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Posted by: thepinetree on 03/24/2020 01:33 PM Updated by: thepinetree on 03/24/2020 01:33 PM
Expires: 01/01/2025 12:00 AM
:

Our Choice: A Third Quarter Rebound or a Lost Decade By Congressman Tom McClintock

Roseville, CA...The anguish in people’s voices as they call our office every day is heart-breaking. Many are wondering how they can pay their bills, whether their job will still exist in a week, whether their retirement savings have been decimated or whether they’ll lose the shop they’ve spent their lifetimes and life savings to build.





Immediate financial relief is of paramount importance to staunch the damage done to the millions of American workers and businesses pushed to insolvency by forced closures and a panic that has emptied grocery shelves across the country. How that relief is extended will determine whether we save or destroy what just one month ago was one of the most promising economic expansions in our nation’s history.

Businesses must have immediate access to capital to keep their assets intact and their employees’ jobs preserved. The answer that has worked for centuries is to make capital easily available through low-cost emergency loans so businesses can stay intact. The Federal Reserve is doing that by throwing open the discount window and Congress needs to guarantee emergency loans to all businesses to stay afloat until the crisis passes.

For struggling families, a payroll tax holiday could quickly boost incomes through the end of the year, maximizing the incentive for businesses to reopen and individuals to return to work. This would put far more cash in workers’ pockets than $1000 checks, allowing them to recover the losses they are now suffering. The $800 billion cost of such a stimulus does not need to be added to the nation’s staggering debt – and future taxes -- if individuals are given the choice to forego paying the taxes now in exchange for delaying their retirement date by a few months.

By these means – ample emergency loans and deficit-neutral payroll tax relief – businesses can survive, workers can recoup lost income and the nation can get quickly back to work.

These measures would provide immediate relief while preserving what should be a strong third quarter rebound. Yet, making bad choices now threatens to deepen the crisis and prolong our distress.

Limiting the economic damage requires a rapid return to normalcy. The February job numbers tell us that the American economy is fundamentally sound and poised to restore our losses -- provided we can get Americans back to work as quickly as possible. Yet, rushed legislation recently adopted by Congress moves in the opposite direction: guaranteeing paid leave for up to three months and extending unemployment benefits to a full year.

Some propose to spend trillions of dollars more, which will crowd out capital needed for expansion and cost us the future. The same policies failed miserably during the 2008 mortgage crisis. Cash grants under Bush and a trillion dollars of stimulus spending under Obama did little to stimulate the economy. Enhanced and extended benefits delayed many from returning to work. The sum total of these blunders turned the recession of 2008 into a decade of lost economic growth and stagnant wages. Have we learned nothing?

Families and businesses are hurting and need immediate help in the present while preserving our future. How Congress reacts to this crisis will have long-lasting implications to the future prosperity of our country and determine whether Americans can bounce back in coming days, or whether we are hobbled for a decade to come. Sound policies and sober legislation can get everyone through this crisis without forsaking what should be a historic recovery for our nation.

# # #


Comments - Make a comment
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
No Subject
Posted on: 2020-03-24 14:00:57   By: Anonymous
 
THIS COMING FROM THE TURD WHO VOTED AGAINST THE HOUSE STIMULUS PACKAGE! A TURD WHO DOESN'T EVEN LIVE IN OUR DISTRICT! A TURD WHO HASN'T HELD A TOWNHALL MEETING IN TWO YEARS! VOTE THIS LIDDLE TURD OUT!

[Reply ]

    Re:
    Posted on: 2020-03-24 16:25:37   By: Anonymous
     
    He has my vote! At least he isn't an angry, delusional socialist!

    [Reply ]

      Re:
      Posted on: 2020-03-24 16:27:13   By: Anonymous
       
      He is angry and delusional though.


      [Reply ]

        Re:
        Posted on: 2020-03-24 19:36:35   By: Anonymous
         
        And he's got his tounge stuck up inside Trumps u no what.

        [Reply ]

      Re:
      Posted on: 2020-03-24 21:54:28   By: Anonymous
       
      He is a socialist, for the rich and trump and mega-corporations. He voted with trump and the Congressional Republicans to eliminate or reduce real estate tax deductions for California homeowners, as well as those in New York. It was done as part of Trump’s big tax deal for the wealthy and powerful. Using their power to pay less tax, and pass increased tax on average people. Sure some familiesgot a bit less tax, but nothing like what they promised, while the took much more from most of us.

      [Reply ]

    Re:
    Posted on: 2020-03-25 10:15:53   By: Anonymous
     
    Why would a rational person hold a town hall meeting with irrational people like Democrats? Who knows how many gun toting angry Bernie burnouts like James Hodgkinson are out there? Based on the angry comments from Democrats I see regularly on TPT, I would guess quite a few.

