Trump wants to send Americans $1,000 checks to cushion virus economic shock

By Alexandra Alper and Steve Holland

 

U.S. President Donald Trump addresses the the daily coronavirus (COVID-19) briefing as Vice President Mike Pence and Ambassador Debbie Birx, the White House coronavirus response coordinator, look on at the White House in Washington, U.S., March 17, 2020. REUTERS/Jonathan Ernst

 

WASHINGTON (Reuters) - U.S. President Donald Trump announced a plan on Tuesday to send money to Americans immediately to ease the economic shock from the coronavirus crisis and said military-style hospitals will likely be deployed to virus hot zones to care for patients.

 

Treasury Secretary Steven Mnuchin, appearing with Trump in the White House press briefing room, said he was talking with congressional leaders on a plan to send checks immediately to displaced Americans. Trump said some people should get $1,000.

 

Scrambling to get a grip on an unpredictable virus that has disrupted Americans in all walks of life, Trump predicted the economic challenge will be tough short term but that the economy will eventually rebound.

 

"We're going to win and I think we're going to win faster than people think, I hope," said Trump, surrounded by top advisers on the coronavirus crisis.

 

Vice President Mike Pence said the government was urging construction companies to donate N95 face masks to local hospitals and not purchase any more to help doctors.

 

U.S. Treasury Secretary Steven Mnuchin on Tuesday said as part of a stimulus package being mulled in congress is cutting physical checks for the American public to inject money into the economy 'now'.

 

Pence said the Army Corps of Engineers can deploy field hospitals quickly to help handle the influx of virus patients. Trump said he was looking at sites where they might be needed.

 

Trump on Monday urged Americans to work diligently for 15 days to try to slow the spread of the virus by avoiding crowds and staying home for the most part.

 

"We're asking our older generation to stay in their homes. ... We're asking the younger generation to stop going out," said Trump coronavirus adviser Deborah Birx.

 

The abrupt slowdown has staggered the U.S. airline industry and other economic sectors and has left an increasing number of Americans unemployed.

 

With markets gyrating and mostly on a downward trend, Mnuchin said the U.S. stock markets should remain open to assure Americans that they can access their money.

 

"Everybody wants to keep it open. We may get to a point where we shorten the hours, if that's something they need to do, but Americans should know that we are going to do everything that they have access to their money at their banks, to the money in their 401(k)s, and to the money in stocks," Mnuchin said.

 

Trump urged Americans not to travel and said he had not ruled out travel restrictions to parts of the country. He said Americans just "enjoy their living room."

 

(Reporting by Alexandra Alper, Steve Holland, Lisa Lambert, Doina Chiacu, Susan Heavey and Tim Ahmann; Editing by Chizu Nomiyama and Lisa Shumaker)

 

-- © Copyright Reuters 2020-03-18

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Sounded in the briefing that he wanted to give more, bigly more and immediately. A figure of $1 Trillion was more than mentioned in passing. Steve Mnuchin has been tasked with devising a method of payment.

The greatest general election ploy you could have. Put money into people's pockets .... and the Treasury pays for it all. Top that Biden!

Thank You Andrew Yang! He implored both Bernie and Biden to get in front of this. Too bad Bernie and Biden demurred. I expect this will morph into $1,000/mo for each American adult resident for the duration of this emergency. This is what Americans need. Forget about the major corporations. They can always print more stock and dilute shares to raise money or have bond holders take out stock holders in bankruptcy. The planes and airports won't cease to exist. So what if the operator goes under?

 

 

 

 

 

 

 

Edited March 17, 20206 yr by lannarebirth

Trump will drive up the debt the most of all presidents. Republicans always do this. This time luck isn't on their side.

 

https://www.usdebtclock.org/

Some keen thinkers have predicted that this world economy (based on credit, free money for all, 0% interest rates) will eventually have to be backed by "Helicopter-Money" to prevent eventual collapse. All those "zombie-companies" that could not re-finance at "regular" interest rates.
But now, the "Virus" has put this process into "fast foreward".

