Nattering Nabobs

Remember back when? When The Very Unstable Lunatic and his Right Wingnut enablers pushed through that Trillion Dollar Giveaway to the Rich? The Nattering Nabobs asked a simple question: what will he/they do when there's a real problem?

One assessment of its performance

"It was unbelievable at the time, and it's proven to be absolutely untrue," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. "The tax cuts were never going to — and have not — come anywhere close to paying for themselves."

Corporate tax revenues fell 31% in the first year after the cut was passed. Overall tax revenues have declined as a share of the economy in each of the two years since the tax cut took effect.

But now, the Right Wingnuts insists that no more aid to states, etc. is feasible

Republican Sen. John Cornyn reiterated Tuesday that he believes there is no "urgency" on passing another coronavirus relief bill when asked if the Senate will likely wait until after Memorial Day recess to take up phase four legislation. Like Barrasso, Republican Sen. Lindsey Graham also referred to the bill as "dead on arrival" in the Senate.

OTOH, here's Powell

"The recovery may take some time to gather momentum, and the passage of time can turn liquidity problems into solvency problems," Powell said. "Additional fiscal support could be costly, but worth it if it helps avoid long term damage and leaves us with a stronger recovery."

And, that from a monetarist!!

The coronavirus recession has hit lower-income Americans the hardest. Powell said almost 40 percent of households earning less than $40,000 annually as of February lost jobs in March. He noted that the central bank's ability to help them is limited — the Fed can lend money to financial institutions and larger corporations, but it cannot spend money.