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Economy

Pelosi, Schumer To GOP: ‘Quit the political posturing’ on COVID Economic Relief

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House Speaker Nancy Pelosi and Senate Minority Leader Charles Schumer sent a joint letter Monday to Republicans urging them “to quit the political posturing by proposing bills they know will not pass either chamber and get serious and work with us towards a solution.”

Further, the two Democratic party leaders argued that the Republican lawmakers need to focus on giving small businesses, families, and workers additional funding.

“While the Trump Administration struggles to figure out how to distribute the funds provided for in the CARES Act, it’s clear that those appropriated amounts will not be enough to cover the tremendous need,” Pelosi and Schumer wrote.

They added, “Further changes must also be made to the SBA’s assistance initiative, as many eligible small businesses continue to be excluded from the Paycheck Protection Program by big banks with significant lending capacity. Funding for Covid-19 SBA disaster loans and grants must be significantly increased to satisfy the hundreds of billions in oversubscribed demand.”

Schumer and Pelosi emphasized the need to expand SNAP nutrition assistance to Americans struggling to put food on the table. Moreover, the Democrats requested that the next spending package include additional funding for expanded coronavirus testing and for Personal Protective Equipment for medical workers on the frontlines of the epidemic.

“The collection and publication of demographic data are also desperately needed, so that we can accurately determine the level of impact on under-served communities and communities of color and direct needed resources to them immediately,” the Democratic lawmakers wrote.

The two parties reached an impasse Thursday over their disagreements on funding priorities. In a joint letter Friday, Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy slammed the Democratic leadership for blocking additional funding for the Payment Protection Program that “may be depleted in just a few days.”

“Republicans did not ask to change any of the policy details that were negotiated by both parties and passed unanimously. All we want to do is put more money into a popular job-saving policy which both parties designed together.” the Republican leaders wrote, “Yesterday, Senate Democrats blocked this funding because Republicans would not open a sweeping renegotiation of the bipartisan CARES Act. Their unrelated demands included hundreds of billions of extra dollars for parts of the legislation which are still coming online and have not yet spent a single dollar.”

They added, “Speaker Pelosi said yesterday she was aware of ‘no data as to why we need’ more funding for Americans’ paychecks. Anyone paying attention knows differently. The Administration reports the PPP has already burned through nearly half of its initial funding in just its first week. Yesterday, we learned that a staggering 10% of the entire American workforce has filed for unemployment in less than a month. This morning, we learned that small-business layoffs spiked by 1,000% last month alone.”

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Economy

Federal Reserve Economist on hidden camera: ‘we don’t want Trump to be in the government’

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Screen Shot 2019 01 04 at 7.05.24 PM

Hidden Camera captures Principal Economist at the Federal Reserve talking about Jerome Powell’s legacy as “somebody who held the line against like, Trump.” According to hidden camera footage of Aurel Hizmo, principal economist at the Federal Reserve, the U.S. agency could have fixed inflation a while ago but refused to do so for fear of hurting President Joe Biden’s re-election efforts.

Hizmo told an undercover reporter that the Fed stopped raising the rates to tackle inflation because it could cause a recession that would likely end Biden’s 2024 campaign.

The influential agency responsible for maintaining a stable monetary system appears to not just be establishing interest rates, but to be setting policies for desired social outcomes. “Under Powell, the Fed has changed to think about equity issues, like racial issues, think about wealth inequality as part of the mandate, as part of the things we are following. Think about climate change.” Aurel Hizmo, Principal Economist at the Federal Reserve, who prior to working at the Fed was an Assistant Professor helps write speeches for Federal Reserve Board Chair Jerome Powell for the Federal Open Market Committee.

Hizmo says “Trump is just a crazy person” and conservatives are “dumb” as he describes to OMG’s American Swiper Citizen Journalist a politicized Federal Reserve Board where Powell has promoted ESG issues like climate change and “wants to be remembered in history” “as a savior.” But shhh…don’t tell anyone because Hizmo says: “I’m just really worried that I’m saying stuff that’s classified…It’s all classified.”

 

 

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