Rep. Tim Ryan (D-Ohio 13th District) said on Friday that the $1 trillion stimulus package currently being negotiated by lawmakers won't be nearly enough to make Americans whole again.
"Quite frankly I think the package that we're seeing coming out of Washington, DC is not even close to meeting the big need that we have," Ryan told Cheddar. "I think we need to be talking more like $2 trillion than $1 trillion, and at least a trillion for the workers."
The former Democratic primary candidate also advocated for bolstering unemployment insurance to ensure that people are making the same amount they did before their jobs.
"These are really essential things to keep the workforce safe, so when we go to kickstart things back up again, they're ready to slide back into the jobs that they lost," he said. "We need to be thinking much, much bigger and in much more innovative ways."
One important thing to keep in mind about this economic crisis, Ryan added, is that federal investment, in this case, won't grow the economy but merely keep it solvent, which may be difficult to swallow for those seeking a return on their investment for any kind of stimulus.
"This isn't like the Great Depression where you put money in people's pockets and then they go out and buy stuff," he said. "Now you're giving people money and basically saying pay your rent, pay your mortgage, pay your auto loan, and then buy food because you can't go anywhere."
The representative also believes the current package is skewed toward companies rather than workers and doesn't want to bail out companies without specific conditions banning stock buybacks or corporate bonuses.
"This is revealing the kind of corruption and rotting of the supply-side economic theory," he said. "The same people that just got the huge tax cuts are coming to the taxpayer to ask us to bail them out. So they get all the profits, and then they socialize the losses."
On this episode of Cheddar Reveals Richenda Sandlin-Tymitz, Marketing & Content Manager at Alaska Tour & Travel, breaks down when and how to plan your best trip to Alaska; Kristen Miller, Acting Executive Director, Alaska Wilderness League, discusses the Arctic National Wildlife Refuge and the oil drilling that threatens it; Cheddar gets a look at Curiosity Stream's 'The Magic of the Wild.'
Kristen Miller, acting executive director, Alaska Wilderness League, discusses the Arctic National Wildlife Refuge and the oil drilling that threatens it.
The Department of Treasury is warning Americans to expect delays on their tax returns this year as the IRS manages staffing shortages due to the pandemic.
The United States and Russia remain distant following a meeting between high-level officials for the two countries in Geneva, Switzerland. The nations remain conflicted over Washington's concern of a potential invasion of Ukraine by Russia and Moscow dispute with NATO expanding into former Soviet states. Hagar Chemali, host of Oh My World on YouTube and former spokesperson for the U.S. Mission to the U.N., joined Cheddar's "News Wrap" to give her take about the careful diplomatic negotiations underway. "I would expect more rounds," she said about the talks. "Both sides really remain adamant that we're not going to talk about Russia's proposal, and Russia doesn't want to talk about anything but its proposal. So once they start talking about the other items on the table, and there are a few other items, that's when negotiations can start."
Markets closed the day mixed, and well off their lows of the day following a market meltdown earlier in the session. The Nasdaq staged a comeback late in the day, even amid ongoing worries about the Federal Reserve raising interest rates. Doug Flynn, certified financial planner and co-founder of Flynn Zito Capito, joined Cheddar News' Closing Bell to discuss the markets' close and what's driving the major indexes.
Eli Yokley, Senior Reporter at Morning Consult, joins Cheddar News to discuss how Americans are prioritizing economic issues over the pandemic when it comes to voting.
President Biden's disapproval rating hit a new high in December according to a poll from CNBC and Change Research, as Americans expressed their disapproval over the current state of the economy. This comes just months after the president signed a historic infrastructure bill back in November that was promised to bring a surge of jobs, especially in the manufacturing sector.
Change Research Senior Pollster Nancy Zdunkewicz spoke to Cheddar News about just what is driving the President’s disapproval rating.
