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."
Face to face for just over two hours, President Joe Biden and Russia’s Vladimir Putin squared off in a secure video call Tuesday as the U.S. president put Moscow on notice that an invasion of Ukraine would bring enormous harm to the Russian economy.
Ahead of Instagram head Adam Mosseri's congressional hearing on the mental impact of the social platform on teens, the company announced a number of updates aimed at teen safety.
Troubled Chinese real estate giant Evergrande is once again nearing the brink of collapse. Shares of Evergrande sunk to a new record low on Monday, closing down 20 percent, as debt default fears resurfaced. Drew Bernstein, co-chairman at consultancy MarcumBP, joined Cheddar's Opening Bell to discuss. He said U.S. investors have to understand that "there is no company in China that's too big to fail, that's for sure," and that the Chinese government will be prioritizing the social welfare of the populace. Bernstein did note that it would be a managed collapse in some form.
Joan Greve, a politics reporter at The Guardian US, joined Wake Up With Cheddar to break down the implications of the Biden administration announcing a diplomatic boycott of the 2022 Beijing games in response to allegations of human rights abuses against Uyghur Muslims. She noted the significance of the move, assessing the already frayed relationship between the U.S. and China. "The Chinese have said that a boycott would be politically manipulative, and now they are actually threatening countermeasures," she said. "And that will certainly have an impact on the spirit of the games at the very least."
The Biden administration has reached an agreement with the Mexican government to resume the "Remain-in-Mexico" policy under court order. By reinstating a Trump-era border policy, asylum-seekers will be forced to stay in Mexico until their U.S. immigration court date. The program is set to resume on Monday. Ryan Devereaux, a reporter for The Intercept, joins Cheddar News to discuss.
The U.S. announced it will not send any official representation to the upcoming Beijing winter Olympics. Cheddar's Hena Doba speaks with East Asia expert Michael Swaine about the reasons behind the diplomatic move.
COVID-19 is still battering the nation's criminal justice system, causing a massive backlog in cases and delaying verdicts for months on end. This, combined with the fear of crowded prisons during a pandemic, has prompted many defendants to plead guilty in exchange for time served or probation. Tina Luongo, attorney-in-charge of the Criminal Defense Practice, joined Cheddar to discuss the court backlog, the rise in plea bargains, and why this was an issue long before the pandemic.
With so many high-profile court cases taking over the media, from the trial over the murder of Ahmaud Arbery to the trial of Kyle Rittenhouse to the ongoing Elizabeth Holmes trial, Cheddar took a look at these cases and why there is such a big interest in them. Rachel Fiset, a white collar criminal defense lawyer and partner with Zeiback, Fiset, and Coleman, and Bryan Hance, attorney-at-law, professor, and academic program director of the pre-law and paralegal studies program at National University, joined Cheddar for a roundtable discussion on why there is so much public interest in so-called courtroom drama.
Carlo and Baker discuss the sweeping new vaccine mandate in NYC that will target all private businesses. Plus, Trump's media venture gets its CEO and more.
