Thursday, April 2, 2020

the US Congress validates the stimulus plan at $ 2 trillion

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The President of the United States, Donald Trump, and his Secretary of the Treasury, Steven Mnuchin (right), at a press conference in Washington on March 25. JONATHAN ERNST / REUTERS

Has the worst happened? Wall Street believes it, at least temporarily. In two days, the Dow Jones index rose by 16%, and Standard & Poor's, by 13%, while the signs of a recovery in the economy paralyzed by the coronavirus are emerging: unlimited support from the Fed (Federal Reserve) to avoid bankruptcy of the system; Wednesday health day less catastrophic than the day before in New York State, with a reduction in the number of hospitalizations; Donald Trump's willingness to put America back to work by Easter and congressional agreement on a plan to support nearly 2 trillion dollars (1 846 billion euros) to the economy, or about 10% gross domestic product or half the annual federal budget. "This is a wartime investment for our country", said the boss of the Republican senators, Mitch McConnell (Kentucky).

Article reserved for our subscribers Read also Coronavirus: United States Panics Over Falling Economy

There are plans to pay the Americans directly $ 500 billion. They will receive a check for $ 1,200 per person, provided they earn less than $ 75,000 per year for one person, and $ 150,000 for a couple, as well as $ 500 per child. The measure, declining beyond, allows to give immediate purchasing power to households, many of which are deprived of their work overnight.

It should be paid within three weeks, according to Treasury Secretary Steven Mnuchin. In addition, for nearly $ 250 billion, federal unemployment compensation for four months. "If you were laid off, you will receive 600 dollars more per week", said progressive senator from Vermont, Bernie Sanders. For the first time, workers with self-employed status, such as Uber drivers, will be eligible. This sum will complement the 200 to 550 dollars paid each week by the federated states for a period of three to seven months.

This measure has long been debated on Wednesday, March 25 in the evening, four Republican senators challenging a system that would allow some to earn more unemployment than by working, encouraging Americans to quit their job. "I don't think it will create negative incentives"said Mr. Mnuchin. "What most Americans want is to keep their jobs. "

Bitter political battle

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