October 26, 2020
It’s costly to stay below full potential.
- Sheiner and others put together a report suggestion a “roughly” $2T stimulus would help accelerate the economic recover – but delay could spread out the pain for the better part of a decade.
- Republicans and Democrats remain apart on a potential economic stimulus package.
- Other stimulus packages have boosted unemployment benefits (with additional federal dollars added to state benefits) and small business loans and federal money for key industries like the airlines.
- Democrats passed a plan for $2.2 T in the House – Republicans attempted to pass a more targeted stimulus in the Senate for around $500B but were unable to garner the Democrat votes needed to pass it.
- Republicans and others are concerned about what the spending will do to America’s debt, future economic health.
- Democrats want the spending to flow towards get cities and states that Republicans argue had economic challenges before COVID-19.
- Why It Matters: Beyond the election, the clock is ticking on many of the federal efforts to help cushion the blow of the pandemic to the economy. Even if a deal is reached, the question becomes when the legislation can be written and effectively passed by both the House and the Senate.
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Here’s another article on the stakes: READ HERE
by Jenna Lee,