Thursday, July 30, 2020

"Enhanced Unemployment Insurance Provision Will Expire” on Friday

The battle is joined between Democrats and Republicans as to how much money should be spent by the federal government in the next phase of the COVID-19 bailout.

The Republicans have a $1 trillion crony proposal on the table. The Democratic House has passed a $3 trillion crony package.

Jake Sherman of Politico reported late on Wednesday that as White House Chief of Staff Mark Meadows left the office of House Speaker Nancy Pelosi he said, “We’re nowhere close to a deal. ... it means enhanced unemployment insurance provision will expire” on Friday.

What a country. The masses are locked out of their jobs because of a virus that does not appear to be a serious threat to those of working age and at the same time top lawmakers are arguing over a bailout plan that wouldn't be needed if the country would just open up again.

The longer the lockdowns continue the more permanent will be the damage to the economy that will emerge.

The more mad money the Fed prints out of thin air when it monetizes these bailouts, the greater the potential price inflation threat.

This is not going to end well.


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