Megathread: President Trump Threatens to Veto COVID-19 Economic Stimulus

President Donald Trump, in a Tuesday night tweet, called the $900 billion Covid relief bill passed by Congress an unsuitable "disgrace" and urged lawmakers to make a number of changes to the measure, including bigger direct payments to individuals and families.

The president’s tweet, which included a video of him discussing what he considers the bill’s many flaws, came less than 24 hours after the Senate passed the measure.


##Submissions that may interest you

SUBMISSION DOMAIN
Trump suggests he might not sign COVID relief bill wtop.com
Trump suggests he won't sign COVID relief bill without $2,000 stimulus check abc7chicago.com
Trump calls on Congress to approve $2,000 stimulus checks, hinting he might not sign relief bill without changes washingtonpost.com
Trump says he will not sign COVID relief bill unless Americans get $2,000 stimulus checks wafb.com
Trump suggests he might not sign COVID relief bill apnews.com
Trump Indicates He Might Not Sign Congress’ Virus Relief Package. bloomberg.com
‘A disgrace’: Trump calls on Congress to amend coronavirus relief package globalnews.ca
President Trump calls COVID-19 deal a ‘disgrace,’ tells Congress to increase size of stimulus checks bostonglobe.com
Trump says he won't sign COVID relief bill without $2,000 payments 6abc.com
Trump calls on Congress to approve $2,000 stimulus checks, hinting that he might not sign economic relief bill into law without changes washingtonpost.com

[Trump threatens to veto massive COVID bill, demands Congress make this big cha

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looks like someone failed Economics
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Face masks considerably reduce COVID-19 cases in Germany - 20 days after becoming mandatory face masks have reduced the number of new infections by around 45%. Economic costs are close to zero compared to other public health measures. pnas.org/content/early/20…
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After Billionaires Gained $1 Trillion in Wealth, Says Sanders, It Is Not 'Radical' to Demand More Stimulus Checks | The American people cannot wait any longer. They need economic relief now. commondreams.org/news/202…
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Peak economic efficiency
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It’s Time We Called It What It Is: Fascism. The epic thrash we’re witnessing is because the forces of capitalism, seeing a terminal economic crash approaching, are attempting to preemptively replace democracy with authoritarianism—fascism—so that they can control the outcome. commondreams.org/views/20…
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Maybe people just don't find your skills in feminist poetry that useful regardless of the economic system
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If you'd like a glimpse of what an economic/pandemic-induced collapse looks like, keep an eye on the UK over the new year.

The UK left the EU in January this year, but on 1st Jan 2021, the transition ends. Due to the government failing to reach a deal with the EU, we're looking at delayed goods (food, medicines, etc), shortages, stock-piling, and higher prices. The lorries are already queuing up to unload their goods, and this is before the majority of the general public gets in on the fun.

On top of that, we have the highest covid 19 death toll in western Europe per capita, and a mutant strain with a higher transmission rate is fucking us even harder, not to mention the economic and social consequences of that.

Stay tuned.

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Luka Modric is willing to continue even with a reduced salary, knowing that the economic situation is tightening. His wish, so often expressed is to retire at Real Madrid. And at 35 years of age and at this level, he is showing that he still has the sense to be an important player. marca.com/futbol/real-mad…
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My Filipina grandmother graduating in the 1950s with a degree in Home Economics
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Unbearable 60°C days will be seen in our lifetime, World Economic Forum warns thenationalnews.com/uae/e…
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In the John Wick universe, assassins are shown to be everyone and everywhere, thus indicating a buyer's market. What limited time deals and offers do assassins provide to out price the competition? How does the economics of the world operate with so many trained killers?
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A huge study of 50 years of tax cuts for the wealthy suggests 'trickle down' economics makes inequality worse businessinsider.com/tax-c…
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tRiCkLe DoWn EcOnOmiCs
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“Trickle down economics”
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Economic well-being of millennials at risk because of the COVID-19 pandemic / Le bien-être économique des ménages de la génération des milléniaux pourrait être compromis en raison de la pandémie de COVID-19

Today, we released a new study on intergenerational comparisons of household economic well-being. It compares economic well-being from a macroeconomic accounts perspective, as measured by net saving and net worth. These are measured when the household’s major income earner reaches the same point in the life cycle for each generation.

Here are a few highlights from our release:

  • Millennials’ economic well-being is more at risk as they work in industries deeply affected by the COVID-19 pandemic.
  • Younger generations derive more of their income from wages and salaries than older generations.
  • Younger generations have higher consumption expenditures, mainly because of housing and utility costs.
  • Younger generations have less equity to draw upon when needed.

For more, check out our new article and study.

[We are Canada’s national statistical agency. We are here to engage with Canadians and provide them with high-quality statistical information that matters!]

-

Aujourd’hui, nous avons diffusé une nouvelle étude sur les comparaisons intergénérationnelles du bien-être économique des ménages. Elle compare le bien-être économique des ménages du point de vue des comptes macroéconomiques, tel que mesuré par l'épargne nette et la valeur nette. Ceci est mesuré lorsque le principal soutien économique d'un ménage atteint le même point du cycle de vie pour chaque génération.

Voici quelques faits saillants de notre diffusion :

  • Le bien-être économique des ménages de la génération des milléniaux pourrait être compromis, car ils travaillent dans des secteurs durement touchés par la pandémie de COVID-19.
  • Les jeunes générations tirent davantage leurs revenus des salaires et traitements que les générations plus âgées.
  • Les dépenses de consommation sont plus élevées chez les jeunes générations en raison principalement des coûts liés au logement et aux services publics.
  • Les jeunes générations ont moins d'avoirs propres dans lesquels puiser en cas de besoin.

Pour en savoir plus, consultez notre nouvel article et notre nouvelle étude.

*[Nous sommes l’organisme national de statistique du Canada. Nous sommes ici pour discuter avec les Canadiens et

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Trickle down vs. Trickle up economics?

I realize this is more of an economic discussion, but it’s undoubtedly rooted in politics. What are some benefits and examples of each?

Do we have concrete examples of what lower class individuals do with an injection of cash and capital or with tax breaks? Are there concrete examples of how trickle down economics have succeeded in their intended efforts?

If we were to implement more “trickle up” type policies, what would be some examples and how would we implement them?

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Libright told me to learn basic economic. So I did.
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Mostly true story from learning about economics. Ill take my three upvotes!
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Study finds lowering taxes on the rich had no economic benefits across 50 years in NZ and other Western nations

The working-paper published yesterday by researchers at the London School of Economics, looked at times in the last 50 years when New Zealand and 17 other Western nations lowered their rates of taxes on their wealthiest individuals. The study found this had no effect on economic growth and unemployment, but increased inequality. A significant finding given right-wing parties in New Zealand and other Western countries have commonly claimed over this time period that cutting taxes for the wealthy would be a significant economic boost.

LSE website: Keeping tax low for the rich does not boost economy

CNN write-up: 50 years of tax cuts for the rich failed to trickle down, economics study says

Newshub write-up: Cutting tax for wealthy makes them richer, does nothing to help the poor - study

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Most of an entire generation has been chained to indentured servitude. Nothing less than complete debt forgiveness will work. It doesn’t matter if doing so offends the wealthy or lucky. This needs to be done to prevent yet another permanent economic underclass from unnecessarily developing.
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