Tuesday, September 29, 2020

Pelosi, Mnuchin Renew Money Spending Talks

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke this morning after Democrats unveiled a coronavirus economic distortion "stimulus" money spending package.

Democrats released a $2.2 trillion spending legislation package Monday night.

Pelosi and Mnuchin spoke for 50 minutes this morning and “went over the provisions” of the latest proposal, the speaker’s spokesman Drew Hammill said. The pairhave agreed to talk again Wednesday.

The new legislation would: 

  • Reinstate the $600 per week enhanced unemployment benefit through January
  • Send a second $1,200 direct payment to most Americans 
  • Give $436 billion in relief over one year to state and local governments 
  • Authorize more money for a second round of Paycheck Protection Program loans for the hardest-hit businesses and industries 
  • Send $25 billion to airlines to cover payroll costs 
  • Inject $75 billion into Covid-19 testing and contact tracing efforts
  • Put $225 billion into education and $57 billion into child care 
  • Set aside billions for rental and mortgage assistance
This is defacto modern monetary theory policy which is based on the absurd idea that printing money out of thin air does not distort and hurt the economy. See: Problems With Modern Monetary Theory: A Comment on Stephanie Kelton’s "The Deficit Myth"


(via CNBC)


  1. I don’t get the money for education, except for the fact that the education lobby is the most powerful in the US possibly.
    But how do you need more money for doing less? Most schools are closed. If I closed my doors at my business, I sure wouldnt have higher costs. I want a freaking refund on my property taxes cause the schools are closed.

    1. I actually called my county property tax office and told thrm that when my property tax bill came, if the schools weren't open on time, I wasnt paying that part of my bill.

      And I asked them why THEY, THE GOVT EMPLOYEES, weren't taking a cut or reduction in force in their ranks? Do they think they are too good to suffer like the people they are ostensibly serving?