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Thu Mar 26, 2020, 09:08 PM

The $2 trillion relief bill is massive but it won't prevent a recession

The Senate just passed a $2.2 trillion relief package for the economy ó the biggest in U.S. history ó by a unanimous vote. The House is expected to approve it soon, and President Trump is eager to sign it.

The good news is that the majority of the money will go to laid-off workers, small-business owners, hospitals, and state and local governments. The bad news is that it wonít be enough to stop a recession. And itís an open question whether the nation can avoid an economic depression, the likes of which havenít been seen since the 1930s.

ďBy any measure, this is a huge stimulus package. One thing that it cannot stop is the recession that is coming,Ē said James McCann, senior global economist at Aberdeen Standard Investments.

-snip-

ďThere isnít some magic restart button for the economy,Ē Hunter said. ďBefore the money arrives, there will be a lot of collateral damage to the economy. Thatís going to make restarting it difficult."

https://www.msn.com/en-us/money/markets/the-2-trillion-relief-bill-is-massive-but-it-won-t-prevent-a-recession/ar-BB11I2S7?ocid=msn360

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Reply The $2 trillion relief bill is massive but it won't prevent a recession (Original post)
Yo_Mama_Been_Loggin Mar 26 OP
jimfields33 Mar 26 #1
FBaggins Mar 26 #2
RockRaven Mar 26 #3
beachbumbob Mar 26 #4

Response to Yo_Mama_Been_Loggin (Original post)

Thu Mar 26, 2020, 09:17 PM

1. For now we're out of bear territory in the stock market

Thatís one step. Get those checks out. Get unemployment paid. Trump hopefully will sign the bill to make that happen tomorrow. Not sure how long the house will take to vote tomorrow, but hopefully not long.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Mar 26, 2020, 09:20 PM

2. It can't, and isn't that intended to, avoid a recession

Itís intended to avoid a depression... and it might succeed.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Mar 26, 2020, 09:45 PM

3. You know what stops the economic damage of a pandemic? Stopping the pandemic.

Testing, PPE, medical equipment, and healthy health care providers. The Trump administration has fucked up on all 4 accounts. No amount of federal spending can fix the economy without stopping the illnesses and deaths.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Mar 26, 2020, 09:45 PM

4. will be years before economy gets back to normal, what is congress going to do when we

are 25-30% unemployed and food becomes an issue???

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