US economy is doing well: Trump postpones COVID-19 relief negotiations with Pelosi until after election

10/18/2020 / By Zoey Sky

Earlier this month, President Donald Trump ended negotiations with House Speaker Nancy Pelosi for a coronavirus (COVID-19) relief bill until after the election.

Relief postponed for “poorly run, high crime, Democrat states”

In a series of tweets, Trump announced that even though Pelosi’s request for $2.4 trillion to “bailout poorly run, high crime, Democrat States” was denied, the White House’s counter-offer of $1.6 trillion wasn’t enough for Pelosi.

Trump then noted that Pelosi was “not negotiating in good faith.” Instead, Trump emphasized that he is planning for America’s future and that his administration would revisit the idea of COVID-19 relief after the election.

The president added that he had instructed representatives to postponed talks until after the election. Trump is confident that he will win, after which he will pass a major Stimulus Bill that will lend aid to hardworking Americans and small businesses. (Related: Trump suspends negotiations with Democrats on passage of new coronavirus bailout money that Pelosi needs to rescue failed Democrat cities.)

Both White House chief of staff Mark Meadows and Treasury Secretary Steven Mnuchin spent weeks on unsuccessful negotiations with the Speaker for more assistance.

Trump also ordered Senate Majority Leader Mitch McConnell to focus on approving his nominee Judge Amy Coney Barrett to the Supreme Court. The president seems confident that the economy would improve during the pandemic even though various industries, including airline companies, are threatening to layoff workers.

In the same Twitter thread, Trump announced that the country’s economy is doing fine amid the pandemic. “The Stock Market is at record levels, JOBS and unemployment also coming back in record numbers. We are leading the World in Economic Recovery, and THE BEST IS YET TO COME!,” claimed the president on his Twitter account.

“Go big or go home”

Trump tweeted again after several days, this time urging lawmakers to pass a large coronavirus relief bill.

On Oct. 13, Tuesday, Trump encouraged Congress to “go big or go home.” The president received pushback from Republicans opposed to a large package, while Democrats claimed that a proposal by the White House “does not go far enough.”

“STIMULUS! Go big or go home!!!,” wrote Trump hours after Pelosi sent a letter to colleagues saying that the White House wasn’t taking negotiations seriously.

Pelosi mentioned that Trump single-handedly shut down negotiations between the White House and congressional Democrats last week, alleging that the president only wanted Congress to pass limited standalone bills. Within days, Trump was pushing for a large stimulus package.

Pelosi added that Trump’s “attitude is shameful,” noting that his proposal isn’t enough for the “pandemic and deep recession.”

Over the weekend, Democratic House committee chairs released statements saying that the White House offer wasn’t good enough to address “state and local funding, funding for early childhood education, rental assistance and aid for small businesses.”

A second wave of infections could spell trouble for the economy

Trump’s postponement of a new stimulus bill couldn’t have come at the worst time, especially since the country’s economy is struggling and the pandemic seems to be getting a second wind.

On Oct. 11, The Johns Hopkins Hospital announced the fourth straight day with over 50,000 new coronavirus cases in the country, which matches some of the pandemic’s worst numbers since early August. This is terrible news “for a fragile economy in a volatile election cycle.”

US Labor Bureau statistics show that the unemployment rate has improved from a high of 14.7 percent in April to 7.9 percent in September, but the number of Americans applying for jobless benefits is still incredibly high. Once the pandemic forces states to resume lockdowns or issue new business closures, the numbers will once again skyrocket.

Another wave of infections will send shockwaves through the slowly recovering economy, especially if Trump and Pelosi can’t see eye to eye once negotiations resume.

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