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Our economy and the state of Americans were bad for some time. COVID-19 simply sped up the lurking Depression. Just like the previous pain was not televised. Neither will be the coming catastrophe.
The depression was lurking for some time.
While the president has been talking up the stock market for some time. It was always a sham. His tax cut scam further moved the people’s money to the top. In fact, he told his friends as much after signing the bill. But when one builds an economy on sand, it crumbles at the very first peril.
COVID-19 was a godsend for a market that was ultimately going to crash. It gave the plutocracy cover. But the response to COVID-19 and subsequently falling into a depression proves that our economic model is ill-serving to us all. And it is for this reason that the depression will not be televised lest Americans start waking up. It is the job of the independent media to show it all.
Notes:
- 100+ economists want Pelosi to boost relief for workers.
- Millions would forego COVID-19 treatment over cost.
- Covid-19 deaths likely much higher than the reported numbers.
- Mitch McConnell wants states to go bankrupt as opposed to giving them support. But of course, he never minded bailing out corporations.
- “Who Cares? Let ‘Em Get Wiped Out”: Stunning CNBC Anchor, Venture Capitalist Says Let Hedge Funds Fail and Save Main Street
- Analysis: He Got Tested For Coronavirus. Then Came The Flood Of Medical Bills.
- Critics Decry ‘Massive Step in Wrong Direction’ as Big Banks Move to Buy Up Fracking Industry Assets With Coronavirus Bailout Funds.
While the depression will not be televised by corporate media, we must.
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‘Pathetic’: Trump Says No to Additional Covid-19 Stimulus Checks, Backs Cutting Tax That Funds Social Security Instead
“Cutting payroll taxes does nothing to help seniors or the millions of people who just lost their jobs. It does, however, defund Social Security and Medicare—which is why Trump is obsessed with the idea.”
President Donald Trump on Tuesday expressed opposition to providing additional direct relief payments on top of the $1,200 checks that are slowly trickling out to eligible U.S. households, saying he would instead prefer to slash the tax that funds Social Security and Medicare.
“Well, I like the idea of payroll tax cuts,” Trump said at a press conference when asked about the idea of authorizing another round of direct payments in the next coronavirus stimulus package as mass layoffs continue.
“I’ve liked that from the beginning,” the president said. “That was a thing that I really would love to see happen. A lot of economists would agree with me. A lot of people agree with me. And I think frankly it’s simple, it’s not the big distribution, and it would really be an incentive for people to come back to work and for employers to hire.”
Trump has floated the idea of a payroll tax cut several times in recent weeks—suggesting at one point earlier this month that the cut should be permanent—even though the move would not provide any relief for the tens of millions of people who have lost their jobs since mid-March.
“Economists don’t actually agree with him,” said Justin Wolfers, economics professor at the University of Michigan. “Payroll tax cuts are too slow and poorly targeted.”
But a payroll tax cut would advance a longstanding objective of the conservative movement by striking a blow to Social Security and Medicare funding, advocacy groups pointed out. The CARES Act, which Trump signed into law last month, contained a little-noticed provision allowing employers to delay payment of the payroll tax for at least the rest of 2020.
[More]
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