The White House on Tuesday punted again on a promised package to goose the economy amid the COVID-19 epidemic.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1296178
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1296178
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Words Of The Day
"“That was news to everyone on the inside.”
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We can expect this plan around the same time we get the Obamacare replacement plan.
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There was ample warning and time to get ready. One of the first things these geniuses did was eliminate any pandemic readiness staffing. Because Obama.
I was going to say he doesn’t even have a dog that he can claim ate his economic plan. But every R in his orbit has volunteered to be his lap dog.
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Of course the White House is in disarray. Putin and MBS are in a Price war over Oil. For Trump to agree to anything, both of his puppet masters have to agree, and Putin and MBS are not currently talking.
So expect some White House response when the oil price war has a truce.
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Photo by OLIVIER DOULIERY/AFP
gonna be reassigned after the photo of the bald spot
this may be where a basic level understanding of the design of our government would be handy, legislation dealing with revenue begins in the House, my understanding was the Senate repubes were called for the discussion
The Origination Clause, sometimes called the Revenue Clause, is Article I, Section 7, Clause 1 of the United States Constitution. This clause says that all bills for raising revenue must start in the House of Representatives
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Anybody taking bets on how long before Trump decides that governin’ is hard and goes to play golf in Florida, leaving Pence or some other idiot behind to spin the bullshit? I am betting next weekend.
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they wouldn’t be teaming to kill off American oil production through fracking now would they? already unprofitable, this may kill it off
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" According to The Washington Post, Trump pitched Republican legislators Tuesday on a payroll tax holiday through the end of the year, among other things — a point that Kudlow reiterated at the press conference Tuesday. But there’s no indication the measure has the support in needs to pass Congress."
Of course not, and never should. Absolutely. Fucking. Not. Trump and the GOP should get ZERO relief from the mess this is causing and that they have caused by defending this incompetent, self-absorbed fucking tool. NONE. NOTHING. ZIP. ZILCH. NADA!!! NO bargaining with terrorists and no allowing incompetent, self-absorbed assholes to demand an extra scoop as their ransom for doing the right thing. NO SCOOP FOR YOU.
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How many are surprised that the TAX CUTS to fight a global pandemic plan did not fly?
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But but but, Faux News says he did make proposals and that it magicked up the DOW!!!
Note how the article doesn’t mention or describe these alleged proposals?
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Um, don’t payroll taxes fund Social Security and Medicare?! And he wants to make a payroll tax cut PERMANENT?! He already said he plans to cut SS and Medicare, this is an underhanded shortcut…
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“We are working out details right now, so I don’t want to quote any numbers ahead of time,” White House economic adviser Larry Kudlow said at a press conference Tuesday. “You know, you make a proposal, we are checking with the leaders of both parties in both houses to see what is doable and where the tough nuts are going to be.”
So not reassuring. So wandering in the wilderness sort of plan.
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You see a lot of resource curse places impacted by the collapse in oil prices. Alberta, Canada, literally no longer has a budget because it assumed shale oil would remain profitable. North Dakota? Well, fucked. Even Kern County in California, which has seen its fracking business imperiled is now counting on a $3 billion infusion in military funds to fight the “war of the future”. Of course, the war of the future may be fought with sticks and rocks at this rate.
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You can hardly blame the saps at the White House. They just found out yesterday there was supposed to be an economic package.
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Putin wants to kill off fracking (which is not going to happen, it will just drive the independant producers into the arms of the majors, who will wait for prices to go up, treat it as unextracted reserves). MBS wants higher prices, but wants Russia to take it’s fair share of production cuts. Putin thinks as a raising military power, he can call the shots. MBS took a major shot across his bow…
Will be interesting to see where it ends. The saudi’s have production costs of about $3/barrel, Russia’s on shore costs are about $20/barrel, but their arctic costs are much higher.
Russia will blink first…
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A “payroll tax holiday” means no Social Security taxes, from the employee or the employer, being paid into SSA. This will be the rationale for cutting Social Security next year and for years to come.
Stop calling it a “payroll tax” and use the words Americans understand.
ETA: I see @murgatroid beat me to it!
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I have never seen a press conference with so little information actually offered, with so many overly dramatized stern looks, with nothing but horseshit rhetoric and flimflammery passing itself off for being on top of things in an national emergency. What a waste of everyone’s time. These people are like a big black hole where any light is instantly absorbed. The conceit that they’re actually doing anything about this crisis is belied by the fact that most reporting shows just the opposite. You just know even before they begin that most of what they’re going to say is complete bullshit. Not one scientist or public health expert spoke. Pence thinks he’s an expert now apparently but can’t answer a simple question.
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Some think that Putin’s real target are the US fracking companies. OPEC is maintaining the prices high enough that those can operate on profit, meanwhile Russia has lost market share. Putin knows that the US companies are heavily indebted so unless Trump decides to bail them out, it won’t be long before they go out of business.
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