    [Reply ]

      Re:
      Posted on: 2020-03-25 20:58:42   By: Anonymous
       
      You call Dems irrational? Dems, independents know you cons are delusional!!

      [Reply ]

IGNORANCE PERSONIFIED!!!
Posted on: 2020-03-24 14:07:10   By: Anonymous
 
Ignorant soul who needs to be voted out!

[Reply ]

No Subject
Posted on: 2020-03-24 14:09:38   By: Anonymous
 
Oh, those Republicans... quantifying dollars instead of the lives that will be lost if Trump has his way of having us out shopping again by Easter.

[Reply ]

    Wealth Over People
    Posted on: 2020-03-24 14:26:58   By: Anonymous
     
    All comments removed from this IP address due to threatening language

    [Reply ]

    Re:
    Posted on: 2020-03-24 15:02:59   By: Anonymous
     
    Trump thinks he is Jesus! 🤢

    [Reply ]

Lost decade
Posted on: 2020-03-24 14:24:49   By: Anonymous
 
Tom M is the lost decade. CA needs to make up it by voting ol’Tom out, out, out.

[Reply ]

No Subject
Posted on: 2020-03-24 14:40:20   By: Anonymous
 
Profanity

[Reply ]

    Re:
    Posted on: 2020-03-24 14:58:25   By: Anonymous
     
    Plenty of cases all over the country that are community-based and not associated with race. For that matter, not personal hygiene either not that it applies here. COVID-19 is an equal opportunity killer.

    [Reply ]

No Subject
Posted on: 2020-03-24 15:07:02   By: Anonymous
 
It has to be easier to put the economy on life support rather than millions of Americans.
Yes, millions. If our health system collapses under the strain, we are looking at millions of deaths in America.

Don't these Republican representatives realize that their constituents are some of the most vulnerable?

[Reply ]

    Re:
    Posted on: 2020-03-25 07:52:23   By: Anonymous
     
    Well said.

    [Reply ]

No Subject
Posted on: 2020-03-24 15:14:43   By: Anonymous
 
How does a payroll tax break help if you're not getting a pay check, Tom?

[Reply ]

    Re:
    Posted on: 2020-03-24 15:17:55   By: Anonymous
     
    This idiot should resign

    [Reply ]

Calaveras news site needs to clean up
Posted on: 2020-03-24 15:37:12   By: Anonymous
 
Pine tree mods
Please moderate your comments section.
We deserve better as a community than this hateful speech, I know you put in a significant t amount of time producing this site ..
Please go the extra mile to keep trolls and cursing simpletons from driving away viewers of your site.

Perhaps require a sign in via disqus or just turn off comments ( please no FB comments for all those who do not have or want FB)

Thank you

[Reply ]

    Re: Calaveras news site needs to clean up
    Posted on: 2020-03-24 16:24:10   By: Anonymous
     
    Send link to any comment over the line to news@thepinetree.net. They usually remove them fairly quickly

    [Reply ]

    Re: Calaveras news site needs to clean up
    Posted on: 2020-03-24 16:45:34   By: Anonymous
     
    Also, John is good about noting repeat offenders from their ISP address and blocking them. ;)

    [Reply ]

No Subject
Posted on: 2020-03-24 16:30:06   By: Anonymous
 
I like Toms tie quite abit.

[Reply ]

    Another Attempt To Privatize SS
    Posted on: 2020-03-24 16:38:59   By: Anonymous
     
    All comments removed from this IP address due to threatening language

    [Reply ]

    Re:
    Posted on: 2020-03-24 16:42:44   By: Anonymous
     
    THIS IS THE ORANGE TRUMPTURD'S YES BOY. DOESN'T GIVE A FLYING "F" FOR WORKING CLASS AND WORKING POOR. HOPE HE CONTRACTS THE COVID-19 AND DIES LIKE A DRUNKIN TOAD. GASPING FOR HIS LAST BREAT.
    I DIDN'T SAY BULLFROG, SO NOBODY HERE NEEDS TO GET UPSET!


    [Reply ]

No Subject
Posted on: 2020-03-24 16:49:20   By: Anonymous
 
On a positive note, this today from long-time Trump sycophant Lindsey Graham. There may be hope yet. "When it comes to how to fight #CoronavirusPandemic, I'm making my decisions based on healthcare professionals like Dr. Fauci and others, not political punditry."

[Reply ]

    Re:
    Posted on: 2020-03-24 16:50:49   By: Anonymous
     
    Trump can say we all need to go back to work. And that everything will be fine. But the only way we beat coronavirus is if we all band together and slow its spread. And we can't do that by circling an arbitrary date on the calendar and deciding that, on that day, everything is going to be fine.

