President Donald Trump has recently given updates on the next stimulus check and shared his plans to strengthen the US economy. Trump has promised that he would give a payroll tax cut, incentives and stimulus money to reopen the restaurant and entertainment industries.
Even though Trump didn’t answer any questions in his recent press conference, he made fun of the economists who predicted 20% unemployment rates and said the economy and employment status is recovering steadily. Here are more details on President Trump’s statement on stimulus measures and the status of the next stimulus check.
Trump on Unemployment, Economy and Stimulus Measures
Trump made fun of the economic experts and asked whether the 20% unemployment rate was a typo after the figures were totally proved wrong. Wall Street had the greatest miscalculation in the history of business as unemployment dropped to 13.3 percent from 14.7 percent in May. Trump also mocked Warren Buffet for selling his airline stocks as the stock market climbed more than 3% after the Friday reports.
— Donald J. Trump (@realDonaldTrump) June 5, 2020
Trump added that they saved millions of lives by closing the country and are now ready to reopen and will become stronger than before. There will be a paycheck protection program for the small businesses and ease of loan too. Trump also said that there are additional stimulus measures including payroll tax cuts and more stimulus money to help the major entertainment and food industries.
What is the Status of the next Stimulus Check?
The coronavirus pandemic can cause a second wave of unemployment and it will lead to more people losing their jobs permanently. Even though Trump doesn’t accept the fact, House Speaker Nancy Pelosi has asked the Republicans to give away another $3 trillion in the form of a stimulus package.
Each of the US citizens will receive $1,200 as a stimulus check for the next few months and the unemployed benefits of $600 per week will also have to be continued. Whereas, Trump wants to reduce the economic stimulus budget to $1 trillion and end the unemployment benefits after July. However, it has been confirmed that there will be another round of stimulus check payments, even though the amount or duration might be reduced.