Secretary Mnuchin: Paycheck Protection Program Benefiting 60 Million Workers…

Holy cow, Illinois is asking for a $40 billion bailout with $10 billion targeted to fund their pension liabilities?  These blue spenders are nuts.

Treasury Secretary Steven Mnuchin appears on Fox Business to discuss the ongoing financial programs intended to support U.S. workers and small business.  About mid-way through the interview Mnuchin sounds quite serious when he says anyone who falsely filed the borrowers certification on the PPP program will be held criminally liable. WATCH:

This entry was posted in Bailouts, Big Government, Coronavirus, Economy, media bias, President Trump, Uncategorized, US Treasury. Bookmark the permalink.

70 Responses to Secretary Mnuchin: Paycheck Protection Program Benefiting 60 Million Workers…

  1. nojuanimportante says:

    I’d a billion just myself if no one cares

    Liked by 2 people

  2. Bill Dumanch says:

    Nancy Pelosi has declared “The House of Representatives will not return on May 5”

    Mr. President-
    The Constitution states THE PRESIDENT has the authority the ADJOURN CONGRESS

    Time to take them up on the offer.
    You would be able to CLEAN-OUT the swamp.
    From Gen. Flynn to the MuhRussia debacle.
    For our Nation, sir.

    Constitutionally-mandated.

    Liked by 18 people

  3. TMonroe says:

    Has the economic drain from rampant fraud in the food stamp program and the accrual of other benefits via lead-with-$ handouts been staunched, and has the threat of prosecution adequately done so? If not, don’t hold your breath for the prosecutors and the court system to be the sufficient check against fraud from any program s ease of acces to funds.

    Liked by 2 people

    • Kenji says:

      I’m still waiting for the “transparent accounting” of Obama’s $1.8 B Stimulus spending. The only recipients for THAT bailout appeared to be State and Local governments.

      Although I must admit that my own local upper, upper, middle class city received brand new rebuilt handicap curb cuts that sloped 0.05% instead of the old 0.08% … and nice paving stone crosswalks, and a really nice natural stone seatwall lining one side of our 1/2 mile main drag. Thanks Obama! My really wealthy community REALLY NEEDED your “Free” money

      Liked by 1 person

    • RePete says:

      The recipients of the PPP are some of Trumps staunchest supporters. You can bet your cassh there will be selective prosecution.

      Like

  4. flatlandgoober says:

    They hate Donald Trump, but not too much to ask him for a bailout.

    Liked by 2 people

  5. kallibella says:

    Illinois is a mess! We’ve had this problem with unfunded liabilities, pensions,for decades and it’s not getting any better. Our taxes are higher and the pension/liabilities are not getting any better. Corruption is in the stratosphere, and that is not getting any better.

    Even though I live in IL I don’t want any Federal bail out for Illinois. This political and financial corruption in Illinois is unfair to the citizens of Illinois, and the rest of the country, especially those tax payers that live in responsibly run states who will be asked to bail out the corrupt people of Illinois.
    #nofederalbailout4IL

    I can’t wait to leave this swamp of rampant corruption!

    Liked by 7 people

    • Vince says:

      My two cents would be to sell any Illinois real estate you have. They will increase property taxes because they think people are trapped because they can’t move their houses. But they can walk away from them, leaving a Detroit-like dead zone of abandoned houses.

      Liked by 1 person

    • bkrg2 says:

      I feel your pain

      Liked by 1 person

      • Peoria Jones says:

        Me, too – and most Illinoisans I know don’t want Prickster to get one cent. We downstaters are used to suffering, and will stand on principle. We know the “help” will only make matters worse for us patriots.

        And something to consider, for those who didn’t know:

        The most rewarded group in this whole shutdown, are the terminally unemployed. Those who rely on welfare and food assistance are receiving maximum benefits, no questions asked.

        While working people are hurting, the grifters are in 7th heaven. They’ve never had it so good. Rents are paid, they can’t be evicted, the police can’t arrest or keep them in jail, and plenty of extra spending money.

        These people are partying like it’s 1999. It’s SICK.

        Liked by 6 people

        • bkrg2 says:

          just ran into my neighbor who works at the Ford plant on the southside of Chicago. I asked him when they are going to re-open. He said they are trying for May 18, but many of the crew is refusing to go back because they are making good money with the extra unemployment. Just sick…

          Like

    • cjzak says:

      I feel exactly the same about NYS. It’s embarrassing to see my Governor in the highest or second highest tax state in the country, beg and whine for a bailout. Then he has DeBlasio whining and begging and demanding that NYC be given billions itself. Gaahhhh. So frustrating to watch and know the truth.

