would never do that. They live for spending other people’s money.
So does your orange hero. Spin that, political troll: Trump wants the government to take an equity stake in companies to bail them out. I.E., Direct socialism.
https://www.reuters.com/article/us-health-coronavirus-usa-companies/trump-says-he-would-support-government-taking-stake-in-certain-companies-idUSKBN21634I
Better cash it fast because it will bounce…..
Will the survivalist righties on their compounds also pull up the drawbridges and demonstrate how capable they are living lives of rugged individualism, all sustainably produced inside their castle walls? Don’t need devalued federal folding money hot off the press to live in complete freedom, right boyz?
When the bailouts go full force, it’ll be BOTH the D’s and R’s that are spending other people’s $$.
Boeing is a prime example. The company’s leadership spent a lot of their stockholders $$ by purchasing stock buy backs. Whoopsie…it looks now like that was money not well spent as default is likely. Nonetheless, the govt will stilt them up with the public’s (serfs-r-Us) tax money, while Boeing’s leadership retains their gains at the expense of the public.
I’m sure more examples will emerge as the perfect storm (virus_econ weakness) devolves.
This is a long-term structural matter…hardly a R/D specific issue.
Jan. 22: “We have it totally under control.”
Feb. 6: “I had a long talk with President Xi — for the people in this room — two nights ago, and he feels very confident. He feels that, again as I mentioned, by April or during the month of April, the heat, generally speaking, kills this kind of virus.”
Feb. 10: “I think the virus is going to be — it’s going to be fine.”
Feb. 26: Announcement that Mike Pence, HIV expert, will lead a coronavirus task force. Trump also spoke of how much funding his administration is seeking and confirmed he is asking for $2.5 billion, adding, “We think that’s a lot.”
Feb. 26: ”We have only 15 cases, that will soon be zero. It’s going away. And no one has died.“ [There were actually 61 cases in the USA at that time, and the first US citizen died on Feb. 6.]
Feb. 26: “The flu, in our country, kills from 25,000 people to 69,000 people a year.”
Feb. 26: “If you can count on the reports coming out of China, that spread has gone down quite a bit. As opposed to getting larger, it’s actually gotten smaller.”
Feb. 28: “I think it’s really going well.”
March 6: “We did an interview on Fox last night, a town hall. I think it was very good. And I said, ‘Calm. You have to be calm. It’ll go away.’ ”
March 7: “It came out of China, and we heard about it. And made a good move: We closed it down; we stopped it.”
March 9: “The Fake News Media and their partner, the Democrat Party, is doing everything within its semi-considerable power (it used to be greater!) to inflame the CoronaVirus situation, far beyond what the facts would warrant.”
March 10: “And it hit the world. And we’re prepared, and we’re doing a great job with it. And it will go away. Just stay calm. It will go away.”
March 13: “I don’t take responsibility at all!”
March 18: All 50 states have reported cases, over 7000 to date. 110 Americans have died. Administration experts report serious concerns about medical supplies and estimate it may be up to 18 months before vaccines will have the outbreak under control.
Yes, this is how pandemics work. Doesn’t matter who is in charge. Just look at the over 150 affected countries/ areas. At least you won’t get locked inside your own house like what happened (is still happening) in Wuhan. What do you propose “the government” should have done better?
Mike states facts. this administration was in denial for months. Korea and Taiwan ramped up much faster. had doncon coordinated earlier, there would be less panic now.
yes, obama handled prior pandemics better. you weren’t huddling in your home, watching your retirement savings burn, looking at a debt fueled $1T bailout for goddam corporations that blew their wads buying back their own stock to inflate the market and get their exec bonuses
And yet Canada and England didn’t do as much as we. Nor did Italy. How’s Iran doing?
Korea also didn’t have the media doing a mass panic, just as they didn’t when Obama was president. This is the main hysteria driving the markets as well as supermarkets.
I have equal criticism for those nations. In fact, I believe our Johnson is an equally dim bulb as your Orange Baboon.
But that’s not the subject of this discussion, Mr. Whatabout. If you think you’re great again as a nation, act like it.
Who the fuck are you to criticize anyone?
You are a constant barrage of half-truths, negativity and arrogance.
I really don’t need you sorry ass telling me how MY nation should act.
Plenty of other shithole places you can complain about, or move there for all I care.
Awesome TowerTone!
Yes, Mike is the chronic know it all better than our president who is doing an outstanding job.
PARTISAN STUPIDITY & BLINDNESS, nuff said…
Okay, fine. This administration was admirable in not even recognizing that a US citizen died of coronavirus for over 20 days, willfully misleading the people against the advice of their own pandemic experts for at least 2 months. You truly will stop at nothing to defend Orange Idiot, will you?
Here’s precisely what a leader does when a pandemic occurs:
1) Immediately releases a press statement saying what is known, what is not known, and what the administration will do to find out the answers.
2) Coordinate with experts around the world. Move resources immediately to global hotspots.
3) Publish helpful tips for citizens.
4) Establish nonpartisan funding plan to get vaccine work done as soon as possible.
5) As virus spreads, allow local authorities to take appropriate quarantine measures appropriate to their situation. Status people daily with maps and data showing what’s happening where.
6) Above all, reassure people to be calm and care for each other while observing wise precautions. Remind them often of the goal to “flatten the curve”. Or as an alternate viewpoint: https://images.spot.im/image/upload/q_70,fl_lossy,dpr_3,h_498,w_500,c_limit/v200/78cf759f0c90c66e5ca598c29c1545fb
This administration didn’t take any of the above actions until Italy was in full meltdown. He thought that canceling flights to Chyyyyna was the only thing he had to do. That’s pure ignorance on his part.
Doctor Tony said as much in his congressional testimony, if you want the facts.
Mike: Towertone doesn’t want facts. He wants to silence anyone who doesn’t agree with his biased opinion. Ignore him.
You just described Mike to a T. Good work…
What should the government do better? Are you serious? How about order medical supplies as soon as the pandemic is identified instead of lying to everyone that this was just another flu?????????
I applaud the president for wanting to send all American adults checks to help during this time. I still am uncertain about the way it is defined as all American adults. Is it just ones that work and file taxes or actually all? I know workers are hit hard by this, but so are people who recieve social security or SSI. We struggle every month. The checks don’t pay for everything we need and most can’t afford to pay for the needed things and do without many things. It takes over half my check each month to pay for my rent in public housing. The other goes to pay for medicines, necessities for the home and groceries. I only recieve $64 a month in SNAP benefits, which sure doesn’t buy many groceries. I can’t afford to pay for a car to even get to places that I need to go. I have to ask for rides from friends or neighbors. I can’t afford to buy things I want or new clothes that I need. I pray that the president and government can see the people who are on a fixed income need help too. Also, I don’t have any teeth, but don’t have dental coverage on Medicaid to get dentures. Don’t have vision coverage for glasses. Don’t have enough money left after paying bills to pay for these needs. Someone think of us and help us too.
2,000 dollars? With a 1099 form included no thanks….however July 15 might work out.
Please legally source a 1099 will accompany and be required to this American relief program.
Even if true, certainly everyone will receive government relief and a smaller portion will be returned. Big effing deal! We will ALL be better off, hello?
Thank you President Trump. Oh wait… Pelosi is muddying the waters struggling to remain relevant with her own Libtard Laden Bill to placate the radical left wing in her party to keep her seat. Act II after the colossal failure of FAKE impeachment.
AOC has Nancy on a short lease and this too shall pass. Clean up the crap 💩 on your streets in San Fran Nancy, get your own house in order before playing politics during a NATIONAL CRISIS.
Democrat despicable… 😡