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30. December 2020. 6:37 Pacific time.

$2,000 Checks for the Affluent

Senate minority leader Chuck Schumer.

Photo:

Michael Brochstein/Tsuma Press

Donald Trump

и

Chuck Schumer

continue to demand an extra $2,000 in unemployment benefits for political reasons, but it seems Senate Majority Leader Mitch McConnell was able to stop them with a smart political maneuver. He is also right about the merits of this policy.

Mr. McConnell.

linked the $2,000 checks to Mr. Trump’s other claims to remove liability protection for large technology companies and create a commission to investigate election fraud. Democrats do not like the last two provisions, so it is unlikely that a bill containing all three will be adopted by the Senate. This suggests that Democrats are simply using $2,000 cheques to help the Democratic candidates in next week’s Georgia Senate runoff.

Mr. Schumer wants the Senate to pass a bill passed by the House earlier this week with a check for $2000. The staff of the Senate Financial Committee looked at the details of the House’s bill and the Trump’s proposal, and it turned out that they were even worse than we thought, and that they were targeting rich Americans.

The House bill would increase 600 checks to $2,000 ($4,000 for ordinary taxpayers) and an additional $2,000 for every dependent person, regardless of age. Everyone said the House of Representatives bill would bring benefits of up to $350,000 a year to a family of five. This spending would add $463.8 billion to the national debt, on top of the $165.7 billion in checks issued by Congress this month. In other words: Democrats want to get future taxpayers even more under the control of today’s rich families.

Mr Trump’s proposal provides for a slight reduction in spending and leaves payments for children aged 18 and under at $600. But it would still benefit a family of five with an annual income of up to $266,000 and add $315.5 billion to the debt.

Mr. McConnell mentioned another fire hose of borrowed money to cover other people who are doing well. The bill, which has already been passed by Congress, focuses more on the unemployed and low-income people by providing more money, more food stamps, more childcare subsidies and more unemployment benefits.

Even some Keynesian economists who are not exactly part of the Democratic pool reject the $2,000 controls as poorly targeted and unnecessary, given the pace of economic recovery and the use of vaccines. The press loves the new Trump-Schumer apartment, but McConnell and Senate Republicans serve the country better this year and in the future.

Wonderland: Companies are fighting the extreme restrictions of Covid-19, especially in liberal states like New York and California. Images : Shutterstock/Reuters Composite : Mark Kelly

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Published in printed form on 31. December 2020.

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