Congress Proposes 'strengthening the Bitcoin Case' For Everyone at $ 2,000 a Month
Democratic congresswoman Maxine Waters proposed $ 2,000 per adult per month and $ 1,000 per US child per month to help them survive the COVID-19 financial crisi...
Democratic congresswoman Maxine Waters proposed $ 2,000 per adult per month and $ 1,000 per US child per month to help them survive the COVID-19 financial crisis.
Waters, chairman of the U.S. House of Representatives Financial Services Committee, proposed a series of other special legislative proposals in a March 18 memorandum to help the economy.
The proposal also includes a suspension of credit payments to all consumers and small businesses, including mortgages, car payments, student loans, small business loans, and personal loans.
This shows how desperate financial conditions are, and since the Great Depression, economic advice that has far-reaching impact on everything else is on the table. They are much farther away than the hope of Bernie Sanders, the president, who recently demanded a one-time $ 2,000 emergency bailout.
Waters said in announcing the proposed measures that media reports indicate that the Trump administration will provide $ 850 billion in aid to affected industries:
"If true, it is clear that the current government has failed to capture the focus-families must be in place first. That is why I propose bold fiscal stimulus and public policy responses that will benefit hard-working and vulnerable Americans who may be affected by The coronavirus crisis faces financial difficulties and even evicts or forensics. "
The proposal will lead to inflation
. Quantum Economics founder Marty Greenspan said he was surprised by the $ 2,000-a-month proposal.
He told Cointelegraph: "Basically, this will lead to massive inflation because you have more money competing for the same amount of goods."
Greenspan said this appeared to be a disguised universal basic income and he did not believe President Donald Trump would sign the bill into law. But things could change if the Democrats win the November elections. if it is like this:
"In the long run, Bitcoin will definitely benefit, and I know nothing about the rest of the crypto market. Basically, anything that maintains its value in the face of currency depreciation-especially if the reason is the judgment of the government and banks Worse words-definitely strengthened support for Bitcoin. "
Since yesterday, Waters told SiriusXM's Joe Madison Show that each adult should receive a free cash offer of $ 1,000 per month, which seems to have doubled.
Consumers and Small Business Debt Holidays
Waters also proposes that negative consumer credit reports, debt collection and asset recovery should be stopped for the entire duration, and that after the crisis, borrowers will be provided with "affordable Opportunity to repay the debt in the long term. Expenses or interest owed. "
Evictions and foreclosures will be banned and rent and utility payments to assist tenants will be suspended. Non-auxiliary tenants will receive payment assistance.
Greenspan said that if some of these measures were temporary and severely limited in time, some measures might be appropriate, but the danger was that "once the tools are used for the first time, they are difficult to use again."
"We have seen quantitative easing," he said. "This is a Pandora's box. You can put it back in the box."
News References: https://cointelegraph.com/news/congress-proposal-to-give-everyone-2000-mo-strengthens-case-for-bitcoin