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Economist Podcasts

Cheques, imbalances: America’s fraught stimulus

Economist Podcasts

The Economist

News, News & Politics

4.35K 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. I'm your host, Jason Palmer.

0:09.7

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

0:17.6

It was arguably one of the world's first breaking news stories, a shootout in 1911 between London's police and gangsters captured by newfangled newsreel cameras.

0:28.6

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

0:34.6

And for centuries the color black has tested artist's ingenuity, as it hinted at the

0:41.3

underworld, the darkness of evil. We examine the latest artistic use of the color in the form of a new

0:48.4

unfathomably absorbing material. There is truly none more black. But first, America's House of Representatives

1:03.0

passed another version of a stimulus bill yesterday, this one promising $2,000 checks to the majority

1:09.5

of Americans. This would make a difference in the lives of Americans who are facing the greatest uncertainty

1:15.6

that they've experienced for many of them in their lifetime.

1:18.6

It's unclear if the measure will pass in the Senate, making it yet another twist in a last-minute

1:24.6

saga to provide economic assistance to millions of struggling American workers

1:29.0

and businesses. The original $2.3 trillion spending package included $900 billion for pandemic relief,

1:37.2

in addition to funding the federal government for the next year. It was hastily negotiated in the

1:42.5

run-up to Christmas by a bipartisan group, including President

1:45.8

Trump's Treasury Secretary, Steve Mnuchin. But after it was passed by the House and the Senate,

1:52.3

Mr. Trump criticized the bill, saying it didn't do enough to help ordinary Americans.

1:57.3

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

2:03.1

In the end, he didn't make a good on his threat to veto the legislation on Sunday.

2:08.5

But he demanded another congressional vote on increasing the value of the stimulus checks,

2:13.8

a measure supported by many more Democrats than Republicans.

2:17.3

I worried that this whopping $463 billion won't do what's needed,

...

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