Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
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Frankly, I was astounded by Treasury's rapid distribution of CARES Act corp and personal payola, and won't fault The Mnooch for the odious' niggardly calculation of "essential worker" cash benefits, fraudulent COVID-related "Paycheck Protection" application, or states' agencies' processing screw ups.

As quiet as can be kept by domestic press, The Mnooch has demonstrated an INORDINATE, dare I say, OBSCENE, interest in suborning teh debt from the odious--to FLOUT bipartisan balanced budget conceits--in every scene of the serial DRAMA, "The Next Coronavirus Bill." His enthusiasm for fiduciary INCONTINENCE in the public-sector appears to me consistent with his notorious and grandiose private-sector performance for Credit Crash '08.

UPDATE Trump aides float piecemeal* approach to coronavirus relief in Congress
background: DCCC House passed the 1,800 pp HEROES Act (pdf format). It's a textbook omnibus bill. The only sections (~ 100 pp) that interest election-cycle "surrogates" prescribe belated extensions of CARES Act transfer payments (UI + PUC, PUA, FEUC loans to states' DOLs) as well as mortgage and tenant payment forbearance from DECEMBER 31, 2020 to MARCH 31, 2021--three (3) months, more or less the period to run-off completely FIFO unemployment claims for each "enhanced" program. If anyone's read the remaining 1,700 pp, they're not talking, notably Paygo Pelosi and Chuck Schumer refusing *piecemeal senate adoption of HEROES.

A day before Senate Republicans were due to introduce a $1 trillion coronavirus relief bill that includes ["]reduced["] federal unemployment benefits, U.S. Treasury Secretary Steve Mnuchin said he believes the party can work quickly with Democrats on getting legislation passed.
ie. elimination of CARES $600 Pandemic Unemployment Compensation (PUC) added to states' diverse "regular" UI benefits; incidentally, exclusion of union members from any and all "enhanced" insurance is somewhat controversial.
The Democratic-controlled House of Representatives passed a $3 trillion coronavirus relief bill in May. House Speaker Nancy Pelosi, the top Democrat in Congress, criticized Republicans for not being able to agree on a plan when Americans are "on the brink" and going hungry.
magical HEROES Act, wrapped in "disproportionate" vulnerable Black- and Brown-Lives-Matter exhortations with data visualization
The most pressing issues are renewing the enhanced unemployment benefits - currently $600 a week - and liability protections from coronavirus-related lawsuits such as [BWAH!] "frivolous" litigation against schools and universities, Mnuchin said.
Kudlow's pet project "Kudlow: Businesses shouldn't be held liable for employees and customers getting coronavirus" (April) to induce "re-opening" of essential producers, regardless of OSHA or CDC safety "guidance"; campus chaos obtained fever pitch among "nonessential" workers, when DHS, ICE tampered with M-1, F-1 student enrollment visas--litigation led by Hahvahd briefly ha. ha . ensued.
White House economic adviser Larry Kudlow said Americans will receive a[nother] $1,200 check [CARES "Recovery Rebate"] as part of the new package, along with tax credits for small businesses and restaurants. Kudlow told CNN's "State of the Union" the package would also extend a federal moratorium of evictions contained in previous relief legislation.
Gratuitous response to social media "cancel" chatter (formerly-known-as JUBILEE)--as statutory forbearance expired this week; topical "economists" generally concede ~ 20M zero payment in escrow, dramatizing imminent homeless crisis but not, AFAIK, 2020 UI ordinary taxable rate, much less AGI credits--OR--medical debt deduction [!] to (ahem) save or create HHs' expected 2021 tax refunds.

So yeah. The situation here is still pretty psychotic. GD II, WW III here we come!
by Cat on Sun Jul 26th, 2020 at 11:15:20 PM EST
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by Cat on Sun Jul 26th, 2020 at 11:34:52 PM EST
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Back of envelope calculation suggests that $50k median household income, about $1000 per week and with two people per household both getting $600 per week, the system was in the ballpark at least.

With the proposed $200 per week, the "no evictions allowed" rules are going to put severe stress on rental property owners. Note that it is much easier, politically, to bail them out than the broke renters.

by asdf on Tue Jul 28th, 2020 at 03:27:48 AM EST
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PUC bonus "relief" ($600/wk) is not means-tested; it's added to each claimant's unemployment insurance (UI) maximum benefit amt (% reported gross wage or salary) for duration "benefit year" in each state. Under-reported stat is which states did or did not enter into fed loan agreements to UI emergency programs.

NB. One provision of (R) R2 bill, eg. Grassley's, extends states' R1 forbearance and repayment periods. I've no idea how the 1,800 pp (D) bill modifies R1 loan terms or defines R2 terms of add'l "state aid"; PR simply promotes gross amount demanded.

Every UI claimant received $2,400/mo (Mar-July) regardless of HH size or state. PUC x1 alone exceeds 2020 purported average rent, $1,468, indicating E-W coast upper-bounds.

delta PUC ($2,400 - $800/person) isn't the eviction, foreclosure limiting factor; it's debtors' max UI benefit/mo. I speculate, "savvy" rental-property owners d/b/a LLCs and Cs have hedged tenant defaults with CARES Act SBA loan proceeds from retail lenders; MSM criticism of this program's admin and oversight has flewn over petty "sweetheart deals" to savage TBTFs. For them processing evictions is an accounting decision mitigating taxable income.

OTOH, tenant community militants stirred early reports of human barricades at district court entrances, organized to prevent resumption of proceedings and service. It's so GD I, so sad and futile, I think, unless judiciary devises some pretext to suspend dockets (as initially occurred) while legislators pull themselves together.

by Cat on Sat Aug 1st, 2020 at 01:23:19 AM EST
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The situation here is still pretty psychotic
How the press corpse contrasts R2 appropriation bills.

reference acronym-resistant HEROES nemesis
American Workers, Families, and Employers Assistance Act, press release
S.4318 - American Workers, Families, and Employers Assistance Act, bill

by Cat on Sat Aug 1st, 2020 at 07:25:07 PM EST
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an accounting decision


Diversity is the key to economic and political evolution.
by Cat on Sat Aug 8th, 2020 at 12:50:47 PM EST
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