      Liked by 2 people

    • refinedheathen says:

      I escaped Illinois back in 1999 and never looked back. Cook County is a veritable sewer; the entire state is circling the drain due to government largesse and unfunded liabilities.

      My family members all still reside in Illinois and wish they could get out as well.

      Liked by 2 people

    • grumpyqs says:

      I agree Kallibella! A bailout of Illinois would solve nothing, but enable the corrupt and evil to push their agenda further into the muck! For example, Chicago is a sanctuary city, but also the killing fields of the Midwest. The current crop of politicians CREATED those two generators of federal aid and certainly will not end them. Speaker Madigan has held his position for 40, yes FORTY years! Giving these people money would be like feeding stray dogs; they will be back for more every day forever, but nothing changes. The Governor chose this moment to use his favored crony consultants to make a “new” unemployment system instead of accepting the Feds help with unemployment. Not going well; serious pain developing for unemployed people NOT already on welfare!

      Liked by 2 people

  6. theoldgoat says:

    Illinois was in financial trouble well before this point. Same with NY, and California. It seems these governors are looking to use their draconian shutdowns as an excuse to get the Federal Government to pay for their mismanagement for decades. This is why there has been talk about allowing States to file for bankruptcy. Why should more responsible states be forced to pay through tax dollars for failed liberal policies and promises which were never going to be sustainable?

    Bailing out these leftist states, or any state for their financial malfeasance is wrong. This is like rewarding thieves for stealing your property out of your pocket.

    These shutdowns were also the governors decisions, putting them deeper into the holes they dug. Their debts should be restructured, pensions that they negotiated are their responsibility, let them have to face the consequences of their actions and decisions.

    Liked by 6 people

    • cjzak says:

      I sometimes think Cuomo shut NY down because early in this crisis he saw what was coming and he planned on asking for federal money to bail out this state. Saw an opportunity to wipe out his mistakes and is taking his chance to wipe out his budget shortfall. Disgusting in so many ways. Do not bail out NYS.

      Like

    • Missy says:

      Or… They can go into the capital markets and borrow money. Let THE MARKETS set the risk and price, and have the states pay it back. Most of them actually need a kind of conservatorship to set them right. The politicians and their cronies never will.

      Like

  7. trapper says:

    “Illinois is asking for a $40 billion bailout with $10 billion targeted to fund their pension liabilities?”

    Illinois is choking and drowning on social programs. For decades the politicians have been giving away money that should have been going to fund pension obligations. Every year actuaries told them how much to allocate to the plans, and every year they ignored it and shoveled money to their friends running multi-million dollar social programs. Same with Chicago. Ever wonder why “community activists” never go directly against the governor or mayor of Chicago? Easy. Every last one of them has been bought off with tens of millions of dollars of funding for their social programs. And public school kids who quality get 3 free meals a day from the public trough. You can’t make you kid a PB&J? Seriously?

    Pensions, police, fire, roads, education, and bond payments. Cut everything else. Not rocket science.

    Liked by 6 people

  8. Tom Idlewood says:

    No bailouts for blue states with pre-existing balance sheet problems.

    Liked by 6 people

  9. steph_gray says:

    Mnuchin was very clear that states will get no money for any financial issues that they had before Xi’s Disease.

    Liked by 8 people

  10. alliwantissometruth says:

    The President should have sent the feds into Chicago and Springfield a few years ago and cleaned up those corrupt and criminal cesspools. The Democrat Machines stranglehold on all things power has been going on way too long

    Now the four foot tall bug eyed Mayor says she won’t abide by a judges ruling which halts our 600 pound Jabba the Hut Governor’s dictate to keep the State closed for at least another month

    The pension problem will never be solved until the Democrat Machine, along with the Teachers Union, are brought down. The Union is another cesspool of Marxist / Leftist operatives, just like the Machine, and all of them profit mightily while the taxpayers are gouged again and again

    There should be no bail out and a court should order no new taxes until the books are open and a thorough investigation on the politicians and their cohorts is done

    Liked by 3 people

  11. disgustedwithjulison says:

    Hell no on funding public pensions. If states need some money to offset operational issues that come from lower taxes collected, that is one thing…states looking for a bailout for their over pensioned retirees, NO WAY! They made the mistake of not funding the pensions and that has NOTHING to do with Covid.

    Liked by 3 people

  12. SOCRATES says:

    NO WAY,JOSE

    Liked by 1 person

  13. Marcus Aurelius says:

    ” A billion here, and a billion there, and pretty soon you’re talking about real money.” attributed by many to Sen. Everett McKinley Dickson, R-Ill.

    Liked by 1 person

  14. California Joe says:

    The best Payroll Protection Plan is letting Americans go back to work!

    Liked by 1 person

  15. bulwarker says:

    The government tells businesses who can be open and which ones must remain closed. When businesses are allowed to open, the government tells them how they are to then operate. The government is indirectly funding the employee’s pay, and bankrolling any distressed major company to prevent failure.

    There is a word for this sort of government…

    Like

  16. come on you rats. come and get your cheese!
    courtesy of big brother cheese dealer.

    Liked by 1 person

  17. PatriotKate says:

    Well, it may help a lot of people. But, Independent Contractors like me get screwed every time. Even though the “new” money was just made available yesterday, most banks have already stopped processing applications, so it looks like I’m SOL again.

    Like

  18. Nan says:

    I moved to Texas to get away from blue state nonsense. Why should the rest of us have to pay for the mistakes made by Illinois and California?

    Liked by 3 people

  19. frankmystery says:

    I’m still waiting on my PPP loan… big business is draining the money leaving us with nothing..

    Like

  20. BigTalkers says:

    Not to mention serious IRS audits of their financials!

    Liked by 2 people

  21. treestar1313 says:

    Mnuchin said that these states have already been reimbursed for Covid expenses, NOT lost revenue. I hope what he means by that is the bailout won’t replace lost tax revenue, especially if these blue states continue the lock down indefinitely.

    Liked by 2 people

    • spren says:

      Giving any of these failed states money will just allow them to prolong the lock downs. I’m in CT which because it is so small is frequently omitted from the list. We’re actually in worse shape than either NY or IL. The unfunded government/teacher pension liabilities are astronomical. I frequently ask (I just as well should bark at the moon) why do these people still have defined benefit pensions when the private sector, for the most part, had to eliminate them more than a decade ago because the fiduciaries recognized they were not financially sustainable. Now, the rest of us who had our pensions dropped are going to be asked (required) to fund the garbage plans for government employees? We have to do with less so they can have more.

      Pensioners in private plans whose companies went bust had to settle for pennies on the dollar of what was promised. These state employees should be required to do the same.

      Liked by 3 people

  22. Eileen McRae says:

    Is the federal government the “brothers’ keeper” of the states should be the basic tenet at issue here? Are states to be seen as “sheep” over which the shepherd (federal government) must keep watch? When states demand that the feds bail them out for debts they have incurred of their own volition due to poor economic decisions, are they acceding that the federal government is more powerful than they?

    That is NOT what federalism was meant to be! Did not states rear up in anger when President Trump inferred that his federal power was such that they (the states) could be overruled? Many constitutional lawyers weighed in on that thorny issue all averring the the President had NO power to overrule the states’ powers!

    Now in a move that can only be seen as hypocritical, the states are clamoring for exactly that – for the federal government to be the “good shepherd” and bail them out for their own excesses. It all goes back to the true meaning of Cain’s retort to God, “Am I my brother’s keeper?”

    Liked by 1 person

  23. Richie says:

    After you apply and receive an application number, there is a disclaimer under the application number that says you will receive an email confirmation of your application submission. Its been over a month and I still havent even received the email confirmation or any correspondence whatsoever for that matter. I did call in today for the first time to check status and rep basically said what I thought they would say. Its because of all the applications……

    Like

    • I called the CEO’s Office at BB&T and told them that they just need to let me know one way or the other what the status of my 4/7/20 application realistically is. I just need to know whether to hold on or to have employees file for unemployment. So far I have not heard back. Thanks BB&T.

      What I cannot do is continue paying people into my own bankruptcy.

      I feel that President Trump blew this whole affair; he was afraid of being impeached again for “murdering” thousands of people who would probably die anyway From this hoax flu.

      How in the world he dared to shut down this country solely on the advice of Fauci and Brix? Pathetic and ridiculous.

      President Trump owns this and we as a country will pay the price.

      Liked by 1 person

      • Richie says:

        I hear you but please keep in mind this hoax was concocted by our enemies from China on down to the U.S. lawmakers they have bribed. Trump is on our side and blaming Trump for everything is exactly what our enemies want.

        Like

      • jeans2nd says:

        Perhaps you could lend Pres Trump your infallible crystal ball, Francisco.
        Better yet, you run for President.
        Your crystal ball is telling you that right now. You’d best go check it, right now this very minute.
        cya

        Liked by 1 person

  24. nojuanimportante says:

    **like** a billion that is

    Like

  25. Publius2016 says:

    if these Dimm fools don’t open by June…they are done!

    Florida and Texas next week..Georgia South Carolina last week…People will stay in high tax high crime state when they have a job or business…no job or business??? they move…

    Government workers need at least five private industry workers but of course, Math is not their strong suit…

    Liked by 1 person

  26. TarsTarkas says:

    Barr has warned the lockdown governor and mayors that the Constitution is not suspended during a crisis. Unending lockdowns by executive order are inherently unConstitutional.

    Liked by 1 person

  27. TwoLaine says:

    Tell the Prickster that this is what it looks like to be inclusive. We are gonna’ let them pick up the tab since they are the ones who invited everyone in. Where is all that $$$ they bring in now?

    Like

  28. jeans2nd says:

    What better way to ensure Pres Trump is not re-elected than to have him approve profligate blue state spending.
    Do they really think we do not see through this?

    Like

  29. Big Jake says:

    This shutdown is costing me $500 a day and counting. I’ve lost a job I’ll never get back. I can’t get through to the unemployment office. I’ve paid all my bills on time. I’ve even helped out a friend or two in need. Yet, through it all I’ve not collected a PENNY from the government, local, state, or federal.

    I smell a rat!

    Like

  30. gilfavor says:

    Take just a moment to look back, and reflect, , ,

    ” Eatin’ rainbow stew in a silver spoon
    Underneath that sky of blue
    We’ll all be drinkin’ that free bubble-ubb
    And eatin’ that rainbow stew “

    Like

  31. dallasdan says:

    I anticipate the next Dem play to embarrass the President will include Pelosi loading the Phase 4 CV relief/stimulus package with enormous bailouts for states to fund a plethora of non CV-related budget shortfalls and pension insolvencies.

    Cuomo is repeating like a mantra that the new funding must be provided to support police, firemen, and teachers who, not coincidentally, have enormous unfunded pension liabilities across the country.

    https://reason.org/commentary/new-york-citys-pension-debt-is-driving-it-to-bankruptcy/

    FTA: “Nearly 75 percent of the city’s $197.8 billion deficit is due to pension and other retirement liabilities.”

    I further expect that a sufficient number of RINOs in the Senate will allow passage of the House bill “For the good of the country.” If McConnell can’t or won’t keep this from happening, a flaming mess lands in the President’s lap.

    It will go to the President’s desk, and if he wants his infrastructure spending, he will have to sign it, providing a huge win for the Dems. If he vetoes it, the media and Dems will terribly abuse him. Further, I suspect McConnell would permit a successful veto-override vote. In such case, an override would compound the victory for the Dems; the President is shamed and the bailout for the states succeeds.

    If the President vetoes the bill and he is not overridden, the stimulus and infrastructure initiatives are dead, by his own hand, and the Dems and media will blame him until election day, if given the opportunity. Unless, of course, the President later acquiesces to a “less stinky” but still state-centric, pork-laden bill.

    IMO, the Dems have all the leverage, and they will get their decades-long municipal and state financial mismanagement practices resolved while claiming a wonderful victory “for the people.” I am confident that their argument will resemble: “If you (government) bailed out business interests, you must bail out the public interest.”

    The CV crisis is being played as though it was carefully planned. I don’t think we know for sure, yet. However, once it took root nation-wide, the Dems seized it as the “next thing” in their unending list of MAGA resistance activities.

    JMO

    Liked by 1 person

  32. Missy says:

    If there is ANY state money, it has to be earmarked for infrastructure, and in a fed-run escrow account. That would tie their hands. Infrastructure is primarily a state and local matter anyway, NOT FEDERAL; those bridges and toll roads can be floated with revenue bonds, which is only FAIR. They get used by states and localities.

    Earmark any fed-congributed funds as the Fed portion for infra, UNTOUCHABLE UNTIL PLANS FOR THE STATE PORTION HAS BEEN FILED, WITH THE STATE REVENUE BOND FINANCING SET, GUARANTEED, “SHOVEL-READY”!

    How can a state turn that down, and still look OK? They can’t. The revenue bonds also depend less 9n general tax revenue, and so affect the interest rate less. There can be public-private partnerships. It provides jobs, tax revenue, etc. Win-win!

    Like

  33. GGHD says:

    Treasury Secretary Steven Mnuchin is a blessing to parents of smart nerdy kids; = study in school, work hard, and you can become a multi-millionaire too. … The national media glamorizes oddball anti-social behavior, as the road to wealth, happiness and fame. = The Hollywood Crowd and other entertainers are touted. … But, millions of people emulating such behavior end up poor and on Welfare.

    Like

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