Steven Mnuchin hints that the democrat narrative is politically designed to collapse the economy. His numbers throw their permanent lock-down plans right out the window. “I think your characterization is unfair,” the Treasury Secretary told Ohio Democrat Sherrod Brown.
Mnuchin knows his numbers
Steven Mnuchin was born with one of those little pocket protectors that number crunching accountants seem to love so much. He got personally offended at the way he was treated in congress. When he sat down on Tuesday to explain the facts to the Senate Banking Committee, they hit him with partisan propaganda. Democrats have taken the political position that everyone must stay home until the entire economy stops moving, in order to protect everyone from the flu. Mnuchin got testy about it.
Closing down the United States economy for one second longer than necessary brings the risk for long-term devastation. “There is risk of permanent damage,” he insists. As long as we get moving soon, the prognosis looks good. “The country will emerge from the pandemic stronger than ever.”
Ohio Democrat Sherrod Brown ground his axe so hard he could split hairs with it. “How many workers should give their lives to increase the GDP or the Dow by 1,000 points,” he demanded to know. Mnuchin went ninja, took the axe away and whacked his arm off with it. “No workers should give their lives to do that, senator, and I think your characterization is unfair.”
Soaring unemployment is cost of slowing the spread
When the outbreak first started, we were faced with what appeared to be a brand new and man made virus released from a Chinese lab. It had the potential to kill everyone on the planet. We were right to treat it like it was the Andromeda strain. Locking the entire country in quarantine was the right thing to do.
Over the past two months the unprecedented steps to slow the spread brought on soaring unemployment. According to CNN, “more than 36 million people have been put out of work since the middle of March.”
Mnuchin has more information now. We know the virus isn’t going to simply make the rounds once and go away. It will be with us for years to come, with or without a vaccine. Mass quarantine isn’t the answer anymore and would do more harm than good. Democrats would prefer economic suicide.
Not spending the money fast enough
Another thing that Senate Democrats were angry about is that the Treasury hasn’t managed to spend the half trillion dollars yet that congress ordered to be thrown at the problem. They set up their own little redundant Congressional Oversight Commission to watch where the money goes and it hasn’t been moving.
They report that “the Treasury Department has spent little of the $500 billion Congress specifically appropriated for lending to businesses and state and local governments.” The airlines are getting anxious to see the $46 billion they were promised, even though their planes are mothballed in the Arizona desert for now.
Congress spent that money nearly two months ago and they want to see some receipts. Mnuchin dropped everything to concentrate on getting direct stimulus payments out to “about 150 million Americans” to “help people pay their bills.” The Treasury Department is currently working on the small business lending program while the Federal Reserve rolls out the “Main Street” lending program.
Billions to Main Street
Federal Reserve Chairman Jerome Powell used his turn in the hot-seat to confirm that the Main Street program will be ready to roll by the end of the month. Billions of dollars will soon be flowing to “small- and mid-sized businesses.”
Congress wrote a check for $454 billion intended to serve as a “baseline for lending facilities” including the Main Street Lending Program but also meant to help cities and local governments. They have been thrashing out the rules of who qualifies instead of passing the money out.
Congressional lawmakers, especially democrats, live in a fantasy world of unicorns and pixie dust. They assume that their vote is all that matters and magically the money finds its way wherever it needs to be in the blink of an eye. Life isn’t like that. Bureaucracy and red tape snarl everything to a crawl. Despite the obstacles, Mnuchin and Powell have accomplished miracles.
140 million stimulus payments have been sent directly to Americans, for a total of $240 billion. That means only 10 million still need to be sent out. That’s a tremendous accomplishment starting from scratch. Especially considering the number of citizens who aren’t on the tax rolls. On top of that, nearly 4.2 million small business loans to the tune of more than $530 billion are getting the doors open on main street again. Senator Brown and the rest of the democrats can shove it.