Letters to the editor can be submitted to news@chronline.com.
Instead of putting the unemployed and taxpayers first in line to receive stimulus monies,
and applying common sense by creating a two-part bill which would get money to the people without delay, both Republicans and Democrats have bundled a bunch of unrelated garbage into the $2 trillion stimulus bill.
They are not putting the American people first.
A two-part bill, enacting part 1 immediately should have been passed weeks ago.
After negotiating (wrangling and manipulating) for pork add-ons, the government has finally passed the $2.2 trillion recovery bill for the American people (not so much) and the economy (mega corps, banks, and financial crooks). Instead of immediate payments for Americans sheltered at home (unemployed), and millions of small businesses shut down by order of the governors, our politicians used the opportunity to insert ridiculous add-ons into the bill. For instance, Nancy Pelosi wrote up $35 million for the Kennedy Center Arts and NPR. Fortunately, there was one representative with reading skills, and exposed these shenanigans. But that is small potatoes compared to what is coming for us as taxpayers.
The 883 page rescue bill was not read by most who voted in favor, so they missed all the ‘goodies’ inserted for banks, corporations, and Wall Street. Let me be clear, we do need the rescue bill for America’s people and small businesses, just not the junk add-ons. Since the 2008 financial crisis, corporations have accumulated massive debt to buy back their stocks and pump up the markets. Now their debts (collateralized loan obligations, high risk derivatives leverage) are being packaged and purchased by the U.S. Treasury using a legal loophole (SPV) Special Purpose Vehicle, where the Federal Reserve finances the deal, but the Treasury assumes all risk and liability.
Who backs the U. S. Treasury? It is the taxpayers of today and the future who now carry the debt, not the corporations that default. This is like betting on the “dead horse” in a horse race, except this time all the horses have died.
Additionally, corporate earnings are due next week, along with staggering unemployment figures. If not in April, maybe May, expect 20-30 percent unemployment and earnings reports not seen since 1930.
Finally, the Sunshine Act has been suspended, so the American people have no way of knowing who got how much money and what was done with it, because no transparency to track billions and billions of dollars will be allowed. Remember, politicians are paid handsomely whether or not you make your mortgage or rent payment, or lose your house. They continue to turn deaf ears toward their constituents who are crying out for immediate relief.
The $1,200 per person won’t even cover one month of mortgage or rent for most families. The government dragged their feet so long now, that promised money won’t even arrive by April first, when the majority of mortgages and rents come due.
Rick Yearout
Morton
