Financing programs to help the U.S. economy pull out of the coronavirus crisis could be worth $4 trillion, Treasury Secretary Steven Mnuchin said Sunday.
The Federal Reserve would likely put up approximately $700 billion as part of grants and loans authorized under the bill.
The liquidity efforts come along with fiscal help that could be worth $2 trillion, according to statements from Mnuchin and Larry Kudlow, the National Economic Council director. Unemployment claims next week could total three million, Bank of America said this week, as some workers get laid off without severance, paid leave or health insurance. Hospitals are also facing equipment and staff shortages amid the crisis.
There will be direct checks for about $3000 per family. There will be money or loans for small business.
The multi-trillion dollar packages could be passed today.
Nextbigfuture notes that some are concerned that these and follow-on measures could take the national debt to $30 trillion or more. I do not think this will be an issue because interest rates will be about zero for the next decade. There was negative interest rates in Europe and Japan even before this crisis. The US, China, India and South Asia were the only engines of global economic growth. The crisis and its after-effects means all major countries will be in the same situation.
SOURCES- CNBC, Analysis Brian Wang
Written By Brian Wang, Nextbigfuture.com
Wang is a prolific business-oriented writer of emerging and disruptive technologies. He is known for insightful articles that combine business and technical analysis that catches the attention of the general public and is also useful for those in the industries. He is the sole author and writer of nextbigfuture.com
, the top online science blog. He is also involved in angel investing and raising funds for breakthrough technology startup companies.
He gave the recent keynote presentation at Monte Jade event with a talk entitled the Future for You. He gave an annual update on molecular nanotechnology at Singularity University on nanotechnology, gave a TEDX talk on energy, and advises USC ASTE 527 (advanced space projects program). He has been interviewed for radio, professional organizations. podcasts and corporate events. He was recently interviewed by the radio program Steel on Steel on satellites and high altitude balloons that will track all movement in many parts of the USA.
He fundraises for various high impact technology companies and has worked in computer technology, insurance, healthcare and with corporate finance.
He has substantial familiarity with a broad range of breakthrough technologies like age reversal and antiaging, quantum computers, artificial intelligence, ocean tech, agtech, nuclear fission, advanced nuclear fission, space propulsion, satellites, imaging, molecular nanotechnology, biotechnology, medicine, blockchain, crypto and many other areas.