 

The age of "Helicopter-Money" has arrived.

 

Trump has morphed into Bernie Sanders. Mnuchin looked horrified. Compare to the UK where Boris is loaning £300 Billion to those in need.

AOC has criticized Trump for providing $1000 support to Americans, seemingly ignoring her own $93 trillion Green New Deal. Hypocrisy unchained.

As always its easy to spend what is not yours .....

5 minutes ago, champers said:

Trump has morphed into Bernie Sanders. Mnuchin looked horrified. Compare to the UK where Boris is loaning £300 Billion to those in need.

Helping citizens with their own money is exactly the right thing to do. Helping companies a waste of time. There are other processes tokeep companies alive. Liquidate shares and give it to the bondholders. The government totally unnecessary to the process.

20 minutes ago, swissie said:

Some keen thinkers have predicted that this world economy (based on credit, free money for all, 0% interest rates) will eventually have to be backed by "Helicopter-Money" to prevent eventual collapse. All those "zombie-companies" that could not re-finance at "regular" interest rates.
But now, the "Virus" has put this process into "fast foreward".

 

The age of "Helicopter-Money" has arrived.

Google "Helicopter Ben" Bernacke. ex-Federal Reserve Chairman.

1 hour ago, lannarebirth said:

Thank You Andrew Yang! He implored both Bernie and Biden to get in front of this. Too bad Bernie and Biden demurred. I expect this will morph into $1,000/mo for each American adult resident for the duration of this emergency. This is what Americans need. Forget about the major corporations. They can always print more stock and dilute shares to raise money or have bond holders take out stock holders in bankruptcy. The planes and airports won't cease to exist. So what if the operator goes under?

 

 

 

 

 

 

 

Why exactly would you give money to people who still have their full time jobs. Obviously you want the cash to go to those who need it most: the unemployed and the underemployed $1000 per month is not going to keep the unemployed afloat.

1 hour ago, TooBigToFit said:

Trump will drive up the debt the most of all presidents. Republicans always do this. This time luck isn't on their side.

 

https://www.usdebtclock.org/

Don’t worry, it’s only socialism if a democrat does it...

I'll take a thousand bucks as long as taxes don't go up. I live in the USA so don't really care if the Dollar takes a nose dive. My Husband has a large investment in Sterling so all the better actually. 

 

$1,000 should pay the toilet paper and canned good bills.

4 minutes ago, bristolboy said:

Why exactly would you give money to people who still have their full time jobs. Obviously you want the cash to go to those who need it most: the unemployed and the underemployed $1000 per month is not going to keep the unemployed afloat.

 

It costs far less to just give it to everyone rather than means test, let alone the time means testing would take up, people need it now not in 6 mths ... 

Edited March 17, 20206 yr by englishoak

1 minute ago, englishoak said:

 

It costs far less you just give it to everyone rather than  means test, let alone the time means testing would take up, people need it now not in 6 mths ... 

 

It is stimulus. What will happen if you give $1,000 away is it will just find it's rightful owner. Should help with iPhone sales...

5 minutes ago, bristolboy said:

Why exactly would you give money to people who still have their full time jobs. Obviously you want the cash to go to those who need it most: the unemployed and the underemployed $1000 per month is not going to keep the unemployed afloat.

To stimulate demand. There's no demand if everyone's broke, can't pay their bills, let alone anything else. Much easier and cheaper to administer if given to everbody and removes stigma of having received it. I like programs that are universal and don't pick perceived winners and losers.

1 minute ago, Cryingdick said:

 

It is stimulus. What will happen if you give $1,000 away is it will just find it's rightful owner. Should help with iPhone sales...

 

I expect easily 50% will use it to help them now for necessities and food, bills etc just to get by not iphones.... people will need far more than $1000 by the time this is over. 

