In an attempt to diminish the panic being caused by the coronavirus, and help avoid the economic fallout as a result of the panic, President Trump is proposing a payroll tax cut and relief for hourly workers to Congress.
While the risk for the average American is still low, according to Vice President Mike Pence, Trump is still doing what he can to ensure that people do not go crazy with fear and disrupt our general way of living.
The Hill reports:
Administration officials, including Treasury Secretary Steven Mnuchin and National Economic Council Director Larry Kudlow, are expected to meet with Republican lawmakers on Tuesday to discuss the potential stimulus measures, Trump said. Small-business loans are among the options also being considered as part of an economic relief package, he added.
Trump also said he would be asking the Small Business Administration to issue loans and that the administration was working with airlines, and the hotel and cruise industries, which have been hit hard by the spread of the virus.
In order to avoid a recession, economists have strongly warned that there must be action taken in order to stimulate the economy and fend off job loss.
“We have a very strong economy,” Trump told reporters. “But this has blindsided the world.”
The Center for Disease Control and Prevention (CDC) told those who are most at risk, the elderly and those with underlying health conditions, to stock up and say home. They urged them to avoid “crowded places” and “non-essential travel such as long plane trips.”
“We’re past the point of containment,” former Food and Drug Administration Commissioner Scott Gottlieb said on Sunday, “We have to implement broad mitigation strategies. The next two weeks are really going to change the complexion in this country. We’ll get through this, but it’s going to be a hard period.”
Wash your hands folks, and don't go out if you don't have to. You'll be just fine.
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