McConnell and Trump are now both willing to consider a fourth emergency stimulus package.
U.S. Senate Republican Senate Majority leader Mitch McConnell after weeks of insisting that he and the President would not support a fourth emergency coronavirus bill reversed on Thursday. Another stimulus package to deal with the impact of the coronavirus was "not too far off." McConnell told Fox News Channel in an interview…
"I think there is a high likelihood we will do another rescue package."
"But we need to be able to measure the impact of what we've already done, what we did right, what we did wrong ... We're not quite ready to intelligently lay down the next step, but it's not too far off."
The effect of the first three emergency stimulus packages has been a disaster with economists and labor experts saying the reported 38 million unemployed is really closer to 50 million and on its way to 60 million even while many states are re-opening.
Senate Majority Leader Mitch McConnell has tried to pull off the bluff of a lifetime insisting that nothing would pass unless Congress passes absolute protections for companies from coronavirus lawsuits by their employees. He also insisted not to fund the budgetary holes in state and local governments who have lost an estimated $500 billion in tax revenues because of the pandemic.
If President Trump and the GOP were to refuse to cover the $500 billion in the state's shortfall in revenues, over 1 million state and local employees, including huge numbers of front line workers, teachers, and other essential government workers would be added to the ranks of the unemployed. This could safely be multiplied by 7 to another 7 million layoffs that would guarantee 60 million unemployed officially by Election Day, November 3, 2020.
Trump and the GOP are more focused on fake scandals and phony cover-ups for the most corrupt administration since the Harding Tea-Pot dome days in Washington than on solving the mind-boggling skyrocketing unemployment.
Assuming as of 2019, the U.S. Census Bureau counted about 83.48 million families in the United States. The average family consisted of 3.14 persons in 2019, down from 3.7 in the 1960s. This means that if 60 million are unemployed, that impact is easily going to hurt 188.4 million people in the United States out of the 330 million.
Congressional Democrats are trying to offer a compromise on employer and business owner’s liability. Still, a total exemption isn’t going to happen unless the U.S. government assumes those liabilities.
The Democrats are in a position of wanting to re-open American business safely and not with the recklessness abandon Trump has initiated by abandoning all the safety steps required. In recent polls, 86% of American’s agree opening the country safely is the number one priority.
McConnell, to get a deal on a fourth rescue package, is likely going to have to agree to a…
- $3 Trillion in bridge, road, and infrastructure repairs and new construction
- Extending unemployment insurance and the $600 premium for 99 weeks
- $2,000 a month payments to all Americans 18 years or older through the end of the year.
- $500 Billion in aid to the States
- $500 Billion for the second round of payroll support to head off employee layoffs.
- Expansion of eligibility for Medicare and Medicaid
- $25 Billion to insure mail-in voting
- Expansion of SNAP – food stamp program tied to a bigger farmer bailout program
The failure of Senate Majority Leader Mitch McConnell and President Trump to get this fourth stimulus package done by the end of June will result in Wall Street Rebel’s opinion in a Democratic Tsunami. That could hand a 60 seat majority in the U.S. Senate and a 22 seat expansion of their majority in the House of Representatives besides winning the White House.