Coronavirus economic stimulus: unending blame game continues

coronavirus economic stimulus blame Coronavirus pandemic stock coronavirus relief package delay Senate August Recess covid response sensor families coronavirus stimulus relief checks

Despite weeks of negotiations, both Democrats and Republicans have failed to reach a deal so far. Now, each side is blaming the other for the impasse over the negotiations. This blame game over the coronavirus economic stimulus has been ongoing for almost a month now and is expected to continue for some time yet.

Q2 2020 hedge fund letters, conferences and more

Coronavirus economic stimulus: ongoing blame game

The most verbal attacks this week have been on Senate Majority Leader Mitch McConnell. On Monday, Bernie Sanders shared a Washington Post story titled “Debt, eviction and hunger: Millions fall back into crisis as stimulus and safety nets vanish.”

Sanders referred to the struggle of Americans, who are unable to pay for rent and food, as “morally obscene.” Sanders then also called McConnell to call back the Senate, which is currently on recess.

Following Sanders’ comments, supporters of both got in a verbal war on social media platforms. Those in favor of Sanders talked about the need for passing another relief package quickly. Others seemed okay with the delay, arguing enough funds have already been spent on relief.

On Tuesday, Former Federal Reserve Chair Janet Yellen also blasted the Senate for the failure to reach a stimulus deal. In a New York Times column, Yellen, a top economic adviser to former Vice President Joe Biden, slammed Congress for failing to extend unemployment benefits, eviction protections and aid for local governments despite the rise in coronavirus cases.

“If senators still fail to resolve stalled negotiations when they return after Labor Day, millions of needy Americans will suffer — and the overall economy could degrade…,” the post said.

McConnell blames Democrats for stalling negotiations

McConnell also stirred up the social media by putting the blame on Democrats for no coronavirus economic stimulus yet. In a tweet, McConnell told Democrats to “actually help the American people.”

In the video, McConnell is seen saying that Americans are in need of assistance, and that an agreement could only be done “on a bipartisan basis.” He also seemed optimistic on striking a bipartisan deal soon.

Talks over the next stimulus package have been on a standstill for weeks now. The negotiators have failed to reach a deal despite continuous negotiations after McConnell introduced the GOP’s proposal in late July.

Even though both sides agree on several provisions, they have stark differences on a few provisions as well. One point that both sides agree on is sending out $1,200 in stimulus checks, while they differ on extending unemployment benefits, aid for states and local governments, funding for the U.S. Postal service, and more.

Any decision on the next relief package is now not expected to come until next month. Until then, we will continue to see more of the blame game from lawmakers on the coronavirus economic stimulus.

 

The post Coronavirus economic stimulus: unending blame game continues appeared first on ValueWalk.

LEAVE A REPLY

Please enter your comment!
Please enter your name here