    [Reply ]

      Re:
      Posted on: 2020-03-24 17:01:30   By: Anonymous
       
      Jim Cramer: I'm Not in Favor of Business as Usual
      There are 5 things that I would like to see happen here.
      By JIM CRAMERMar 24, 2020 | 01:11 PM EDT
      Stocks quotes in this article: SBUX, F, GM, CRM, MMM, TSLA
      What's my wish list here? What do I think is right? I keep hearing all sorts of things about reopening America for business, for canning social distancing, for not worrying about getting Covid-19.

      As someone who lives in the area that is the single most impacted in the country, Brooklyn, I am not in favor of business as usual. You want these people locked down, believe me.

      But let me give you what I would like to see happen here.

      First, I think we have to crush this virus like they crushed it China. The way to do this? National lock-down. Nobody can leave their homes for 30 days. I know it sounds extreme; believe me my daughter who lives in Madrid is getting a real dose of it replete with a spare trip to the supermarket accompanied by a policeman. But we want to win over Covid and that's how you do it.

      Two, we aren't sure about the efficacy or the safety even of giving people hydroxychloroquine, the malaria drug, let alone with a Z-Pak. But we have some scientific evidence that if you give it to people early on then they have a much better chance of recovery. Why not just get giant stock piles of the stuff. Tell the pill makers who gave us the wonder of opiates that they have a responsibility to make them. Then we will be ready when we get the dosing right. Remember there are cardiac arrhythmia issues for some.

      Three, while we wait for the federal money let's get executives to take at least a 30 day pledge to pay and not to lay off people. Kevin Johnson challenged execs this morning. He's having great success with it at Starbucks (SBUX) . We all can emulate him.

      Four, it's time to call Elon Musk (Tesla: (TSLA) ) and say, "Look you came up with 1000 ventilators. I don't care about Ford Motor's (F) pledge. Musk should be asked to run all the needs to beat this. I bet he can be like the people who ran GM (GM) and Ford in World War Two. Just call him; he will have this shortage cured in two weeks.

      And what he can't get? I agree with Marc Benioff from Salesforce (CRM) who says that we have to call President Xi and have him send us the surplus because they have beaten the scourge. We can have a huge plan about how to wean ourselves off of the Chinese supply chain which has been revealed as a terrible Achilles heel for all sorts of businesses, especially pills. Puerto Rico used to be the pill making capital for the U.S. Time to bring it back.

      Fifth, where the heck is the military? No one is more dedicated and more able than the military in getting things done. But they have been called in only piecemeal. I would task a general who knows logistics and supply to run this whole apparatus. I would bring in some of the 125,000 medical professionals that the army has. I would use the bases as places of convalescence. Who knows better about how to build something than the Army Corps of Engineers?

      I am sick and tired of hearing how we can't do it as well as China or South Korea. Yes, we were late. Yes, we have a real problem. But we have really great resources: Elon Musk, the Army, and anyone who can augment the output of 3M (MMM) for the correct masks, let's get them in, let's get this done.

      (Starbucks and Salesforce are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells these stocks? Learn more now.)

      Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.
      Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long SBUX, CRM.

      TAGS: Economy | Markets | Politics | Stocks | China | Jim Cramer | Elon Musk | Coronavirus |
      MORE FROM JIM CRAMER

      Jim Cramer: Why Put an April 12

      [Reply ]

        Re:
        Posted on: 2020-03-24 18:46:28   By: Anonymous
         
        Trump has zero credibility and his extremely ignorant comments are dangerous. His inadequate response has cost lives. About two weeks ago he called it a hoax. Donald jr said it was a hoax by the left to hurt his father’s chance for reelection. The world and all Americans have had enough of this incompetent moron ...

        [Reply ]

        Re:
        Posted on: 2020-03-24 18:47:25   By: Anonymous
         
        Do you have schizophrenia?

        [Reply ]

      Re:
      Posted on: 2020-03-25 07:51:43   By: Anonymous
       
      Agreed. There will also be a second spike of illness once people start going about everyday life. It's not possible for the disease to still not be out there, even with our shutdown. Without a vaccine, how bad the second curve will be is entirely dependent on how long we stay home and isolate.

      [Reply ]

Our Choice: A Third Quarter Rebound or a Lost Decade By Congressman Tom McClintock
Posted on: 2020-03-25 00:26:20   By: Anonymous
 
That's the good thing to do. Good job for that. And don't forget to try Subway Surfers online game, it's for free!

[Reply ]

No Subject
Posted on: 2020-03-25 04:45:29   By: Anonymous
 
My 401k is now a 301k, it dropped from $1,300,000 down to $1,120,000, +- then I got out of the Market few weeks ago. What do I do now?

[Reply ]

    Re:
    Posted on: 2020-03-25 04:46:13   By: Anonymous
     
    I’m having a highball thinking about it

    [Reply ]

    Re:
    Posted on: 2020-03-25 07:55:00   By: Anonymous
     
    Console yourself that like myself you're not so highly invested or leveraged. There will be many concerned how they will live out their "golden years."

    [Reply ]


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