With McConnell & Republicans stonewalling any settlement on passing a fiscal stimulus bill in Congress, the real economy continues to deteriorate (while 651 US billionaires increase their wealth by $1T since March and US stock markets reach daily record highs). The consequences of failure to pass a fiscal stimulus bill in Congress reaps daily ever-deepening hardships on real people–especially the 25m still unemployed (now rising weekly), the 11.4m renters unable to make payments, the 3.6m homeowners behind on the mortgages, the 35m students who soon will have to repay $777B in student loans in arrears, the more than 3.3m small businesses already permanently closed as of October, and the millions of workers who will have to start paying double payroll taxes come January. Despite the crisis, McConnell & Republicans refuse to budge off of their $500B offer unchanged since last June, as Democrats agree to reduce their $2.2T to the $908B ‘bipartisan’ Senate proposal (a second time they reduced proposals by $1T since August). What’s behind the refusal to negotiate by McConnell & Trumpublicans? Why no stimulus deal will mean a relapse into a double dip recession in January-March (predicted as well by Chase bank).
Listen to my two radio discussions on this last friday, December 11, 2020. The first in my hour long Alternative Visions radio show; the second a 15 min. short version interview with Critical Hour radio host, Wilmer Leon.
TO LISTEN GO TO:
https://alternativevisions.podbean.com/e/alternative-visions-economics-consequences-of-a-failed-stimulus-trump-s-plan-b/
https://drive.google.com/file/d/1FBlp7JhdTWauobJSIrt_wo–ZuRaTbDQ/view
Economic Consequences of Failing Stimulus–audio (2)
December 12, 2020 by jackrasmus
A tour de force. The policies being imposed upon the American people are de facto criminal economic sanctions. The kind of economic war typically reserved for places like Venezuela is now being launched against Main St., America.