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Nancy Pelosi discussed on Rob Pratte

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Longer other elements of the plan includes spending student loan payments protections against foreclosures and money for the airline and travel industries the bill now goes to the house where it's expected to pass on Friday speaker Nancy Pelosi touting the bill but this package is just the beginning more and less this is a big strong step with the dental and confirmed cases continuing to rise getting health care workers the resources they need will be a top priority for lawmakers going forward in Washington on Comey lover now reporting so we'll talk about that tonight with your calls at one eight six six five oh Jimbo one eight six six five oh five four six two six M. with add up an associate professor in the college of business and a director of the **** financial services laboratory and that's on line by the way of **** dot EDU and thank you for being with us tonight yes good evening Jeff what it would take a look at the at the bill itself as it now stands in assuming that the house accepts the the same bill it does this a strike you as adequate or wasteful or or any particular adjective you wish to apply he yeah well first of all it first thing to understand about it this is massive it's lasted physically it's over fourteen hundred pages long and it's massive financially well we don't exactly know what the cost is going to be a happened so quickly that the typical things that they would do would be to have a study by the office of management and budget trying to get an idea how big it is not it added and so the best estimate that this is so we're going to be around the two trillion dollar program just as a way of comparison that's just about what the United States government spends every year on discretionary expenses yeah and again because of the way the bill is structured and and probably also because of the the speed with which was put together we were referred to the two point true two point two trillion dollar bill but that's a ballpark figure is it not well sure it is because what's happened is that there's a lot of guarantees in here and there's a lot of things that we really don't know what they're going to be the sort of commitments that are made of sand those commitments are being made both to people and businesses now it does I think it's helpful for us to keep in mind a little comparison method that I came up with I try to figure out a way to to convey the substance of millions and billions and trillions because it's it's a shame they ride because people tend to equate them they are not the same thing I finally came up with this the average hair on the human head is about a tenth of a millimeter in diameter if you were to take one million human head hairs and lay them side by side they would stretch about a football field and one in zone one million human head hairs one billion human head hairs would stretch sixty three miles one trillion human head hairs side by side would stretch sixty three thousand miles over a quarter of the way to the moon do not ever think that millions billions and trillions are the same thing yeah we did take a look at what this will do with it is somewhere and again we don't exactly know two trillion it could be higher but right now this is going to add to the current total deficit which is somewhere around twenty six trillion dollars yeah I I've had people call in and and lament this kind of spending a what it will do to the deficit and I am something of a deficit hawk myself but as I've tried to point out and I think I'm correct I do certainly solicit your opinions the crime here is not resorting to such things in times of dire circumstances the crime is that we've been doing it for decades and decades and decades as the order of the day everyday ordinary business we we we should be paying as we go that's how we got the the twenty three trillion or whatever the figure is currently in terms of the official national debt not by virtue of emergency procedures that that are necessary with our backs to the wall we got there because it was easier to dump things on the gross national credit card and passed along to our kids and our grandkids that's the crime not special circumstances like right now that's my take yeah and one of the things to understand and to to think about just exactly what's happening in this bill is to go back eleven years to go back to two thousand eight two thousand nine and what a lot of people have called the heart program the troubled asset relief program two thousand eight two thousand nine this should already programs as I recall it was returned shovel shovel ready programs and the words that was criticized by a lot of people it gave rise to the tea party on the ride in the occupy Wall Street movement on the left nobody was happy with that and people were not happy with that for a lot of different reasons but it would seem to really savor businesses and so what they tried to do with this program is to make sure that people are taken care of and some people get their share of this yeah two trillion dollars and I sort of think that's a worthwhile thing to do let's parse out the difference between in terms of the ideal expenditure of the money let's parse out the difference between let's say a thousand Bucks a thousand Bucks to go directly to a person to do what they will do and to the extent of this is means that probably means that the people in lower income brackets to pretty much exist paycheck to paycheck or welfare check the welfare check we'll spend it as compared with the thousand dollars let's say goes to businesses to keep jobs going your thoughts in terms of of of which is the most efficient method of of what it is we're trying to do it and we should keep in mind that's what we're trying to do is to jump start the economy right no one is suggesting this is a way to conduct business on a normal day to day basis no not at all this this program is not a bridge program this program is so that it it's kind of like taking your car putting it away for the winter something that we do up here and up in buffalo but can we put our cars away for the winter and and we have to restart them when springtime comes around and that's what this plan is going to do is to preserve businesses and to make sure that people are not terribly hurt during that time because they're not going to have jobs we saw the unemployment number today at three point two million initial claims you would come out there and so what this program does is really provides it is talked about at the beginning here talk about that cash payments cash payments in cash payments going to people that are most likely to spend them people that make under seventy five thousand dollars of relief farm and ranch you don't have to pay your rent for four months you don't have to make your mortgage payment for four months you don't have to make your student loan payments for four months now what might ordinarily not necessarily be and effective role an effective policy let's say in terms of day to day operations of the country therefore would be more effective at this time if the whole point is to get people out there spending money that's the idea is that not and again the goal in a time like this is not necessarily what you would be trying to do at other times with other federal money programs yeah that's that's great let's take a look at the full has a great example of mu what's going to happen to unemployment compensation so unemployment is so weak and basically twenty then if if if parents by state but it's basically twenty six weeks of somewhere around fifty percent of what you had earned before and what this new bill does with his proposal doesn't because it hasn't been passed yet that should happen tomorrow but what it does is that it takes what you would normally get at your maximum unemployment benefit so if you make a thousand dollars a week that would be about four hundred dollars a week in unemployment benefits and it gives you a bonus of six hundred dollars a week so you would actually get almost full replacement of your salary and again backs to backs to get people through what could be in this this exists for about eight weeks to get through that period when most people think things are going to be shut down so opening up sometime in may.

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