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On Thursday, Steven Mnuchin, the treasury secretary, held a press conference to explain the forthcoming stimulus bill. President Trump and Treasury Secretary Mnuchin have both previously suggested that a stimulus package to address the coronavirus’s impact on the economy could be on the way. It could even be in as short a time as two weeks.
Trump has suggested that this would entail a $1000 check for each American making under a certain amount per year. Mnuchin floated the idea of even giving two $1000 payments, each a month apart, to keep the economy stable throughout the pandemic.
Mnuchin confirmed in a press conference on Thursday that the stimulus package would also include $500 per child. This means a family of four receives $3000.
Lawmakers are fast-tracking the bill. They need to help address the issue of depressed income and free-falling markets in the face of the global coronavirus pandemic. In essence, the Trump administration is hoping that a spending bill will be enough to stave off a major recession.
Trump is a notoriously market-minded president, who has stated multiple times that he thinks the stock market is the biggest indicator of a president’s success. As such, the recent market panic quickly caught the president’s attention. The spending bill is likely Trump’s attempt to save face following his administration’s disastrous early handling of the virus.
A bipartisan group of lawmakers in Congress are still hammering out the specifics of the stimulus bill. During the press conference on Thursday, Mnuchin confirmed that the bill could have money in Americans’ hands in as little as three weeks.
The bill would allocate some $500 billion in funds to help bolster the economy. That money, in turn, would be divided into two tracts, each to be paid out six weeks apart.
“As 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 [payment],” Mnuchin confirmed during the press conference.
The economy continues to free-fall and the jobless rate expands. The Trump administration is looking for any way to regain goodwill and public confidence. A little extra money for people to use for groceries, medical care or to invest in retirement certainly wouldn’t hurt.
The number of confirmed coronavirus cases and deaths increase day after day. This contributes to an atmosphere of fear and confusion in the country. Global citizens struggle to keep a brave face in this trying time.
