This is it, as Business Insider reports that President Trump has signed off on the largest stimulus bill in history.
President Donald Trump on Friday signed a $2 trillion economic stimulus package to mitigate the worst effects of the coronavirus pandemic on the US economy. It will inject a flood of cash into the economy and make it available for businesses grappling with the fallout, as well as bolster the safety net for average Americans.
“I want to thank Democrats and Republicans for coming together and putting America first,” he said at the signing.
Trump also expressed confidence that there would be “a tremendous rebound” for the economy at the end of the pandemic.It’s the largest stimulus package ever assembled and passed in American history. It will send checks to millions of Americans and dramatically expand unemployment benefits by adding $600 per week to state benefits — a priority among lawmakers after 3.3 million people filed for unemployment last week, a record spike. (source)
Trump was given a chance. A real chance to make America great again. It would have been hard, but the potential, while difficult, was there.
Four years later, as the nation will hail Trump as a national hero who saved the nation from the Democrats and China, has done something else. He has a long history of bankruptcy, and while Trump cannot be held directly responsible for the buildup to the current situation, he is responsible for signing into law a bill that will directly result in his biggest bankruptcy yet, and possibly the largest bankruptcy in history, which is that of the United States of America.
This bill amounts to 40% of the national GDP. It is massive beyond the scale of anything ever seen before. Yet while it is being done, there is already talk of doing another similar “stimulus” later this year.
Whatever money you get, I do not recommend that you save it. Yes, that is correct, I am recommending against it, but put it to use immediately, and not because of “saving the economy”, but in order that you do not lose the value of your money. AS I have explained before, the value of the dollar itself is in terminal decline, and printing more will only accelerate this decline.
In this case, it is good to think like a poor person. It is always better to save, but if one’s money is going to lose value in a short time (as it does for many of the poor), the value returned by saving it often not enough to justify the act, as more can come from spending.
I am not saying that one should just spend money. I am saying that we are looking at a historical exception that is most likely going to result in the destruction of the US dollar in the next five years.
One should use judgement, but perhaps that money would be better spent on preparing for the near future. Think of it not as a “stimulus”, but a “use-it-or-lose-it” benefit to help you prepare for the inevitable.