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Trump wants to send Americans $1,000 checks to cushion virus economic shock

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Trump wants to send Americans $1,000 checks to cushion virus economic shock

By Alexandra Alper and Steve Holland

 

2020-03-17T164638Z_1_LYNXMPEG2G1W4_RTROPTP_4_HEALTH-CORONAVIRUS-USA.JPG

U.S. President Donald Trump addresses the the daily coronavirus (COVID-19) briefing as Vice President Mike Pence and Ambassador Debbie Birx, the White House coronavirus response coordinator, look on at the White House in Washington, U.S., March 17, 2020. REUTERS/Jonathan Ernst

 

WASHINGTON (Reuters) - U.S. President Donald Trump announced a plan on Tuesday to send money to Americans immediately to ease the economic shock from the coronavirus crisis and said military-style hospitals will likely be deployed to virus hot zones to care for patients.

 

Treasury Secretary Steven Mnuchin, appearing with Trump in the White House press briefing room, said he was talking with congressional leaders on a plan to send checks immediately to displaced Americans. Trump said some people should get $1,000.

 

Scrambling to get a grip on an unpredictable virus that has disrupted Americans in all walks of life, Trump predicted the economic challenge will be tough short term but that the economy will eventually rebound.

 

"We're going to win and I think we're going to win faster than people think, I hope," said Trump, surrounded by top advisers on the coronavirus crisis.

 

Vice President Mike Pence said the government was urging construction companies to donate N95 face masks to local hospitals and not purchase any more to help doctors.

 

U.S. Treasury Secretary Steven Mnuchin on Tuesday said as part of a stimulus package being mulled in congress is cutting physical checks for the American public to inject money into the economy 'now'.

 

Pence said the Army Corps of Engineers can deploy field hospitals quickly to help handle the influx of virus patients. Trump said he was looking at sites where they might be needed.

 

Trump on Monday urged Americans to work diligently for 15 days to try to slow the spread of the virus by avoiding crowds and staying home for the most part.

 

"We're asking our older generation to stay in their homes. ... We're asking the younger generation to stop going out," said Trump coronavirus adviser Deborah Birx.

 

The abrupt slowdown has staggered the U.S. airline industry and other economic sectors and has left an increasing number of Americans unemployed.

 

With markets gyrating and mostly on a downward trend, Mnuchin said the U.S. stock markets should remain open to assure Americans that they can access their money.

 

"Everybody wants to keep it open. We may get to a point where we shorten the hours, if that's something they need to do, but Americans should know that we are going to do everything that they have access to their money at their banks, to the money in their 401(k)s, and to the money in stocks," Mnuchin said.

 

Trump urged Americans not to travel and said he had not ruled out travel restrictions to parts of the country. He said Americans just "enjoy their living room."

 

(Reporting by Alexandra Alper, Steve Holland, Lisa Lambert, Doina Chiacu, Susan Heavey and Tim Ahmann; Editing by Chizu Nomiyama and Lisa Shumaker)

 

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-- © Copyright Reuters 2020-03-18
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Trump has morphed into Bernie Sanders. Mnuchin looked horrified. Compare to the UK where Boris is loaning £300 Billion to those in need.

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AOC has criticized Trump for providing $1000 support to Americans, seemingly ignoring her own $93 trillion Green New Deal. Hypocrisy unchained.

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20 minutes ago, swissie said:

Some keen thinkers have predicted that this world economy (based on credit, free money for all, 0% interest rates) will eventually have to be backed by "Helicopter-Money" to prevent eventual collapse. All those "zombie-companies" that could not re-finance at "regular" interest rates.
But now, the "Virus" has put this process into "fast foreward".

 

The age of "Helicopter-Money" has arrived.

Google "Helicopter Ben" Bernacke. ex-Federal Reserve Chairman.

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1 hour ago, lannarebirth said:

Thank You Andrew Yang! He implored both Bernie and Biden to get in front of this. Too bad Bernie and Biden demurred. I expect this will morph into $1,000/mo for each American adult resident for the duration of this emergency. This is what Americans need. Forget about the major corporations. They can always print more stock and dilute shares to raise money or have bond holders take out stock holders in bankruptcy. The planes and airports won't cease to exist. So what if the operator goes under?

 

 

 

 

 

 

 

Why exactly would you give money to people who still have their full time jobs. Obviously you want the cash to go to those who need it most: the unemployed and the underemployed $1000 per month is not going to keep the unemployed afloat.

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I'll take a thousand bucks as long as taxes don't go up. I live in the USA so don't really care if the Dollar takes a nose dive. My Husband has a large investment in Sterling so all the better actually. 

 

$1,000 should pay the toilet paper and canned good bills.

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1 minute ago, englishoak said:

 

It costs far less you just give it to everyone rather than  means test, let alone the time means testing would take up, people need it now not in 6 mths ... 

 

It is stimulus. What will happen if you give $1,000 away is it will just find it's rightful owner. Should help with iPhone sales...

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