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The Intelligence from The Economist

Cheques, imbalances: America’s fraught stimulus

The Intelligence from The Economist

The Economist

News, Global News, Daily News

4.53.7K Ratings

🗓️ 29 December 2020

⏱️ 22 minutes

🧾️ Download transcript

Summary

After months of deadlock, a covid-19 relief package has passed, but the battles continue. We ask how things got so dire and what President-elect Joe Biden will inherit. A deadly shootout in London more than a century ago still resonates today; we examine one of the world’s first breaking-news stories. And the colour black reaches new depths in art. 

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Transcript

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0:00.0

Hello and welcome to the Intelligence on Economist Radio.

0:07.0

I'm your host, Jason Palmer.

0:10.0

Every weekday we provide a fresh perspective on the events shaping your world.

0:15.0

It was arguably one of the world's first breaking news stories, a shootout in 1911 between

0:24.5

London's police and gangsters captured by new-fangled news-real cameras.

0:29.5

We look back on the Sydney Street Siege and how it still resonates today.

0:34.5

And for centuries the color black has tested artists' ingenuity as it hinted at the underworld, the darkness of evil.

0:43.5

We examine the latest artistic use of the color in the form of a new, unfathomably absorbing material.

0:50.5

There is truly none more black.

0:55.5

But first...

1:01.5

America's House of Representatives passed another version of a stimulus bill yesterday.

1:06.5

This one promising $2,000 checks to the majority of Americans.

1:10.5

This would make a difference in the lives of Americans who are facing the greatest uncertainty that they've experienced for many of them in their lifetime.

1:18.5

It's unclear if the measure will pass in the Senate, making it yet another twist in a last-minute saga to provide economic assistance to millions of struggling American workers and businesses.

1:30.5

The original $2.3 trillion spending package included $900 billion for pandemic relief in addition to funding the federal government for the next year.

1:40.5

It was hastily negotiated in the run-up to Christmas by a bipartisan group including President Trump's Treasury Secretary Steve Mnuchin.

1:48.5

But after it was passed by the House and the Senate, Mr. Trump criticized the bill, saying it didn't do enough to help ordinary Americans.

1:56.5

It really is a disgrace. For example, among the more than 5,000 pages in this bill.

2:03.5

In the end, he didn't make a good on his threat to veto the legislation on Sunday. But he demanded another congressional vote on increasing the value of the stimulus checks, a measure supported by many more Democrats than Republicans.

2:17.5

I worry that this whopping $463 billion won't do what's needed. Stimulate the economy or get the jobless back to work.

2:28.5

Whatever the outcome, the relief couldn't be more needed. The government has been deadlocked on the matter for months.

2:34.5

And in just over three weeks, it'll be President Joe Biden who inherits the budget, the stimulus plans, and the problems brought about by all the foot-dragging.

...

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