GOOD NEWS Biden New Treasury Secretary Bigger Stimulus Package
Stimulus Update 11–24–20
Stimulus 11–24–20 GOOD NEWS Biden Treasury Secretary Package Disaster Relief Bill Stimulus bill Americans get Stimulus check, well there Second Stimulus check and the need for extended enhanced Unemployment Benefits.
We talked yesterday about how the price tag could be going down in regards to another stimulus package.
Fortunately, President-elect Joe Biden and his team have dismissed these rumors and are still on board with a wide-reaching Phase 4 disaster relief bill.
Biden spokesman Andrew Bates explained the rumors as “incorrect,” and also stated that Biden: “fully supports the Speaker and Leader in their negotiations.”
After meeting with Pelosi and Schumer last week, it seems like they can agree: “that package should include resources to fight the pandemic, relief for working families and small businesses, support for state and local governments trying to keep frontline workers on the payroll, expanded Unemployment Insurance, and affordable health care for millions of families.”
I’m happy to hear that Biden is on board with the other Democrats and hope that they can finally get that huge stimulus bill, something like the $3.4 trillion HEROES Act approved before the end of the year.
Meanwhile, a group of 127 leading economists has come together to write a letter to Congress, pleading with them to pass another stimulus package in the coming weeks.
Sponsored by the Economic Security Project, their letter states: “We urge policymakers to use all the tools at their disposal to revitalize the economy, including direct cash payments, which are one of the quickest, most equitable and most effective ways to get families and the economy back on track.”
The group also called another round of $1,200 stimulus checks an “essential tool” for keeping millions of Americans out of poverty.
They are also pushing for: “more aid including unemployment, state and local aid, more Supplemental Nutrition Assistance Program (SNAP) benefits and childcare funding.”
Usually, it’s just me and another economist telling Congress to pass another stimulus bill, but there’s no excuse this time, with over 125 financial experts demanding another disaster relief package soon.
Finally, Joe Biden recently announced his pick for Treasury Secretary, which ends Steven Mnuchin’s reign as the head of the Treasury.
Biden has selected Janet Yellen, a former Federal Reserve Chair, to lead the Treasury, which could mean great news for the approval of a massive stimulus package.
With experience in the Fed, financial experts predict Yellen and current Fed Chair Jerome Powell to work well together to maintain: “lower-for-longer interest rates with extended, expansionary government spending.”
Yellen has gone on the record recently explaining her thoughts on another stimulus package, explaining to Bloomberg: “While the pandemic is still seriously affecting the economy we need to continue extraordinary fiscal support, but even beyond that I think it will be necessary.”
She continued: “We can afford to have more debt, because interest rates will probably be low for many years to come.”
I completely agree with the new Treasury Secretary and hope that all governing bodies can work together to finally get us the stimulus funds we’ve been waiting on for months.
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