It looks like we have a deal
Recap: Given what’s going on in the world due to the coronavirus outbreak, I’m sending out a daily newsletter to help keep things in perspective. The news, for the most part, isn’t pretty, and I think it’s important that we all understand what’s going on so that we can make better decisions as to how to deal with it in our lives.
The stimulus package finally comes together
It looks like we’re finally going to see what’s in this stimulus package. The government has already passed a few coronavirus-related bills that beefed up Medicaid funding and expanded access to unemployment benefits and food assistance, but everybody’s been waiting for this one — and it looks like Democrats and Republicans were able to come to an agreement at around 1 a.m. last night on a $2 trillion bill.
As for what, exactly, is in it? The thing most people are concentrated on are the stimulus checks, that look like they’ll end up being $1,200 per person ($2,400 per married couple), $500 per child, and will be reduced for households earning more than $75,000.
There’s also hundreds of billions of dollars to help businesses — we’ll have to wait for more details before we know exactly how that money will be doled out.
The markets are happy (for now)
The markets were way up yesterday in anticipation of the stimulus bill. So, if you were too scared to look at your 401(k), you probably still should be, though it likely isn’t as ugly as it was on Monday.
The Dow was up 11% on Tuesday, its biggest daily gain since 1933, and the S&P 500 was up 9%. That may not mean much, especially if you don’t own stocks and are more concerned about making rent in a week, but right now, any news is good news. If people are feeling a little bit better, we should roll with it.
Keeping it real
While some people still don’t seem to grasp the situation — like Texas Lt. Governor Dan Patrick, who says that he and many other grandparents around the country would and presumably should be willing to die to save the economy, or President Trump, who thinks everything will be just dandy by Easter — one mayor from Kentucky is coming out swinging.
Mayor Gabe Brown of Walton, Kentucky, writes in a Facebook post:
“Listen up dipshits and sensible people. I might not have the best bedside manor. I might not put you at ease like the Governor does, but I don’t care. You need to realize that this is a serious ordeal. In fact, it’s a big f**cking deal. Stay at home.”
That’s one way of getting through to people.