BOSTON — In a bold move Tuesday, President Donald Trump called off talks for a new stimulus package, which would help millions of Americans during the pandemic.
“It’s hugely important and a bit of a head scratcher because basically President Trump is pulling the rug out from under millions of Americans who are counting on these relief checks to get them through,” said Tom Whalen, a political historian and professor at Boston University. “A lot of people might end up homeless as a result of this.”
>>MORE: Stocks drop after Trump calls off talks on economic stimulus
Congress has been negotiating a new stimulus package for the last few months with no deal yet. President Trump says lawmakers should hold off until after the election to pass a new bill.
“He’s telling Americans, the Supreme Court takes precedence over your economic survival and that’s not going to go over too well,” said Whalen.
Whalen says the president’s decision to stop working on a relief package is surprising just weeks before the election.
The big question now is, when will Americans get that financial aid?
“It’s going to be awhile,” said Deborah Cartisser of Twelve Points Wealth Management. “It’s a question of when and it’s a question of how much and who it’s going to support.”
Cartisser says the new stimulus package would have included more funding for PPE, unemployment aid, and a stimulus check similar to the $1,200 many Americans received last spring in the first package.
But that’s all off the table for now.
“Uncertain outcomes affect us all, mentally, physically, and obviously you see the effects on the marketplace and it’s hard for all of us,” said Cartisser. “It’s hard to plan ahead – it’s hard to take care of our families, it’s just a really challenging time.”
Cartisser says even if you weren’t relying on that federal assistance, the president’s decision could have a big impact on the economy.
“75% of the economy is from the American consumer, and so that’s a big number,” said Cartisser. “So seeing people spending boosts everybody up, and so we don’t want to see airlines going out of business, we don’t want to see restaurants going out of business. So this stimulus, whether it’s helping companies or individuals specifically, it really matters.”
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