Mark Walker wants to bill China for COVID 19 Stimulus


Because that worked so well with Mexico paying for Trump's wall:

Walker voted last week for the unprecedented relief package, known as the CARES Act. The legislation’s scope includes direct one-time payments to Americans, financial assistance to struggling businesses, larger unemployment benefits and aid to health care providers.

Before the vote last week, Walker tweeted that he wants the U.S. government to pass along the costs to their Chinese counterparts. “China’s lack of transparency created this. Now we are asking American taxpayers to foot the bill?” wrote Walker in his tweet.

Even if we hadn't been in a complex and unnecessary trade war with China for the last year or more this would be a stupid idea. But with that in the picture, it's both moronic and delusional. Trump has pissed away any leverage we might have had to push such a policy, and we'd be lucky if China merely laughed at us for making such a demand. They actually hold over $1 Trillion in U.S. debt, and if they decided to sell those Treasury bonds off, it could cost us much more than just a Trillion:

The biggest impact would be on interest rates and bond prices, he says. If China floods the market with treasuries, and the supply of U.S. bonds spikes, then fixed income prices would fall and yields would rise. If yields climb then it would become more expensive for U.S. companies and consumers to borrow and that would cause the U.S. economy to slow down.

It will also become more expensive for the U.S. government to issue debt — they’ll have to pay higher rates to borrowers — while the $15 trillion of treasuries held by itself and investors would fall in value. Equities would be sent crashing, too, as yields climb. “Higher interest rates would ripple through the entire economy,” says Mills. “It would have a slowing effect.”

China holds about 20 percent of U.S. debt held by foreign countries, which is a lot, but it only accounts for about 5 percent of outstanding debt overall. Other holders include other countries – Japan owns about $1 trillion in treasuries – the U.S. government, corporations and investors. However, if China does decide to dump treasuries, it could make others panic and sell as well, says Vincent Reinhart chief economist and macro strategist at BNY Mellon.

Won't try to analyze that, because it's all Russian to me. But I guarantee you Mark Walker hasn't given stuff like this a passing thought. He's a first-rate demagogue, and all they know how to do is throw poop on the wall and see what sticks. He'll be out of Congress by January, and not a moment too soon.



The evolving excuse for

The evolving excuse for incompetence:

  • We didn't know it would be bad. They did, they just ignored the facts.
  • We were distracted by mean old Democrats impeaching Trump. He played golf a dozen times.
  • China lied to us about stuff. Are you fucking kidding me?
  • We were on top of things. Hahahahahahahahaha.
  • Mike Pence. Hahahahahahahaha.

The entire Republican party is a ship of fools who'd rather lie than lose power.