Clearly, printing 100% of people’s wages indefinitely was going to cause total hyperinflation and create an exotic third world economic situation in America.
But only printing 70% of your wages in new money?
That will be completely fine and they can just do it forever I’m sure.
Senate Majority Leader Mitch McConnell unveiled the Republican coronavirus relief plan on Monday.
Here is what we know about the bill, as Republican leaders release the details:
It would set enhanced federal unemployment insurance at 70% of a worker’s previous wages, replacing the $600 per week which states stopped paying out this week.
The GOP would set the benefit at a sum of $200 per week on top of what recipients would normally receive from states through September, slashing what they got from April through July. In October, the 70% replacement would take effect up to a maximum of $500 per week.
The proposal would send direct payments of $1,200 and $2,400 to individuals and couples, respectively. It would set the same qualifications as the checks approved in March: the payments started to phase out at an average of $75,000 in income per person, and individuals or couples making an average of $99,000 or more did not receive one. It would offer an additional $500 per dependent of any age.
The legislation would shield entities such as businesses, doctors and schools from lawsuits, except for cases of “gross negligence” or “willful misconduct.”
It would set aside $190 billion for Paycheck Protection Program loans. The bill would allow small businesses with fewer than 300 employees that have seen revenue fall by more than 50% to apply for a second round of aid. It would also authorize $100 billion for loans to seasonal businesses and companies in low-income Census tracts that can show revenue reduction of more than 50%.
The bill provides $105 billion to help schools reopen in the fall. Roughly $30 billion of that amount would go to colleges, according to Senate Health, Education, Labor, and Pensions Chairman Lamar Alexander, R-Tenn. Most of the money would go to schools physically reopening to help them with the costs associated with safely restarting.
It includes $16 billion to help states boost Covid-19 testing capacity, according to Senate Appropriations Committee Chairman Richard Shelby, R-Ala.
Shelby said it would put $26 billion toward the development of Covid-19 vaccines and therapeutics.
The plan includes 100% deductability of business meals, according to Sen. Tim Scott, R-S.C.
It includes several tax credits, including an enhanced employee retention credit and a credit for expenses such as upgrades to workplaces and testing that help businesses operate safely.
Yep, yep, yeppers – yessiree.
This coronavirus is truly a blessing.
You work less, get more money, and get to do a hip new fashion trend on orders of the federal government.
We should have done this years ago.
When the government first said its plan was to shut down the entire economy and then just pay for everyone’s food with the new money they printed, I thought of one Tom Petty song.
But then after they implemented the plan and I saw how genius it was, I thought of a whole other Tom Petty song.
We’re just free fallin’ out into nothin’, and it really makes me feel happy that Mitch McConnell has it all under control.
I’m a bad boy, because I don’t even miss life before coronavirus.