No Need for More Unemployment Aid Even as Election Looms, President Trump Urges Americans to Go Back to Work

No Need for More Unemployment Aid Even as Election Looms, President Trump Urges Americans to Go Back to Work

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President Trump and Senate Majority Leader Mitch McConnell huddled Thursday at the White House as Republicans stake out new plans to phase out C-19 coronavirus chaos-related unemployment benefits to encourage Americans to go back to work.

White House economic adviser Larry Kudlow Thursday dismissed the idea of extending unemployment benefits even as he acknowledged that nation’s unemployment rate could still be in double digits when American vote in November.

Mr. Kudlow said that President Trump is happy with the Fed’s performance and saw no need for negative interest rates now.

“I do not believe that more government spending is going to give us a strong and durable recovery, that has been tried before,” he said.

Mr. Kudlow said options under consideration in the White House include a payroll tax cut, capital gains tax exclusion and easing regulations. Elements that are all part of President Trump’s broader economic agenda.

Extending unemployment insurance is not under consideration because “many Americans want to go back to work.

President Trump vows there will be no further economic shutdowns and federal sheltering advisories if a 2nd wave of C-19 coronavirus happens in the US.

“We are not going to close the country,” President Trump told reporters in a visit to a Ypsilanti, Michigan, Ford (NYSE:F) factory, which is now producing ventilators for the world amid the global coronavirus pandemic. “We are going to put out the fires.

Whether it’s an ember or a flame, we are going to put it out, but we’re not closing our country.”

Thursday, the major US stock market indexes finished at: DJIA -101.78 at 24474.12, NAS Comp -90.90 to 9284.90, S&P 500 -23.10 to 2948.38

Volume: Trade on the NYSE came in at 976-M/shares exchanged

  • NAS Comp +3.5% YTD
  • S&P 500 -8.7% YTD
  • DJIA -14.2% YTD
  • Russell 2000 -19.2% YTD

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias.

Looking Ahead: Investors will not receive any notable economic data Friday.

Have a healthy day, Keep the Faith!

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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge. Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.