I used to think I knew a lot about macroeconomics, but over the decades I didn’t demonstrate any kind of track record on anticipating what would happen. So I’ve pretty much given up offering opinions on macroeconomic questions.
Fortunately, not everybody is as reticent as me. Here is iSteve commenter Lot’s view:
TARP 2.0 is brewing, hundreds of billions in corporate giveaways coming.
Stock market fall sucks for me and many others here, but most of the market is owned by the ultrarich and foreigners.
A CV relief bill focused on big corps thus goes mostly to the ultrarich and foreigners.
What we need ASAP is Trumpbux. Everyone with a SSN on record with any W2 or 1099 income in 2018-2020 gets a $5,000 check to their last known address.
Total cost: about $900 billion. The garbage Senate GOP bill costs much more than this but delivers less. At best you’d get $1200. Make more than 75k in 2018: phase out, presumably to 0 if you make more than 100k.
Last time Trump outsourced a major economic bill to the Congressional GOP he got a similar highly unpopular giveaway to the ultrarich and a tax increase on the upper middle class that caused generational-level destruction to the GOP in many upper-middle class suburban areas and the Dem 2018 House takeover.
What do you think?