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Added on the 04/06/2020 10:36:04 - Copyright : Euronews EN
Shah Alam, Jan 18 (EFE/EPA).- The Prime Minister of Malaysia, Muhyiddin Yassin, announced Tuesday an additional stimulus package worth around $3.7 billion to strengthen the economy in the Asian country after it was hard-hit by the coronavirus pandemic.The package is known as ' Malaysian Economic and People Protection Assistance Package' (PERMAI) and its initiatives will be based on three main objections, which are to combat the Covid-19 pandemic, to ensure the welfare of the people, and to support the survival of businesses. Malaysia has so far recorded over 150,000 confirmed cases and 601 deaths of the COVID-19. (Camera: FAZRY ISMAIL).SHOT LIST: MEDICAL PERSONNEL PREPARE FOR A SWAB CORONAVIRUS TESTING AT SHAH ALAM, OUTSIDE KUALA LUMPUR, MALAYSIA.
President Donald Trump faces a ticking clock with respect to the current proposed COVID-19 relief package. Trump has suggested he may reject the $900 billion package that Congress approved earlier this week unless lawmakers include $2,000 stimulus payments. Business Insider reports Trump could cost jobless workers a week of $300 federal unemployment benefits if he fails to sign the bill by midnight Saturday. Business Insider reports nearly 14 million Americans may lose all their unemployment aid this weekend if the bill doesn't pass. Labor experts say a two-to-three week gap in unemployment benefits is inevitable, as states need to recalibrate their computer systems to send the payments.
At long last, a new coronavirus stimulus package is finally set to be passed by the US Congress. The last one expired at the end of July. Business Insider reports the long-awaited package will reportedly contain $600 stimulus checks and an extra $300 in weekly unemployment benefits. While the House has passed multiple bills that would have offered more to Americans, the GOP-controlled Senate has balked until now. However, the deal hasn't been well-received in the Twitterverse, and has produced references to class warfare and revolution. 'Let them eat cake' trended on Twitter in response to the apparently inadequate $600 stimulus check. It's a famous utterance attributed to Marie Antoinette, representing the out-of-touch monied, ruling class overthrown in the French Revolution.
Joseph LaVorgna is the chief economist at the National Economic Council, and is an economic adviser to the Trump administration. And according to Business Insider, LaVorgna on Friday said he felt there was no rush to release a second coronavirus stimulus package. LaVorgna said that despite a disappointing Friday jobs report, he doesn't 'believe the recovery at the moment is in jeopardy.' On Friday, the jobs report that said 10.7 million Americans were unemployed in November. Congress is considering a $908 billion stimulus proposal after months of negotiations. It does not include a $1,200 direct payment.
Joe Biden said Tuesday that people are in need of federal coronavirus relief "right now." "Small businesses, people who are about to be evicted from their homes because they can't pay their mortgage, unemployment insurance..." Biden Democrats and Republicans are still far apart on a stimulus package, says Business Insider. It's unclear whether they would bridge those divisions by next month. Next month is when they must act to avert a government shutdown.
Former chair of the US Federal Reserve Janet Yellen is on the same page as current Fed chair Jay Powell. Markets Insider reports Yellen echoes Powell, in that the Fed has 'already done a huge amount,' and now it's time for the US Congress to start pulling its weight. While the pandemic is still seriously affecting the economy, we need to continue extraordinary fiscal support. Janet Yellen Former Chair, US Federal Reserve Furthermore, Markets Insider reports Yellen told Bloomberg News she wants to see the US make a 'more effective effort' at fighting the pandemic. After all, she added, Germany, Korea, and China have all been successful in doing so.
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