President Donald Trump participates in a meeting with the CEOs of major banks to discuss the coronavirus covid-19 response during a meeting in the Cabinet Room at the White House, on March 11, 2020 in Washington, DC.For three years, Donald Trump had boasted about the booming stock market, citing it as validation of his economic leadership.
The street was equally disappointed with the economic component of Trump's speech. He reiterated his desire for the payroll tax holiday until the end of the year; said the administration would push back the traditional April 15 tax deadline; and would add $50 billion to the Small Business Administration's lending capacity. Most Wall Street economists were happy with those ideas—but frustrated that the Trump administration didn't go nearly far enough.they want to see.
The fiscal response needs to be as bold. Scott Gottlieb, Trump's former FDA chief, said, ''Congress needs to step in and fashion fiscal action that will help states and locales to break the chain of transmission." The only way to do that is through aggressive ''social distancing." Canceling NBA games and March Madness, for example, is a start.
That's why many Wall Street economists favor, in addition to the payroll tax holiday, the government cutting checks directly to low income Americans affected by the outbreak. This would be in addition to temporarily eliminating the requirement that an unemployed worker needs to be looking for work to receive unemployment benefits . At a moment when social distancing is required, going out for face-to face job interviews is impractical.
Resign?
resign
Too late for that!
RESIGN.
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