Politics - News Analysis

Billionaire Steve Mnuchin Says Americans Really Don’t Need That Extra $600/Week in Unemployment Benefits

Ugh, this man.

Treasury Secretary Steve Mnuchin threw cold water on the prospect of extending $600-per-week unemployment benefits for Americans for the duration of the COVID-19 pandemic.

In an interview with ABC’s “This Week,” Mnuchin suggested that the payments, which expired on July 31st, led to some out-of-work Americans being “overpaid” and indicated that he believed they were slowing the return of workers to the labor market. That old, “we are paying them to stay home” opinion that so many Republicans seem to have.

“Unemployment is supposed to be wage replacement, so it should be tied to some percentage of wages,” he said. “The fact that we had a flat number was only an issue of an emergency where we had 30-year-old computer systems.”

“I think on the concept we absolutely agree on enhanced unemployment,” Mnuchin continued. “We want to fix the issue where in some cases people are overpaid, and we want to make sure there’s the right incentives to get back to work.”

“In certain cases where we’re paying people more to stay home than to work, that’s created issues in the entire economy,” he added.

Democrats rejected a short-term stimulus deal from Mnuchin and White House chief of staff Mark Meadows last Thursday. The exact provisions of that package were not made public but included a temporary extension of unemployment benefits, according to Meadows.

Now remember, Steve Mnuchin is one VERY RICH man. He’s married to a Scottish actress and most of her shoes probably cost ore than $600. Mnuchin is so terribly out of touch it’s sickening. Mnuchin’s net worth is about $400 million, according to a Forbes analysis of public filings.

Mnuchin grew up in a wealthy and well-connected family in New York City, according to The New Yorker. He went to Yale where he was roommates with the former Sears chairman, and new owner, Eddie Lampert, majored in economics and was “tapped” for the secret society Skull and Bones.

Mnuchin has never wanted for anything…ever. He was born rich, and the fact that he thinks $600 is too much for hard working Americans is appalling.

And Twitter seemed to agree:

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