The Critical Hour

$850 Billion Stimulus Package Won't 'Stimulate' Economy, Just a Few Pockets

On this episode of The Critical Hour, Dr. Wilmer Leon is joined by Dr. Jack Rasmus, professor of economics at Saint Mary's College of California and author of "Central Bankers at the End of Their Ropes: Monetary Policy and the Coming Depression."
Sputnik

"New studies in several countries and a large coronavirus outbreak in Massachusetts bring into question reassuring assertions by US officials about the way the novel virus spreads," CNN reported Monday. "These officials have emphasized that the virus is spread mainly by people who are already showing symptoms, such as fever, cough or difficulty breathing. If that's true, it's good news, since people who are obviously ill can be identified and isolated, making it easier to control an outbreak. But it appears that a Massachusetts coronavirus cluster with at least 82 cases was started by people who were not yet showing symptoms, and more than half a dozen studies have shown that people without symptoms are causing substantial amounts of infection." With that said, the Washington Post reported Tuesday, "The Trump administration expressed support on Tuesday for sending direct cash payments to Americans as part of a massive economic stimulus package of around $850 billion, which the White House hopes could stanch the economic free fall caused by the coronavirus." What does all of this mean economically?

A Tuesday New York Times piece entitled "Justice Dept. Moves to Drop Charges Against Russian Firms Filed by Mueller" ran with the subtitle: "The companies funded Russia’s social media-fueled interference in the 2016 election, prosecutors said. But they tried to weaponize the case instead of fight it." I have a problem with this subtitle. To me, it makes the inference that the Mueller team’s problem was one of tactics, not substance — as though they went at this the wrong way, rather than being just wrong.

A Monday Washington Post piece entitled "Coronavirus Tests American Democracy as Planning Begins for ‘Worst Case’ in November Election" says, "The coronavirus pandemic is presenting a singular test for American democracy, prompting states to postpone their primaries while already causing attorneys and voting-rights groups to take steps to ensure access to the November election in the event the outbreak is not contained by then. Hardly any precedent exists for the dilemma now facing campaigns and voters in the states moving ahead with their contests, as Americans are warned they may need to 'hunker down' to minimize casualties." Could COVID-19 really put American democracy to the test?

GUESTS:

Dr. Jack Rasmus — Professor of economics at Saint Mary's College of California and author of "Central Bankers at the End of Their Ropes: Monetary Policy and the Coming Depression."      

Mark Sleboda — International affairs and security analyst.  

David Schultz — Professor of political science at Hamline University.   

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