Tags: Coronavirus | pat toomey | stimulus | relief | economy

Sen. Toomey: Economy Hasn't Collapsed Without Stimulus Bill

toomey in a navy blue suit and red tie
Sen. Pat Toomey, R-Pa. (Drew Angerer/Getty Images)

By    |   Wednesday, 02 December 2020 02:37 PM

The nation's economy is in a much different place than it was last spring, and a more targeted stimulus bill, not a massive one, is what's needed to target the remaining serious issues that are going on, Sen. Pat Toomey said Wednesday. 

"I've been hearing since at least August that we had to pass another big stimulus bill immediately or the economy was going to collapse," the Pennsylvania Republican said on CNBC's "Squawk Box." "That clearly was wrong. Having said that, we've still got a ways to go. We have some things we can do constructively."

Toomey said he's come to that conclusion, which others have not, because of the data that has been coming in concerning the "extraordinary" housing market and "terrific" manufacturing reports. 

"All financial market indicators are that we've got a very, very bright future ahead," said Toomey. "Unemployment is much lower. We were told we would be lucky if we could get the unemployment rate below 10%. We were at 6.9% at the end of October."

Toomey added that he has a great deal of respect for Federal Reserve Chairman Jay Powell, who has called for more action from the Fed and more fiscal stimulus money from Congress, but he doesn't agree with him. 

"We don't have to agree on everything," said Toomey "I think there are some specific things that fit into this category I'm describing as the narrow items that are necessary."

In addition, there are still several categories, such as hospitality, travel, and entertainment, that are in a "world of hurt," unlike the manufacturing sector, said Toomey, and they need the Paycheck Protection Program. 

Toomey also said he thinks a case can be made for adding funding for school districts that have had to spend a great deal of money to accommodate their new circumstances. 

"I think Democrats agree on those things," he said. "We would have broad agreement on a pretty significant list. We could get that done and the question is whether the Democrats will agree to do that or whether they will hold out for all the things they know we don't agree on."

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The nation's economy is in a much different place than it was last spring, and a more targeted stimulus bill, not a massive one, is what's needed to target the remaining serious issues that are going on, Sen. Pat Toomey said Wednesday. "I've been hearing since at least...
pat toomey, stimulus, relief, economy
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2020-37-02
Wednesday, 02 December 2020 02:37 PM
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