- Clinton Administration economist Nouriel Roubini mocked Trump’s stimulus bill Monday. He said it socializes corporate losses.
- While taking a jab at the “socialist” $2 trillion price tag, Roubini says the fiscal stimulus will bail out big corporations, not the people.
- Congress is deeply divided over the stimulus bill. While members locked horns on Capitol Hill, partisans ripped both sides on Twitter Monday.
Nouriel Roubini, an NYU professor and former White House economist under Clinton, came out swinging against the stimulus bill dragging through Congress Monday.
Roubini bashed the $2 trillion stimulus plan for being somehow “more Socialist than Bernie Sanders,” while also a big money grab for the corporate elites.
He argued the stimulus bill is yet another example of Washington privatizing profits while socializing losses.
Is Nouriel Roubini right?
Recession and Corporate Bailouts
$500 billion of the stimulus bill will be distributed by the U.S. Treasury Department. To a large degree, it will be disbursed at Secretary Steven Mnuchin’s discretion. Democrats are calling it a White House slush fund.
The Bush Administration and Pelosi Congress faced stiff opposition on main street to the TARP bailout in 2008. The establishment in Washington joined hands across the partisan divide to pass it.
Bush and Pelosi worked together closely with the Treasury Department to design the Emergency Economic Stabilization Act. Congress passed it with 74-25 votes in the Senate, and 263-171 votes in the House.
On the far left, Sen. Bernie Sanders (I-VT) voted against the bailout, arguing:
If a bailout is needed, if taxpayer money must be placed at risk, if we are going to bail out Wall Street, it should be those people who have caused the problem… who should pick up the tab, not ordinary working people.
On the far right, after Bush requested $350 billion in more bailout money on top of the $700 billion TARP bill, Sen. Jim DeMint (R-SC) quipped: