Taxpayers Association of Oregon
The Wall Street Journal chart shows that even though Congress flooded the public with stimulus funds they are choosing to save it rather than spend it. This is the opposite of stimulus.
For people to start spending, our political leaders need to begin to create a vision of a better tomorrow beyond the virus. They are getting more uncertainty than certainty. How confident does small business feel about investing or taking risk without Congress passing virus liability protection? How confident does a business feel about hiring if Pelosi keeps offering a near-trillion dollar extension of the PPP loans which could incentivize employees not to return to work until 2021? There has been much talk of raising taxes to make up for lost government revenue. Taxpayers may feel the future ahead is more threatening to their family budget than ever before. Finally, the virus in general and fear of another outbreak only magnify the earlier points.
A good way to provide certainty and a vision for the future post-virus is to cut taxes and regulations.