While Congress has seemingly shifted its focus from an additional stimulus package to further assist hard-hit industries, the topic has again been discussed in recent days. And while Democrats are continuing to push for additional stimulus checks and bailouts, there’s some economic experts who think that an additional measures may not even be necessary at this time.
Take it from Wall Street strategist Ed Yardeni, who believes that the U.S. economy will be able to improve enough this fall and into the winter that an additional package may not be necessary. His reasoning? He believes there’s still enough funding from the CARES Act, which was passed last March in the early days of the pandemic, to keep the U.S. economy on the upswing.
Yardeni claims that the funding is still helping the U.S. economy, and if jobs continue to be added this fall and into the early days of winter, it will continue to boost the struggling economy so much that an additional stimulus package may not be essential.
Now, all of this is a big “if.” While job reports have been positive over the last several months, the economy still has a long way to go if it wants to replace all of the jobs that were lost when the pandemic really hit American shores. And with COVID-19 still a very real threat, it’s likely going to take a while for full recovery to take place. Then, there’s the fact that job losses are still looming, especially in hard-hit industries like air travel, entertainment and hospitality.
Still, Yardeni believes that if the economy continues to improve, conditions will return closer and closer to normal.
Even with Yardeni’s take, other experts still believe that a targeted stimulus package would represent a huge help to the economy. One of these individuals is White House economic advisor Larry Kudlow, who believes that the U.S. is in the comeback stages of this current recession.
So where do things stand now with talks on another stimulus package? There were signs of optimism last week as Democrats and Republicans signaled that they were closer to an agreement. But with a looming battle over replacing or waiting to replace the now-vacant Supreme Court justice seat, it remains unlikely that anything will be passed prior to the November 3 General Election. And if that’s the case, Americans should certainly hope that Yardeni is correct and the economy will continue to expand this fall and into the winter months.
Like Kudlow, Treasury Secretary Steve Mnuchin believes that a targeted package is still necessary, but signs point to a deepening rift between the two political parties over a separate issue that could be a major prohibiting factor from getting it done in the near-term.
We all could use little more money
If you can call it money. There is no money since FDR abrogated the gold standard on June 5, 1933. Today Federal Reserve Notes are evidence of debt and obligations of the United States. There is much more to this picture but these are the basics of it.
I’m retired and with only SS and a very small pension, I could use the money. I just spent about $4,000 to have my truck repaired. That wiped out my savings! IF, Canada would pay me the money I’m owed from their SSI fund, I’d be in great shape. BUT, the U.S. pays SS to Canadians that live in Canada, but U.S. citizens that worked in Canada can’t draw SSI unless you “Live in Canada”. And you can’t be “out of country” for more than 180 days, or you lose your benefit. That’s why we have “Snow Birds” that spend the winter in the U.S. How about that being “ADJUSTED”? I paid in for 20 years, and now can’t get a dime back. I’d settle for a cash reimbursement.
I believe a stimulus payment could really help keep going until spring when the virus will be way down if not under wraps of a vaccine. Many like myself are on social security but very low SS. Anything not normal sends us hiding. Like myself I had unexprcted medical problems that held me down and still are. Other people I know having their children coupled up all the time has been hard and more expense. The first stimulus really helped a lot of us but now with it being drawn out month after month and prices at the grocery store going up and up and up is really tearing everything we have apart. I believe one more stimulus could help get back on track with the kids going back to school and now we are having some school closures because of the virus still showing her tail feathers. EVEN if it was cut lower then the first – like instead of $1200 it was only $1000 or $ 600 it would help a great many people make a little headway in this upside down year we have been having. I know that there is going to be a change to our cash using and people are going to go bananas over it who won’t really know or understand it. So let them get something now to set their world a little more stable for them before that happens I know you don’t plan to give retired people on SS money but a good percentage of us draw under a thousand a month and have bills just like everyone else. But we need a little help also. We have to pay for our medical and part of our prescriptions and after giving the government their money for my Medicare I have to pay Humanna for my prescriptions before I get to pay any bills. So go back to your drawing board and figure something out for us if you want a good election.
I am retired and pay 200% more for my health insurance thanks to Obamacare so yes I need all the money I can get.
Absolutely need it!! My husband’s in the art world and they are COMPLETELY shut down. I do massage and that’s realllllly slow…even people i’ve seen for over 3 decades and put it off “for now”.
Sure, everybody could use more money. The problem is nobody understands that getting money from the government is a problem because the government has no money of its own. The money comes from the people. Get a clue already!
we know wgere it comes from were not that dumb so in other words you dont need some of us really do and why dont you try living on SSI only
Actually all that money comes from a printing press! The “people” never saw it or touched it. The government did not collect it from us did they? Our government prints money like newspapers. A day of reckoning is coming for a government that passes out more money and freebies than it takes in taxes. The “debt” will never be paid off. Someday a genius politician will figure out how to “erase” our debt so we can start all over LOL.
My clues come from understanding how the banking and monetary system works. The Federal Reserve pays for the cost of printing the Notes. Then they loan them to the government at face value plus interest. The banks use what is called Fractional Reserve Banking where they can loan out one-tenth of their deposits. The other 90% of the loan is created out of thin air. So as the loan is paid off, the money is extinguished.
A limited stimulus would be OK but not the big bail out the democrats want.
We do not need to have our money given back to us. We could all use a little help but not at our own
expense. We are deep enough in debt in this country. We just need our country to open and be productive
again.
The House is pushing a plan which is full of garbage and been rejected multiple times. So, there is no stimulus on the horizon. Trump has more than $3 billion left over from the first package. He could send it out seen it was already authorized. Do we see this happening?