Trump Wants $2 Trillion, Pelosi Wants $1 Trillion, for Next Coronavirus Spending Bill

[KenH]

Our money may not be backed by gold anymore but neither is any other major nation.

Got it. It’s like the U.S. is drunk but the least drunk at the party.

 

[InTheLight]

Got it. It’s like the U.S. is drunk but the least drunk at the party.

So you're saying unless a nation is on the gold standard, they are like drunks?

 

[KenH]

So you're saying unless a nation is on the gold standard, they are like drunks?

Yes, sir. Haven’t we already discussed the gold standard in the past? If so, no reason to rehash it.

 

[RighteousnessTemperance&]

This has to stop. Since the government forced so much of the economy to close, this last bill is understandable, but we have already exploded the budget deficit to no telling how many trillions of dollars for this fiscal year. I feel sorry for the young people in this country. With all this massive debt being laid on their backs, they are going to have a tremendously rough go in the years ahead. Congress needs to at least stop making the load heavier.

“Early indicators about the efficacy of the CARES Act and federal efforts to prop up the economy are not promising. On Friday, the Small Business Administration (SBA) botched the online rollout of a loan program and early responses to various bailouts are not heartening. In order to maximize payouts from the government, airlines are flying empty planes and the Kennedy Center in Washington, D.C., notoriously fired 100 musicians "just hours after President Trump signed a $25 million taxpayer bailout for the cultural center."

Trump Wants $2 Trillion, Pelosi Wants $1 Trillion, for Next Coronavirus Spending Bill

How about sending the bill for this (for all of these) to the Communist Chinese instead of to the American taxpayer? They owe us far more than that, but at least it would be a start.

 

[Adonia]

President Trump who claims he is for the people is all in on all this massive spending. I am very disappointed in him at this point.

 

[Adonia]

Not comparable in any way, shape, or form.

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They sure are. Printing money that is backed by nothing is the same now as it was then. The more money that is out there, the less the money is actually worth. That is only common monetary sense.

 

[KenH]

How about sending the bill for this (for all of these) to the Communist Chinese instead of to the American taxpayer?

I kind of doubt they would willingly pay up. How would you force them to pay up?

 

[RighteousnessTemperance&]

I kind of doubt they would willingly pay up. How would you force them to pay up?

You start out this thread with "This has to stop," then want to get all realistic and practical with my comment? But you do know that our politicians, including some "ex" ones, are calling for China to be held accountable, right?

 

[KenH]

But you do know that our politicians, including some "ex" ones, are calling for China to be held accountable, right?

I wish ‘em luck.

 

[RighteousnessTemperance&]

I wish ‘em luck.

Actually, between tariffs and bringing manufacturing back to the US, China would in essence pay significantly. But I'm wondering if we really have enough politicians in office willing to back such a strategy.

The truth is that much more than that needs to happen to disentangle from China, including getting rid of many complicit, corrupt politicians. "This has to stop" is true of far more than the immediate.

 

[KenH]

"This has to stop" is true of far more than the immediate.

Yep.

 

[InTheLight]

They sure are. Printing money that is backed by nothing is the same now as it was then. The more money that is out there, the less the money is actually worth. That is only common monetary sense.

Unlike post WW1 Germany we have an economy with workers, goods and services, infrastructure, etc. We have the ability to pay back our debts. This ability, or the "full faith and credit" of the United States is our backing. Postwar Germany did not have that ability so when they printed money there was absolutely nothing backing it.

 

[InTheLight]

They sure are. Printing money that is backed by nothing is the same now as it was then. The more money that is out there, the less the money is actually worth. That is only common monetary sense.

Yes, that is "common monetary sense". We've been told this for generations. But in practice it's not shown to be true. We are $23 trillion in debt (now probably $24 trillion, after all, it's been another week...) When is this calamity going to strike us?

 

[KenH]

When is this calamity going to strike us?

What do you think will happen when the U.S. dollar stops being the world's reserve currency? Just because the U.S. has been on top since World War II ended doesn't mean the U.S. will always be on top. No country stays on top forever.

 

[InTheLight]

What do you think will happen when the U.S. dollar stops being the world's reserve currency? Just because the U.S. has been on top since World War II ended doesn't mean the U.S. will always be on top. No country stays on top forever.

Probably nothing. Why don't you tell us what you think will happen?

 

[KenH]

Probably nothing. Why don't you tell us what you think will happen?

Probably pretty much like the 70s right after the U.S. dollar was totally severed from gold - stagflation. Just have to hope whoever is running the federal government and the Federal Reserve at that time can make it a soft landing and not a crash-and-burn.

 

[Scott Downey]

Let us just agree, the spirit of globalism is dead, as in lots of people moving nation to nation. Shipping and world trade though is not dead.
Italy is partly in this mess due to many Chinese people coming from Wuhan into Italy, which both countries agreed to do for business purposes. When you have many people traveling globally, hot spots of infections pop up, pandemics spread easily.

Northern Italy & Wuhan: Partners for Better or Worse - Italy Health China Healthcare Coronavirus

Italy created direct flights from Wuhan and allowed over 100,000 citizens from China to move to Italy and work in their factories. In addition, as the Chinese became increasingly wealthy over the last two decades, more and more Chinese citizens moved to northern Italy to reside and many Chinese purchased Italian firms.

 

[RighteousnessTemperance&]

Well, I'm really disappointed here, as some seem oblivious to the obvious trend. Don't you know that society is going to continue to advance technologically to the point that robots will be doing nearly all of the work while we all largely enjoy lives of leisure?

 

[KenH]

Well, I'm really disappointed here, as some seem oblivious to the obvious trend. Don't you know that society is going to continue to advance technologically to the point that robots will be doing nearly all of the work while we all largely enjoy lives of leisure?

One of my favorite songs.

 

[HankD]

President Trump who claims he is for the people is all in on all this massive spending. I am very disappointed in him at this point.

don't be, he most likely knows something you/we don't.