Steven Mnuchin Pitches Direct Deposits of $1000 Per Person, $500 Per Child

[mystery-ak]

Charlie Spiering 19 Mar 2020

Treasury Secretary Steven Mnuchin said Thursday he wanted Congress to pass direct payments to American families suffering during the Chinese coronavirus crisis.

“I refer to this as checks in the mail, but it’s really money directly deposited,” Mnuchin said, during an interview with Fox Business host Maria Bartiromo.

Mnuchin detailed a proposal to send $1000 to American adults and $500 per child — $3,000 for a family of four.

“Soon as Congress passes this, we get this out in three weeks and then six weeks later if the president still has a national emergency, we’ll deliver another $3,000,” he said.

The direct payments to Americans are part of a proposed $1 trillion coronavirus economic relief package proposed by President Donald Trump’s administration.

more
https://www.breitbart.com/politics/2020/03/19/steven-mnuchin-pitches-direct-deposits-of-1000-per-person-500-per-child/

[roamer_1]

ANOTHER TRILLION for those keeping score. 

[Chosen Daughter]

ANOTHER TRILLION for those keeping score. 

 

[skeeter]

ANOTHER TRILLION for those keeping score. 

This whole 'everyone gets a check' thing is a yuge friggen disaster. I don't care who's proposing it.

[DB]

It is also an incentive for this mess to continue.

[mystery-ak]

Mnuchin confirms plan for $1,000 cash payments to all Americans
https://thehill.com/homenews/administration/488412-mnuchin-americans-could-get-two-coronavirus-stimulus-checks-within-9

[XenaLee]

Mnuchin confirms plan for $1,000 cash payments to all Americans
https://thehill.com/homenews/administration/488412-mnuchin-americans-could-get-two-coronavirus-stimulus-checks-within-9

To all Americans.... whether they're here legally or not?

Swell.

[Neverdul]

To all Americans.... whether they're here legally or not?

Swell.

A lot of details on this TBD, assuming it goes through.

Chuck Schumer for example is pushing for enhanced unemployment benefits instead. Although here in PA, the unemployment website crashed yesterday. I lost my job in early Feb (not COVID-19 related) and even then, I couldn’t reach anyone at unemployment by phone.

Mnuchin also said something about it being income tiered and paid via direct deposit so I’m thinking they’d be using the IRS to facilitate payments. Although not everyone gets their refunds (if they even get a refund at all) via direct deposit, so I’m not sure how that would work.

[roamer_1]

Chuck Schumer for example is pushing for enhanced unemployment benefits instead. Although here in PA, the unemployment website crashed yesterday. I lost my job in early Feb (not COVID-19 related) and even then, I couldn’t reach anyone at unemployment by phone.

Here's one for ya:

My sis is in contact with an employee... Long story, but she (the employee) figured to pick up and go to Indiana for better work... split with my sis and off she goes...

Now she comes draggin back... car broke half way home, busted flat on cash... Sis helps her get back...

She's here now, and busted flat... thought to rely on welfare to get emergency cash and get some housing goin on... single parent, two kids, really in a bad way...

Guess what? The welfare office is closed indefinitely.
But the job service is still open for non-existent jobs if you want them.

It's a laugh riot. Really.

[XenaLee]

A lot of details on this TBD, assuming it goes through.

Chuck Schumer for example is pushing for enhanced unemployment benefits instead. Although here in PA, the unemployment website crashed yesterday. I lost my job in early Feb (not COVID-19 related) and even then, I couldn’t reach anyone at unemployment by phone.

Mnuchin also said something about it being income tiered and paid via direct deposit so I’m thinking they’d be using the IRS to facilitate payments. Although not everyone gets their refunds (if they even get a refund at all) via direct deposit, so I’m not sure how that would work.

I have no problem with unemployment benefits being increased....but this handing out free $$$ to anyone and everyone, willy nilly, is just nuts.   Sounds like another grand scheme of the deep state left like the "stimulus" (slush fund for Democrats) they conned GWB into signing off on.

[roamer_1]

I have no problem with unemployment benefits being increased....but this handing out free $$$ to anyone and everyone, willy nilly, is just nuts.   Sounds like another grand scheme of the deep state left like the "stimulus" (slush fund for Democrats) they conned GWB into signing off on.

Seems to me they didn't have to talk too hard... 

[Mesaclone]

To all Americans.... whether they're here legally or not?

Swell.

If they're here illegally, they're not American citizens...and thus not Americans in any legal sense of the word. So no.

[Applewood]

This says the checks will go to "most Americans:"

https://www.msn.com/en-us/news/politics/mnuchin-says-white-house-working-to-send-1-000-checks-to-most-americans-within-3-weeks/ar-BB11pxdH?ocid=msedgdhp

I'd still like to know who those "most Americans" will be and who is going to pay for it.  I expect we seniors will be excluded since most of us aren't working and we have SS.  But I expect to help pay for this, the SS fund will be raided -- again!  If I'm right, in effect, we old folks who will get nothing will be paying for it.

[Mesaclone]

This says the checks will go to "most Americans:"

https://www.msn.com/en-us/news/politics/mnuchin-says-white-house-working-to-send-1-000-checks-to-most-americans-within-3-weeks/ar-BB11pxdH?ocid=msedgdhp

I'd still like to know who those "most Americans" will be and who is going to pay for it.  I expect we seniors will be excluded since most of us aren't working and we have SS.  But I expect to help pay for this, the SS fund will be raided -- again!  If I'm right, in effect, we old folks who will get nothing will be paying for it.

