As the coronavirus undid the economic gains of the past three years, financial professionals told Newsweek what President Trump should do.
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.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
CDC chief rejects Trump talk connecting virus, border wallCDC Director Robert Redfield was asked whether 'structural barriers' at the borders would help with the coronavirus. He had the audacity to tell the truth.
Baca lebih lajut »
Stock market news live: Stocks slump, trigger circuit-breaker after Trump declares Europe travel restrictionsUPDATES: Stocks slump, trigger circuit-breaker after Trump declares Europe travel restrictions
Baca lebih lajut »
Economy, stock markets look even shakier after Trump announces European travel ban and NBA suspends seasonDow futures tumbled 1,000 points late Wednesday after President Trump announced a 30-day travel ban from Europe to limit the spread of COVID-19.
Baca lebih lajut »
Stock futures plunge after Trump announces suspension of U.S.-Europe travelU.S. stock futures tumbled Thursday, on the heels of President Donald Trump’s address to the nation, and following another steep selloff on Wall Street that...
Baca lebih lajut »