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The Next Coronavirus Stimulus Bill Is Here. It's a $3 Trillion Spending Plan

Discussion in 'News & Current Events' started by KenH, May 12, 2020.

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  1. KenH

    KenH Well-Known Member

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    “McConnell has also expressed worry over the mounting levels of debt. "We now have a debt the size of our economy," McConnell said Monday. "We have to take a pause here and take a look at what we've done."

    Republicans have mostly abandoned fiscal conservatism since President Donald Trump took office, but the prospect of borrowing another $3 trillion right now might get those embers burning again.”

    https://reason.com/2020/05/12/the-next-coronavirus-stimulus-bill-is-here-its-a-3-trillion-spending-plan-that-bails-out-states-and-the-post-office
     
    #1 KenH, May 12, 2020
  2. InTheLight

    InTheLight Well-Known Member
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    "Some day soon there will be a reckoning for all this deficit spending" -- said almost every Republican for the past 60 years.

    Meanwhile, inflation is non-existent, oil prices are at 40 year lows, mortgage rates are at 50 year lows, business loan interest rates are at rock bottom, stock market just spent 2018 and 2019 setting records, etc. etc.

    But we're going to pay someday...
     
    #2 InTheLight, May 12, 2020
  3. Wingman68

    Wingman68 Well-Known Member
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    I would hope the Senate rejects it. The unemployment portion provides more than people were making through Jan. of next year. I know an air conditioner guy who was making 600 wk, now bringing home 900, plus the cash they already threw out to everybody. No one will want to go to work to make less. Plus the dems are trying to buy votes, they pass this in the House, & when the Senate does the right thing (if), then they blame the Repubs from here to Nov.
     
    #3 Wingman68, May 12, 2020
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  4. carpro

    carpro Well-Known Member
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    And the price of food had it's biggest increase in 46 years.

    How about double digit inflation in a couple of years?
     
    #4 carpro, May 12, 2020
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  5. carpro

    carpro Well-Known Member
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    The vast majority of it is a bailout for blue states.
     
    #5 carpro, May 12, 2020
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  6. InTheLight

    InTheLight Well-Known Member
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    Food prices are up because of spot shortages in certain commodities because of hoarding.

    Double digits inflation was supposed to happen in 2010 after Obama's stimulus bill. Then in 2011, 2012, 2013, 2014, 2015, etc. Never happened.

    Sent from my Pixel 2 XL using Tapatalk
     
    #6 InTheLight, May 12, 2020
  7. carpro

    carpro Well-Known Member
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    Doesn't mean it can't or won't. Print enough money and it will, sooner or later.
     
    #7 carpro, May 12, 2020
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  8. Reynolds

    Reynolds Well-Known Member
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    We will pay someday. Imagine Clinton and Gingrich had a budget surplus.
     
    #8 Reynolds, May 12, 2020
  9. Reynolds

    Reynolds Well-Known Member
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    Lets just all quit working and let the government $2000 a week to be bums and see how long we sustain it.
     
    #9 Reynolds, May 12, 2020
  10. church mouse guy

    church mouse guy Well-Known Member
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    How many years?
     
    #10 church mouse guy, May 12, 2020
  11. Reynolds

    Reynolds Well-Known Member
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    I have no idea, but the day of reckoning will arrive.
     
    #11 Reynolds, May 12, 2020
  12. church mouse guy

    church mouse guy Well-Known Member
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    I never got the first. One guy in Indy killed the mailman because he hadn't gotten his check yet.
     
    #12 church mouse guy, May 12, 2020
  13. church mouse guy

    church mouse guy Well-Known Member
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    Sorry--I meant how many years did Clinton have a balanced budget? I don't remember.
     
    #13 church mouse guy, May 12, 2020
  14. Reynolds

    Reynolds Well-Known Member
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    1998-2001. Actually ran a surplus
     
    #14 Reynolds, May 12, 2020
  15. KenH

    KenH Well-Known Member

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    Yes, taking the budget as a whole using the surplus from Social Security in those years, but the national debt still increased each year. One year it almost didn’t increase but didn’t quite make it.
     
    #15 KenH, May 12, 2020
  16. Adonia

    Adonia Well-Known Member
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    According to what I have heard, that will add up to 4 grand a month for my household. I can quit my job and get along nicely on that. Of course, my grandkids will have to pay the piper at some point.
     
    #16 Adonia, May 12, 2020
  17. KenH

    KenH Well-Known Member

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    The whole idea is insane.
     
    #17 KenH, May 12, 2020
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  18. Salty

    Salty 20,000 Posts Club
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    Margaret Thatcher once said that
    "The trouble with Socialism is that eventually you run out of other people's money."

    Although the quote has been simplified a bit, it does essentially reflect a statement made by Margaret Thatcher during an interview with journalist Llew Gardner for Thames Television’s This Week program on 5 February 1976 (a year after Mrs. Thatcher won the leadership of the opposition Conservative Party, and three years before she became prime minister). In response to a series of questions by Mr. Gardner about the timing of Conservative plans to bring down the majority Labour Party in Parliament, Mrs. Thatcher said:

    Q: There are those nasty critics, of course, who suggest that you don’t really want to bring [the Labour Party] down at the moment. Life is a bit too difficult in the country, and that … leave them to sort the mess out and then come in with the attack later … say next year.

    A: I would much prefer to bring them down as soon as possible. I think they’ve made the biggest financial mess that any government’s ever made in this country for a very long time, and Socialist governments traditionally do make a financial mess. They always run out of other people’s money. It’s quite a characteristic of them. They then start to nationalise everything, and people just do not like more and more nationalisation, and they’re now trying to control everything by other means. They’re progressively reducing the choice available to ordinary people.
     
    #18 Salty, May 12, 2020
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  19. InTheLight

    InTheLight Well-Known Member
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    That's what we've been told for 60 years. Since it hasn't actually happened, why do we cling to the notion that it will happen?
     
    #19 InTheLight, May 12, 2020
  20. KenH

    KenH Well-Known Member

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    It did happen in the 60s into the 80s, just 40 years ago.
     
    #20 KenH, May 12, 2020
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