USA: Trump’s stimulus orders don’t seem to be feasible or legal, experts say

President Donald Trump’s executive order and memorandums to provide relief during the coronavirus pandemic don’t seem feasible or legal, experts said Saturday.

Trump made an end run around Congressional Democrats with an executive order and three memoranda aimed at boosting the economy, but analysts said the wording of the orders raised more questions than answers.

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Trump’s stimulus orders don’t seem to be feasible or legal, experts say - MarketWatch

US Economy: Job growth ground to a halt in August - "stimulus programs are not the answer"

Employment growth ground to a halt in August, as sagging consumer confidence discouraged already skittish U.S. businesses from hiring, keeping pressure on the Federal Reserve to provide more monetary stimulus to aid the struggling economy.

Note EU-Digest: a monetary stimulus would be more water down the drain. Job creation programs are what is needed and US corporations must be forced to get involved in these programs instead of hoarding their profits abroad and paying none or hardly any taxes on their profits.

For more: Job growth ground to a halt in August - TODAY News - TODAY.com

Some simple economic guidelines that seem to have been forgotten - by RM

EU-Digest

Some simple economic guidelines that seem to have been forgotten - by RM

*Government stimulus programs just for the financial sector to wipe out bad debt, while leaving the same players in charge with limited or no controls won't work. **Government stimulus programs focused on "trickle down" instead of "bottom to top" results have never worked and won't work today.***Getting people back to work through Government infrastructural stimulus programs has worked in the past and will work today.****Government stimulus programs which focus directly on consumers instead of producers has worked in the past and will work today.

Bottom line: helping people that need it the most will eventually benefit those that need it the least. When the trend is reversed expect revolution - just read your history books if you don't believe that.

Time Magazine: Why Europe's Criticism of the Stimulus Got Out of Hand - by Douglas A. McIntyre

For the complete report from TIME Magazine click on this link

Why Europe's Criticism of the Stimulus Got Out of Hand - by Douglas A. McIntyre

There are now divisions forming in the European Union based on whether the countries in that alliance should put larger and larger sums of money into the credit and banking markets and their budgets to help slow the recession, or keep stimulus activities modest and have faith that free market systems will cause the economy to recover on its own without taking the world to Hades in the process. The debate over the ideology of saving the financial world turned ugly as Czech Republic Prime Minister Mirek Topolanek described the Obama stimulus programs as the "way to hell." Whether the comments are repudiated by other members of the E.U. now or not, the cat is out of the bag. After behind the scenes conversations about the aggressiveness of the U.S. approach, the views of a number of American allies are now crystal clear — America is spending itself into a hole which it cannot get out of, and the nation is on a course which will eventually lead to socialism.

Note EU-Digest: reading this op-ed by Mr. Douglas McIntyre in Time Magazine you quickly realize that American arrogance and superiority complex is still alive and well. Unfortunately.

FORBES.COM: Dutch announce 11.5 bln euro jobless, local govt stimulus - Forbes.com

For the complete report from Forbes.com click on this link

The Dutch government said on Wednesday it would make an additional 10 billion euros ($13.50 billion) available for unemployment benefits, while local governments will add another 1.5 billion euros to its new stimulus package. This brings total new stimulus measures announced on Wednesday to 17.5 billion euros, including a 6 billion euro package unveiled earlier to be invested in civil projects. As a result of the overall package, the government's budget deficit will be 5.7 percent of Gross Domestic Product (GDP) by 2010, Dutch Prime Minister Jan Peter Balkenende added. From 2011 an onwards, the government targets a reduction of the deficit of 50 basis points of GDP each year.

Note EU-Digest: in comparison the US budget deficit is presently estimated at 13% of GDP.

The Independent: Hungarian born World Renowned Financial Expert Soros warns 'systemic failure' may be upon us - by Sean O'Grady

For the complete report from the Independent.co.uk click on this link

Hungarian born World Renowned Financial ExpertSoros warns 'systemic failure' may be upon us - by Sean O'Grady

This is not a normal crisis", said George Soros, the doyen of international finance, the man who made billions from sterling's expulsion from the Exchange Rate Mechanism in 1992.Mr Soros offered the proceedings a deep historical perspective. To his mind, he told participants at the World Economic Forum, we are "at the end of an era". The 60-year economic supremacy of the US and the dollar's status as the international reserve currency of choice is drawing to a close, fundamentally weakened by the shift in economic power eastwards with the rise of China.

Soros said, "What is needed now is assurance that the main market makers will not be allowed to fail. "We need a new sheriff, not Washington consensus."

AlterNet: US heading for economic disaster: How to Pull Out of a Recession: the Ethical Way, Not the Bush Way - by Mathew Rotshield

for the complete report from the AlterNet click on this link

US heading for Economic Disaster: How to Pull Out of a Recession: the Ethical Way, Not the Bush Way - by Mathew Rotshield

The ethical problem is that the top 1% has already made out like bandits. Their slice of the income pie has grown dramatically over the past few years, while the slices for almost everybody else have shrunk. The economic problem is that extending the tax cuts won't do anything in the here and now, because those cuts are already in place for the next two years. On top of that, the economic stimulus from giving the super rich some more money would be next to nothing compared with the stimulus you'd get if you gave almost everybody else some serious tax relief right now.

"The $500 billion that Bush has squandered in Iraq could have paid for 4 million new housing units, or hired 8 million new teachers. And the $2 trillion we may end up spending on this war could pay for universal health care for 12 years," Anita Dances of the National Priorities Project points out in a recent piece for the Progressive Media Project.