This going to...essentially...be quantitative easing. In other words, they are simply going to print money and send it out. So it won't come out of SS or any other existing block of money...it won't even directly come out of taxation. It WILL weaken the dollar a bit...and it will push debt down the generational line. Also, it seems to be an "all adults" sort of thing so I'd expect adults of ANY age will receive the payment.

A historical equivalent would be the Roman empire reducing the gold content of its coinage from 90% to 70%....which infuses money into a system but creates inflation and currency devaluation. Taken to an extremis ad absurdam it can result in a Weimar type situation...though that is not a likely end result given the inherent strength and depth of our economy.

Given the nature of the economic/political crisis, I'd have to say I support the measure with heavy reservations...the draconian lockdown of business and enterprise is causing such damage that the ONLY way to mitigate it is with some QE. Really, that's what QE is for...but its also meant to be followed up, when a crisis ends, with a strong dose of fiscal discipline. I'm guessing that's the part that won't happen...but nonetheless...taking this step now does make fiscal sense.

[XenaLee]

Seems to me they didn't have to talk too hard... 

Yeah... but I didn't realize that he was a globalist (chip off the old block/daddy) until later in his 2nd term.   Fool me once...

[XenaLee]

This going to...essentially...be quantitative easing. In other words, they are simply going to print money and send it out. So it won't come out of SS or any other existing block of money...it won't even directly come out of taxation. It WILL weaken the dollar a bit...and it will push debt down the generational line. Also, it seems to be an "all adults" sort of thing so I'd expect adults of ANY age will receive the payment.

A historical equivalent would be the Roman empire reducing the gold content of its coinage from 90% to 70%....which infuses money into a system but creates inflation and currency devaluation. Taken to an extremis ad absurdam it can result in a Weimar type situation...though that is not a likely end result given the inherent strength and depth of our economy.

Given the nature of the economic/political crisis, I'd have to say I support the measure with heavy reservations...the draconian lockdown of business and enterprise is causing such damage that the ONLY way to mitigate it is with some QE. Really, that's what QE is for...but its also meant to be followed up, when a crisis ends, with a strong dose of fiscal discipline. I'm guessing that's the part that won't happen...but nonetheless...taking this step now does make fiscal sense.

It sounds like a "feel good" move (liberal, iow) that is being done out of panic and desperation... and emotion.   Which never works out well.

[Mesaclone]

It sounds like a "feel good" move (liberal, iow) that is being done out of panic and desperation... and emotion.   Which never works out well.

I think, politically, not doing this would mean certain defeat in the 2020 election...at both the Presidential and congressional levels. Maybe not the best reason to do it...and there ARE some sound economic reasons for enacting this QE though they come with baggage...but it really seems to be a do it or die situation politically. Given that, I prefer the "do" option.

[XenaLee]

I think, politically, not doing this would mean certain defeat in the 2020 election...at both the Presidential and congressional levels. Maybe not the best reason to do it...and there ARE some sound economic reasons for enacting this QE though they come with baggage...but it really seems to be a do it or die situation politically. Given that, I prefer the "do" option.

Yeah, I can see that "gotta do" aspect.... in order to not lose in November, but it's still not a good idea.   The deep staters have managed to put Trump into a lose-lose scenario (Kobayashi Maru).

[mystery-ak]

Senate GOP looking at $1,200 in coronavirus cash payments
https://thehill.com/homenews/senate/488503-senate-gop-looking-at-1200-in-coronavirus-cash-payments

[mystery-ak]

slightly different

McConnell says stimulus checks would go to most Americans, as senators eye higher amount
https://www.foxnews.com/politics/mcconnell-says-stimulus-checks-would-go-to-most-americans-as-senators-eye-higher-amount

[mystery-ak]

I guess they will use our tax info from the IRS

[mortarman]

The problem is that we will prolly see a lot of attachments added such as funding for Planned Parenthood, defunding the border wall, red flag legislation an' such things the Dis-Loyal Opposition wants an' the Pubs will cave to it rather than be portrayed by the Propaganda Ministry For the Left-wing Fascist Agenda as rayssiss. Of course we won't know what all they put into it until after they vote on it.

 

[Chosen Daughter]

If they're here illegally, they're not American citizens...and thus not Americans in any legal sense of the word. So no.

Oh yeah.  Better get a check on that.  Illegals are given a tax ID. ITIN.  They get tax returns.  They buy homes, and start businesses with ITIN.  They get car loans, any kind of loans with these ITIN's.

So I say, yes they will get it.

[Chosen Daughter]

The problem is that we will prolly see a lot of attachments added such as funding for Planned Parenthood, defunding the border wall, red flag legislation an' such things the Dis-Loyal Opposition wants an' the Pubs will cave to it rather than be portrayed by the Propaganda Ministry For the Left-wing Fascist Agenda as rayssiss. Of course we won't know what all they put into it until after they vote on it.

 

You can bet that any progress Trump has made in denying benefits to illegal immigrants has been reversed in these bills.  Because Democrats would not agree to them if they weren't.

[The_Reader_David]

..., the SS fund will be raided -- again! ...

You do realize there is no Social Security fund.  The payroll taxes go to the general fund, the same as income taxes both individual and corporate, excise tax on gasoline, tariffs, borrowing by the Federal government... and Social Security benefits are paid out the general fund.

You and the rest of us will pay for it in the form of inflation, or at least a devalued dollar and higher costs for imported goods.