President Trump, Congress, Senate discussed on Marketplace
In for Kyra Stall. It is Friday, the first of January. 2021 good to have you all along and happy New Year. We are in a strange economy. Right now The U. S stock market made a pretty wild comeback and end of the year at record highs. That is, against the backdrop of a pandemic that has taken the lives of more than 340,000 people. Left millions jobless and hungry. The president after holding up the $900 billion pandemic relief package, and dangling the possibility of a government shutdown, finally signed the legislation. And now some much needed help is on its way here to talk more about the week that was and what we might see in this new year. I've got genius My life from the New York Times and David Kara. Hey, you two Everyone. Okay. Hey, So I'm going to start with you, David s so we had this week in which the president waited several days to sign this pandemic relief bill. And it got off to a rocky start because you know, there was confusion about how the delays would impact the rollout of this money. Andhra, starting to see some of those relief checks reach people's bank accounts now, But what do we know about how quickly this package is going to be felt across the economy? Well, we know there's gonna be some kind of delay. There is some clumsiness in terms of how this was handled. You mentioned the president was reluctant to sign this legislation. Even when everyone thought that he would. It was sent down tomorrow Lago, where he was for the holidays, and I'm not signing it. And so he signed it after this deadline expired as you mention there's some good stuff in here for people who were needing help an extension on him. Women benefits through these pandemic unemployment programs that were helping 11 or 12 million people Those were gonna be extended. They're gonna get benefits Another 10 or 11 weeks depending on how this rollout goes, and the state payments are going to be up as well. We're gonna have a fiction protections, the rental assistance as well. So it is going to help people who need it. But the debate continues over the size of these direct payments. Tomo Eric UN's It's $600. In that legislation. There was some hope on the president's part on the part of many Democrats and Republicans that would be up to $2000. The House passed that legislation separately. It seems stuck, though. So so we're at this precipice. We're waiting for the new Congress to come. And it seems unlikely anything's gonna happen before their sworn in on. I think they'll be a lot of people in America who need that money who were hoping for that money. We'll just have to continue the way with this uncertainty. Right, Right. And so on that note, Gina. I mean, what could realistically happen from January 3rd a couple days when the new Congress has sworn in till you know Biden takes the presidency on January 20th. I mean, could we see any legislation? What's actually realistic? And if not, you know what challenges could lawmakers and administration face and trying to get more money and help to folks this year? May I think, I mean, the good news is that $600 checks are already going out to the people who qualify for them. But I think the real question is going to be whether they can get that bigger extended check out and that's clearly gonna be the priority. I think it's probably unlikely that you're going to see any quick movement on that Congress. The reason being that we're not actually sure who's going to be in control of the Senate Yet we still got these running races in Georgia on DSA. I think it for a while. At least it's not gonna make a lot of sense to get something through quickly. You're gonna have to kind of see how that plays out on guy. Think then you know once we once we have that happen, you're going tol sort of see how how the cards are stacked from there could be pretty pivotal. You know, If the Democrats have control of both houses, it's gonna be a very different Congress than if Republicans retain control of the Senate. Right on by David, I want to go toe something I mentioned at the top of the show about this strange economy that we're in right now, you know so financially, You know, people are hurting and things in this world feel pretty awful. You and the world financial markets things. They're going pretty well. You know, I have Kai's voice in my head. And he's saying the stock market is not the economy and the economy's mother's dog market, which is true, But I'm can you explain what's going on here? Like why are we seeing all these? All time highs in the markets. Yeah, I would ever quibbled with with guys truisms course, And I think that's true. These are separate things and who's doing well, largely are these these big companies and they have been over the course of the last year. But when you look at the story, this economy it's really the story of the consumer. It's the story of Americans who have lost their jobs have tried to get them back. And if you just take a look at the landscape right now, it seems pretty bleak. You have a recovery that was sputtering along and is now slowing. Joblessness is still a huge issue. We're looking ahead to another job. Court. That's likely to not be great. And if you look at weekly first time claims this last week still had 800,000 jobs like 800,000 violence for the first time, That's incredibly high and you know, I wouldn't say people are inured to it. But when we first saw those numbers at the beginning of this crisis, it was a real shocker. And it's been a persistent thing that we've seen week after week. After week s O becomes the whole isn't doing great As you mentioned the background music to all of this has to do with the corona viruses. It has since the start and we see the trouble rolling out these with rolling out these vaccines. We see restaurants and bars struggling Azzawi see the instance of cases kicking up across the country. There's a lot to make. Consumer service. There's a lot to make on this nervous as they look at the health of the U. S economy overall Mm hmm. Do you know anything you would add on that I'm on why we're seeing these record highs in the stock market. I think one thing that you know it gets head off in, so I'm not gonna pile on too hard here. But the fact is clearly part of this story. Low rates. Good news for the stock market QE they're buying. You know a lot of bond purchases. They're doing a lot of bond purchases through this.