By AFP Staff
Shortly before passage of Obamacare in 2010, Rep. Nancy Pelosi (D-Calif.), who was House minority leader at the time, said: “We have to pass the bill so that you can find out what is in it.” The same can be said of the massive $2 trillion bailout bill that the House is expected to pass on Friday, March 27.
So far a great deal of information has leaked about what is purportedly inside the massive piece of legislation. If the information is true—and we are deeply skeptical of anything leaking to the press in the age of President Donald Trump—the bailout bill actually looks good for working people and small businesses.
According to preliminary reports, cash payouts to individuals and anyone who unemployed will total in excess of $500 billion.
More specifically, The Hill, a Washington, D.C. daily, reports, “The Senate bill will provide a one-time $1,200 check for an individual making up to $75,000 per year or $2,400 for couples earning less than $150,000. After that, it will be scaled down until it reaches a $99,000 income threshold for an individual or $198,000 for a couple and then phased out altogether. It also provides an additional $500 per child.”
Another $400 billion will go small businesses in form of new business loans and relief for existing small business loans.
Finally, large corporations will receive $500 billion, including nearly $60 billion to bailout the airline industry.
Interestingly, reports indicate that cruise ship companies—most of which register their ships outside the United States to avoid paying U.S. taxes—will receive no bailout money.
One nauseating aspect of the legislative process, which was reported on in depth by a number of mainstream media outlets was the lobbyist feeding frenzy as the bailout bill was being drafted.
The airline industry was singled out in particular as shortly before countries began closing their borders due to the pandemic, airline executives had engaged in financial shenanigans to enrich themselves. Dr. Paul Craig Roberts delved into this issue in his latest column, which can be found here.
At 9 a.m. on March 27, Pelosi told reporters, “We’re going to pass it today,” referring to the bailout bill.
Trump has already said he will sign the bill if Congress passes it.