Mish Shedlock Blog | Republicans Propose a Means Test Instead of $600 Weekly Benefits | Talkmarkets - Page 2
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Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market ... more

Republicans Propose a Means Test Instead of $600 Weekly Benefits

Date: Sunday, July 26, 2020 9:11 PM EDT

Cap Assistance

“It’s going to cap the assistance at a level that is consistent with people going back to work,” Larry Kudlow, the top White House economic adviser, said of the Republican proposal on CNN’s “State of the Union” on Sunday.

Bickering Might Last Weeks

Democrats will be incensed by points 1 and 5.

Deal Unlikely or Impossible Before Benefits Expire?

Bipartisan negotiations—which Senate Majority Leader Mitch McConnell (R., Ky.) has said he expects to take at least a few weeks—are unlikely to yield an agreement before the supplement jobless benefit ends.

Again, I truly do not understand such comments. 

Benefits just expired. 

Unless a deal is worked out this week and made retroactive, there will be missed checks. 

What If?

White House chief of staff Mark Meadows suggested on ABC’s “This Week” that Republicans might try to pass a smaller package, which would include extended unemployment insurance, and then “negotiate on the rest of the bill in the weeks to come.” Democrats have rejected that approach.

Didn't the Republicans just reject that approach as well? 

We find out Monday. Trump could change his mind overnight 

Advantage Democrats

Because of Republican delays, Democrats can hold out for more and blame Republicans for all of it. 

Under this scenario, they would agree to a deal after a couple of weeks, then blame Trump and the Republican Senators for the difference between $600 and the 70% replacement.

Philosophically Speaking

Philosophically, people should not make more being unemployed than employed.

Politically speaking, the Republicans just stepped on a landmine.

Democrats Favored to Win the Senate

Earlier today I commented, Democrats Favored to Win the Senate.

This update will not help the Republican cause. Please click on the above link for details.

Trump Will Lose to Biden

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