News & Op-Ed Commentary from The People's Republic of Moscow (Idaho)
“10% Of GDP”: US Coronavirus Stimulus Package To Total $2 Trillion
21 March 2020 21 March 2020 / Uncategorized
People simply do not understand economics.
Printing money is bad, people.
First it was $850 billion. Then $1 trillion. Then $1.2 trillion. Then $1.3 trillion and the market still didn’t care, even as the fiscal stimulus package doubled faster than the number or coronavirus cases.
So in the Trump admin’s scramble to impress investors, on Saturday morning, Trump’s top economic advisor Larry Kudlow said that the latest and greatest financial package being assembled to offset the crippling economic impact from the coronavirus pandemic which according to Goldman will wipe out 24% of GDP in Q2 would total more than $2 trillion.
“The package is coming in at about 10% of GDP,” Larry Kudlow told reporters as he headed into a meeting with Republican senators. He said that would work out to a bit more than $2 trillion.
“We’re just trying to cover the right bases,” he added.