stimulus update october 14 2020
October 14, 2020

Savage Pelosi

COVID-19

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Just Stop It With the Skinny Bills

This is my stimulus update for Wednesday, October 14.  Yes, we’re going to get into this.

But first let’s talk about yet another skinny bill that will likely be put forth by Republicans.  As I told you yesterday, Mitch McConnell released a press release stating that on October 19 when the Senate is back in session its first order of business will be stimulus, including legislation to spend unused PPP money.

Don’t want to read? Watch the video here!

We now have some more details on what exactly McConnell is envisioning this legislation would look like.

The price tag?  About half a trillion dollars, it will have money for schools, hospitals, an extension of unemployment, the PPP issue obviously, at that price tag probably no stimulus checks proposed, Mitch brought it up at one of his campaign events yesterday.

I hate to be a broken record here, but a half a trillion dollar bill is worthless.  It’s just another messaging bill for Republican politicians to act like they’re doing something.

Because if you’ve followed the race in Kentucky, McConnell’s Democratic opponent in the election, Amy McGrath, has been severely criticizing McConnell and the Republican Senate for its lack of action with stimulus, but now with this press release and this messaging bill he will be able to persuade some voters otherwise.

Now, Pelosi.  Speaker of the House Nancy Pelosi was on CNN yesterday and wow what a show.

She calls Wolf and his colleagues, presumably at CNN, apologists for the Republican position, which is just ridiculous if you’ve watched CNN for more than five minutes, for telling Nancy to take a deal for $1.8 trillion.

I don’t think this is a Republican position, I mean if we look at the Senate, I think this is the position of the American people and an opinion shared by several Democrats.

She calls the White House proposal a false thing.

Extending unemployment at $400 a week into 2021, that’s a false thing?

Stimulus checks, that’s a false thing?  Come on.

I mean so what if Trump gets to send a check, so what, Nancy, if people get money in their pockets?

She goes to to tell Wolf about the about specific criticisms of the White House proposal. So what are her criticisms there?

First thing, tax credits.  Really?

People won’t get the benefit of a tax credit until they file their tax return next year, people need money now.  As for childcare, Republicans have childcare in their bill, maybe it’s not as much as Pelosi wants, but it’s in there in the White House proposal.

And then Pelosi goes on to basically say that Ro Khanna and Andrew Yang don’t know anything, and that she Pelosi and her Committee Chairs are the experts here on what the people need.

She said, “We’re going to get a deal,” I don’t really know about that, how?

Look at the Senate.  Wolf said don’t let Pelosi be the enemy of good, and Pelosi said the White House proposal is nowhere near perfect, we’re not even close to good.

I didn’t want to include too much of the original for copyright reasons, so I covered the highlights, but there’s more sparring and jabs to be seen if you want to check out the full interview on CNN’s YouTube channel.

Pelosi was on a caucus call this morning with her Democratic colleagues in the House, and she reportedly said, “I don’t think our leverage has ever been greater than it is now.”  And reportedly she and Mnuchin will speak today about stimulus, and we’ll have to see what transpires.

Logan Allec, CPA

Logan is a practicing CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.

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