President Trump is acting fiscally after the stock market plummeted yesterday on news that an oil war threatened to bring us into a recession along with Coronavirus fears. The President said yesterday that there would be “very substantial relief.”
“Very substantial relief that’s a big number,” Trump said. “We’re also going to be talking about hourly wage earners getting help so that they can be in a position so they are not going to ever miss a paycheck,” he said.
Trump said his administration will be creating loans for small businesses and working with industries such as airlines and cruise ships that have been harmed by the coronavirus scare. In addition, the White House has invited Wall Street executives to meet with Trump later this week on how to cope with the coronavirus threat, according to USA Today.
“We are going to take care of and have been taking care of the American public and the American economy,” Trump said.
All three of the major averages rose more than 3 percent in early trading and crude oil surged by nearly 8 percent. Monday’s slide of more than 7 percent was the steepest for stocks since the 2008 financial crisis, while oil’s plunge of more than 24 percent was the largest since the outbreak of the 1991 Persian Gulf War.
The White House and members of Congress are meeting Tuesday to discuss cutting the payroll tax, funding hourly wage workers, and providing loans to small businesses. The President also wants to help industries seriously impacted by the Covid-19 virus, including airlines and cruise lines.
He received high praise yesterday for his plan from the legend of Wall Street, Jim Cramer. Three of his tweets:
“President doing stimulus that we want. This is very good… money to those who did nothing wrong and are going to lose jobs!! Loans for small businesses very good!!!”
“This hourly worker issue is so important. So many feel they will lose their job if they don’t show.”
“…the fact is the president changed his tone and his deeds.. i know that it isn’t want some want but it is important that we get fiscal policy change. And we are getting it.”