To truly recover, US needs 400% more coronavirus relief than McConnell is offering, economists say

[marmar]

(Salon) The next coronavirus stimulus bill needs to be at least four times larger than Senate Majority Leader Mitch McConnell's (R-Ky.) $500 billion proposal, economists told Salon.

Congress remains deadlocked on a bill after McConnell repeatedly rejected the $3.4 trillion HEROES Act passed by the House back in May, and the $2.2 trillion compromise offer House Democrats approved last month.

McConnell said this week that a bill "dramatically larger" than his $500 billion proposal is "not a place I think we're willing to go." Yet economists say the country needs at least $2 trillion to help the economy recover back to where it was before the pandemic, just as the US enters the worst wave of the coronavirus pandemic yet.

McConnell's delays threaten to worsen the issues that the stimulus bill is supposed to relieve.

"The delay in providing the stimulus almost surely will increase the amount of money necessary to restore the economy," Joseph Stiglitz, Nobel-prize winning economist and Columbia University professor, told Salon. "Balance sheets of households and firms get eroded and firms go bankrupt. Digging yourself out of a deep hole is much more expensive than preventing a decline into a deep hole — another instance in which the aphorism an ounce of prevention is worth a pound of cure is applicable." ............(more)

https://www.salon.com/2020/11/15/to-truly-recover-us-needs-400-more-coronavirus-relief-than-mcconnell-is-offering-economists-say/

[underpants]

1. Scorched earth - they are creating a disaster for Biden

Simply so they can run against it in two years. Yes they are that cold and petty.

[Autumn]

2. How sad. People still think Mitch actually wants the U.S. economy to recover.

[liberalmuse]

3. We need scathing ads to saturate the market.

All they need to do is show the truth about McConnell. Show the stack of bills on his desk he hasn’t touched. Show what America could have had, had he not obstructed everything Americans needed over the past 10 years. Show how he laughs when confronted about how the American people are suffering. Show our crumbling infrastructure and growing poverty. Show how he became a millionaire using his position and siphoning money from blue states and some red states into Kentucky and his pockets. Show it all. Expose this evil psychopathic ratfucker as the demon he is.

[marmar]

4. Honestly I don't know why this hasn't been done.

[liberalmuse]

5. Me neither.

With all those billions we collectively gave to Act Blue. We got the Presidency, but not much else. Hey, I’m not complaining. I’m ecstatic. But the Democratic Party needs to go defcon 1 on messaging and ads about the Machiavellian bastard. Make TLP seem like a Girl Scout picnic. Mitch needs to be gone along with his worst imps.