The Trump administration and Republicans in Congress drafted a broad bill aimed at reviving the country's economy. The democrats, as always, had their own special opinion on salvation from the coronavirus.
The spread of the coronavirus COVID-19 leads to devastating consequences in the global and American economies. Quarantine makes millions stay at home. Schools and universities are closed. Sports events canceled. People do not go to cafes or restaurants, do not meet with their relatives and friends, and do not travel.
According to the Harvard Business Review, coronavirus вЂњforces thousands of companies to wind down or temporarily shut down assembly and manufacturing facilities in the US and Europe.вЂќ This violates the global supply chain of components, which negatively affects demand and services. Thousands of small and medium enterprises are closing. World and domestic trade freezes, and this lead to a slowdown in economic activity.
Deutsche Bank published an analysis of the current state of the global economy. It turns out that the largest economies in the world have the highest levels of debt over the past 15 years. But even in the conditions of weakening activity, the need to repay the debt still persists. As a result, less money remains. This exacerbates the economic downturn. Therefore, in the long run, great uncertainty remains. Unfortunately, this also applies to the United States.
On March 19, President Trump signed into law that more than $100 billion is allocated to fight the spread of the COVID-19 virus. Money goes to pay people to test for the virus, the medical expenses of those who are sick and provide them with free leave and food assistance. The insurance program for job loss is expanding and Medicaid funds in the states are expanding.
The Trump administration and Republicans in Congress drafted a wider bill aimed at reviving the country's economy. The cost of the bill is $2.2 trillion. For comparison, the cost of the Assisted Assets Assistance Program (TARP) adopted in 2008 was $700 billion. According to the bill, it is planned to direct money to help people, small businesses, and industries affected by the economic recession caused by COVID-19.
It is planned to provide each American and families with incomes, respectively, of up to $75 thousand and $150 thousand per year, one-time checks in the amount of $1,200 and $2,400. An additional $500 is allocated for each child. For those whose income is higher, the amount of the check is reduced.
Increases unemployment benefits by $600. This increase will be valid for 13 weeks.
$500 billion is provided to companies affected by the virus. If small companies continue to pay their employees, their loans will be forgiven.
It is envisaged to send $100 billion to hospitals for the purchase of medical equipment and items used in testing for the presence of the virus.
Student loan repayments are deferred until September 30th.
$150 billion is allocated to cover US state spending on COVID-19
The approval of this bill in the Senate was hindered by the Democrats. They said $2.2 trillion to fight the coronavirus. few. They proposed to include in this bill the costs of research on Earth's climate change, reporting on corporate diversity, as well as the requirement for companies receiving federal assistance to disclose their statistical data on the diversity of their employees, including race, gender, and remuneration, as well as composition board of directors. In addition, Democrats proposed forgiving the debt of the US Postal Service, introducing a union representative on the airline board and reducing carbon emissions from working aircraft engines by 50% by 2050. Democrats demanded to cancel student debt of up to $30 thousand, send $35 million to support the work of the Kennedy Center and $600 million to develop art and humanities, as well as $278 million to the Internal Revenue Service (IRS) fund.
As all these proposals will help in the fight against COVID-19, the Democrats are silent.
Describing the Democrats' proposals, the leader of the Republican Senate majority, Mitch McConnell, said: вЂњWe have no time for this bullshit.вЂќ
On March 25, after two days of sabotage of Democrats, the Senate unanimously voted for the Republican bill, which was submitted to the House of Representatives. The chamber quickly voted without a discussion on March 27 for the bill. And on the same day, President Trump signed it.
The leaders of some American companies, too, to the extent of their strength, joined in the work of helping victims of COVID-19. For example, Mark Kuban, the owner of the Dallas Mavericks вЂ™basketball team and one of the main investors of the Shark Tank television program on ABC, made a plan to help employees of his sports team and sports arena.
Amazon founder Jeff Bezos has announced that he is raising Amazon employee salaries by $2 per hour. And creates new 100 thousand jobs.
A construction company in Ohio has donated its industrial masks to the medical staff of hospitals. Automakers from Michigan have proposed moving their plants to the production of medical ventilators.
Carnival Corporation turns some of its cruise ships into floating hospitals.
A distillery in Pennsylvania is moving to the production of hand sanitizers that will be donated to the Americans.
The following statement was posted on Twitter by the pharmaceutical company Bayer USA: вЂњBayer has announced that it is joining the US governmentвЂ™s fight against COVID-19. The company donates three million tablets of Resochin. New data, although limited, show that Resochin can be used to treat patients with the COVID-19 virus. вЂќ
Walmart announced that it hires about 150 thousand new workers, and also increases the salary of its employees.
Individual citizens of our country do not stand aside. So, homeowner Nathan Nichols from South Portland, Maine, decided to abandon the April rent of his tenants.
Left-wing media do not report on these initiatives to help combat COVID-19.
Most Americans approve of the activities of President Trump in this difficult time for our country. According to a March 20 survey conducted by Harris, a consulting firm, 56% support Trump's efforts to fight coronavirus. A March 23 ABCNews poll found that 55% approve of Trump and 43% do not. A week ago, it was the other way around вЂ” 43% approved and 54% did not approve. According to a recent Gallup poll, 60% approve of TrumpвЂ™s fight against the virus. In this poll, only 27% of Democrats approved Trump's work. This did not surprise me.
From March 19th to 24th, The Pew Research Center interviewed Americans to find out their opinions on Trump's work. The presidential activity was approved by 85% of Republicans. This is 5% higher than in January. Among Democrats, the approval rate was 12%, compared with 7% in January. Trump's work was approved by 18% and 37%, respectively, of African-American and Hispanic. This is 10% higher than three months ago.
On March 25, in his address to the press in Geneva, the Director-General of the World Health Organization, Tedros Adhan Gebreyeus, said he had requested вЂњto share each country's approachвЂќ in the fight against coronavirus. In this speech, Gebrayeus praised President TrumpвЂ™s leadership during this crisis for our president вЂњtaking responsibilityвЂќ for the US role in reducing the spread of the virus in America and around the world. According to Hebraeus, the US president is вЂњdoing everything possibleвЂќ to counter the pandemic. The Director-General also said: вЂњI believe that such political commitment and political leadership can lead to change or to stop this pandemic.вЂќ I admit that I am pleased to hear how a responsible person at the UN evaluates Trump's work in the fight against coronavirus. We will never see or hear a similar assessment of the work of our president from the Washington Post, The New York Times and other left-wing media. They are overwhelmed with hatred for Trump and his supporters.
The coronavirus epidemic in the United States is like a snowstorm, which slows down and even stops the economic activity of the city until the snow is removed. A statement by the Federal Reserve on lowering lending rates and extending the loan term states: вЂњAvailable economic data show that the US economy has entered this difficult period on a strong foundation.вЂќ Thanks to Trump's successful economic policies, our economy is the strongest in the world. The coronavirus epidemic will end. And then our country will need Donald Trump, his politics and his leadership to quickly restore the country.