Wall Street should temper its high hopes for coronavirus economic plan: analysts
Wall Street should temper its high hopes for any U.S. fiscal stimulus measures to fight the expected economic fallout of the coronavirus, political analyst said Tuesday. Any fiscal package faces “major hurdles” and final action may not come until April.
On Monday night, President Donald Trump said he is seeking “very substantial relief” to the payroll tax. The announcement, which was said to surprise even the president’s closest advisers, led to a rebound in financial markets. The president said he wanted to aid the airline, cruise ship and hotel industries.Analysts noted right away that Trump’s proposal seemed paper thin.
Democrats don’t like the payroll tax cut because they think it will harm the Social Security program, and would harm hourly workers. Democrats said any new tax cuts for major corporations would have to be matched by assistance to workers.
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