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We live in absolutely unprecedented times.
With almost every industry in shut-down mode, this feels worse to me than 2008 or 2001.
I don’t have an ecomonics degree, but it doesn’t take a genius to figure out that when all the businesses are closing, all sports have shut down, all travel is nearly shut down and even local bars and restaurants are shut down, we’re headed for economic disaster.
So many Americans live paycheck-to-paycheck or worse….live off credit.
Just one minor disruption in their normal routines like not working for two weeks or even one week is enough to push them into hard financial times.
President Trump and his Administration realize this and that’s why they announced today that they are looking to take historic and unprecedented swift financial action in a big, bold economic relief plan that they say will likely include mailing checks to Americans….effective immediately.
Take a look:
The Trump administration is working to send money directly to Americans in a bid to curb the economic fallout of the coronavirus crisis.“We’re looking at sending checks to Americans immediately,” Treasury Secretary Steven Mnuchin told reporters at the White House.
Mnuchin said the administration was looking at ways to provide the checks within the next two weeks.
He also said the administration will allow Americans to defer up to $1 million in payments to the Internal Revenue Service for 90 days.
Mnuchin said the IRS would not charge interest or penalties for the deferral. He said corporations could defer up to $10 million in IRS payments.
CNN’s John Harwood also asked President Donald Trump and Treasury Sec. Steve Mnuchin about the logistics of an economic stimulus idea that could give $1,000 checks to Americans, which is gaining some bipartisan support.
Mnuchin expressed some support for the idea and it would be discussed during his Capitol Hill meetings.
“I think it’s clear we don’t need to send people who make a million dollars a year checks. But we like — that’s one of the ideas we like. We’re going to preview that today and then we’ll be talking about details afterwards,” Mnuchin said.
Trump chimed in, saying, “I think we’re going to do something that gets money to them as quickly as possible. That may not be an accurate way of doing it because obviously some people shouldn’t be getting checks for $1000. But we’ll have a pretty good idea by the end of the day what we’re going to be doing.”
Watch Mnunchin announce it here:
And from Politico:
Treasury Secretary Steven Mnuchin said Tuesday that the Trump administration was considering offsetting the economic burden of the coronavirus pandemic by “immediately” cutting checks to Americans.
Mnuchin, speaking at a White House press conference, did not say how much money Americans could potentially expect to receive, and indicated that the administration could seek to exclude those who are well-off from receiving payments.
“We are looking at sending checks to Americans immediately,” Mnuchin told reporters. “Americans need cash now, and the president wants to get cash now — and I mean now in the next two weeks.”
Mnuchin indicated that the president’s preference for a payroll tax holiday — a six- to eight-month process — would take too long to put money into Americans’ pockets.
“The president has instructed me we have to do this now. So this is now,” Mnuchin said. “This is stuff that needs to be done now. The president has instructed me that this is no fault to American workers. For medical reasons, we are shutting down parts of this economy, and we are going to use all the tools we have.”
Governors across the country have closed restaurants, bars and other venues across their states as public health officials continue to encourage social distancing to prevent the spread of the virus. The White House released new guidelines Monday encouraging people not gather in groups larger than 10, work and take classes from home as much possible and avoid dining in bars, restaurants and food courts.
President Donald Trump discussed on a call with restaurant executives Tuesday morning the important role drive-thru and delivery options can play as Americans adjust to their new normal while the nation grapples with the global pandemic.