Steve Mnuchin, our country's Treasury Secretary warns that our country could be facing a 20% unemployment rate if Congress does not pass the newly proposed Coronavirus stimulus package. The package aims to help citizens and businesses affected by this massive economic shutdown. Mnuchin spoke on Capitol Hill Tuesday about the economic concerns and how this proposed package would assist in the best possible way: “This is a very unique situation for this economy. We’ve put a proposal on the table that would inject a trillion dollars into the economy that is on top of the $300 billion from the IRS deferrals.
The Coronavirus stimulus package would specifically include these amount of bailouts:
- $300 billion towards small businesses
- $50 Billion for airlines
- Two separate $1000 checks per citizen below the income limit
- Extra $150 Billion for severely distressed sectors
To put it simply, how do you feel about the bailouts? If the government does not do something and offer help, it could greatly affect our economy and as Mnuchin suggested, lead to a huge increase in the unemployment rate, which in turn could very well hurt President Trump's #1 selling point and jeopardize his re-election come November.
-Producer Lightning