The Riddle Report 12 21 2020
It looks like a new stimulus package worth almost 1 trillion dollars is going to be passed sometime today. As a matter of principal, I am wary of stimulus packages. Particularly, those packages which Democratic hands have touched. Historically speaking, such spending is a short-term bonanza and a long-term disaster. I am afraid this may fall in the same category.
On the other hand, it is hard to argue against the necessity for help. While the economy is rebounding in a V shape, it is not happening as fast as hoped. At least part of this is fear generated by the press. Instead of making judgements based on facts the people are believing the fear mongering of the press, staying home, and only shopping for necessities. This results in a need for a stimulus shot.
One of the more interesting aspects of the package is the similarity to the Republican proposals earlier in the year. From what I have seen, the only concession by Conservatives was the desire to protect businesses. But the Democrats conceded more. The big one, in my opinion, was that they were forced to drop the bail-out of Democratic states and cities which were guilty of mismanagement.
Another part of the bill provides weekly unemployment benefits for up to 11 weeks. Having experienced unemployment myself many years ago, I know how vital that can be. But I believe having an end-time for these additional benefits is also important. In recent unemployment benefits the benefit was actually greater than wages being offered. Most people are prepared to work, but it puts undue pressure on them to be paid more for being idle than for working.
In addition, the bill provides relief for the airline industry, which is much needed. Then there is relief for small businesses, vaccine distribution, and more. These are all needed and their troubles are not related to mismanagement but to Covid-19.
All of that and more makes me think this package is good and needed. But even as they are voting on this package, they are already talking about another one bigger and wider! This, in my opinion, would be disastrous. The current package plus the previous packages all must be paid down, and work should begin on that immediately.
Whether President Trump wins reelection or Biden/Harris win, this latest package needs time to work. Get that money into our economy and then watch to see what happens. Right now our economy is slowly rebounding because of strong underpinnings. Assuming that Trump is reelected which evidence points to, then the underpinnings remain, and the economy takes off. But if Biden/Harris prevail those underpinnings could disappear rather quickly, and new help will be needed.
It is sad to watch anyone, Democrat or Republican, use much needed legislation as a bargaining point. How many people have suffered due to the Democrats wanting their agenda? Too many! But now they have gotten serious and dropped the worst pieces and so we can thank God for this help. But they could have agreed to this same package last summer.
R Frederick Riddle is the Editor of TR Writing Services providing help to struggling and/or new authors to write and publish their books. He is also an author of Historical, Speculative, and Mystery fiction, plus co-founder and Vice President of T&R Independent Books. To reply to any blog you can comment on a blog and/or send an email to firstname.lastname@example.org. His Facebook page is at RFrederickRiddlesWorld.