Cool! Now EVERY American can own a gun! Yee Haa!

public finances Trump is happy to 'promise'. but when is he going to pay back those debts he owes to the common man now that he can afford to?

the 'American Dream' that is Trump. Get rich off the poor, make the poor poorer. how the <deleted> did you guys vote for him?

4 minutes ago, englishoak said:

 

I expect easily 50% will use it to help them now for necessities and food, bills etc just to get by not iphones.... people will need far more than $1000 by the time this is over. 

 

That's how it is supposed to work. Any money given away will only touch the hands of those it is given to for a very short time. 

6 minutes ago, lannarebirth said:

To stimulate demand. There's no demand if everyone's broke, can't pay their bills, let alone anything else. Much easier and cheaper to administer if given to everbody and removes stigma of having received it. I like programs that are universal and don't pick perceived winners and losers.

Even if they're less effective and millions of people go under? Do you understand that the bottom 50% of Americans have virtually no savings? That they live paycheck to paycheck? That unless they are covered by Obamacare through Medicaid, they are not going to be able to afford health care?

4 minutes ago, PatOngo said:

Cool! Now EVERY American can own a gun! Yee Haa!

 

To be a properly kitted out AR 15 with all the bells and whistles would be hard to find for that let alone a military surplus sized box of ammo to go with it.

7 minutes ago, Cryingdick said:

 

It is stimulus. What will happen if you give $1,000 away is it will just find it's rightful owner. Should help with iPhone sales...

Anheuser-Bush, Coors etc will have to crank up their output in a hurry.

4 minutes ago, jastheace said:

public finances Trump is happy to 'promise'. but when is he going to pay back those debts he owes to the common man now that he can afford to?

the 'American Dream' that is Trump. Get rich off the poor, make the poor poorer. how the <deleted> did you guys vote for him?

Why wouldn't you give the public back some of the public finances when they have an emergency?

7 minutes ago, englishoak said:

 

I expect easily 50% will use it to help them now for necessities and food, bills etc just to get by not iphones.... people will need far more than $1000 by the time this is over. 

 

Have you ever seen the phones people making minimum wage have? My friend who is always almost about to be thrown out on the street will probably go buy weed.

How can I apply for US citizenship?

1 minute ago, bristolboy said:

Even if they're less effective and millions of people go under? Do you understand that the bottom 50% of Americans have virtually no savings? That they live paycheck to paycheck? That unless they are covered by Obamacare through Medicaid, they are not going to be able to afford health care?

I understand that very well, that's why I want them to receive these funds. Middle income people have mortgages too you know. 94% of new jobs in the past 10 years have been gig, part time or contract. No severance, no medical, no security at all. I'm happy these people aren't going to become homeless. I'm happy the homeless will receive funds. Maybe it will change their lives. Maybe it's a turning point for America and they regain their humanity which has been lost. Maybe people will realize we can eradicate poverty. Who knows?

20 minutes ago, Cryingdick said:

I'll take a thousand bucks as long as taxes don't go up. I live in the USA so don't really care if the Dollar takes a nose dive. My Husband has a large investment in Sterling so all the better actually. 

 

$1,000 should pay the toilet paper and canned good bills.

Essentially it becomes a loan against future tax increases...there is no free ride. Now if they say "we are cutting programs X,Y,and Z to finance it" Ok...but as it stands either you will pay it back with interest in a future tax bill - or- it will add to deficit and and you will pay it back with extended low rates on savings.

5 minutes ago, lannarebirth said:

Why wouldn't you give the public back some of the public finances when they have an emergency?

it's not his money. many honest joes went to the wall 'cos of that guy. when luck went his way he still sticks two fingers up at those he owes to. he'll give public money yes, but AFAIC he has enough capital to pay back his own past debts now. he is the epidemy of the American dream. look after number 1 and fek the rest o'yous.

Hopefully they limit this to Americans living in the USA. If it is to provide stimulus to the USA economy doesn't make sense to give it to expats.