Your Thoughts on the 'American Rescue Plan'

Hundreds of replies... Your thoughts on the 'American Rescue Plan'... Today is just the start... Buckle up, buttercup!... Think for yourself: Part II... Modern Monetary Theory's kryptonite... Video: Bitcoin's 'Crack-Up Boom'... [Stansberry Research Logo] Delivering World-Class Financial Research Since 1999 [Stansberry Digest] Hundreds of replies... Your thoughts on the 'American Rescue Plan'... Today is just the start... Buckle up, buttercup!... Think for yourself: Part II... Modern Monetary Theory's kryptonite... Video: Bitcoin's 'Crack-Up Boom'... --------------------------------------------------------------- This is going to take a while... In short, thank you... Our inbox is overflowing with your feedback on the "American Rescue Plan" that we asked for [in yesterday's Digest](. I (Corey McLaughlin) sensed many of you would have strong opinions about the bill. But frankly, even I'm a little surprised by the volume of responses we've gotten. We're close to 200 at last check... And these are not short notes in most cases. As always, I'm in awe of the insight and varied life experiences you, our subscribers, always share with us when we ask (and even when we don't, which is equally great). We hear from many folks who live all across the country – and even the world. Some of you run your own businesses... Many of you have worked for decades for your hard-earned money... And some of you raise crops, build houses, or teach college classes for a living. Selfishly, hearing from you makes my job more enjoyable, and I learn something new every day... It's value that goes way beyond a paycheck (shh... don't tell the bosses). Your feedback this time around is another big example. And as it turns out, I'm not only the only who feels we're at a pivotal point in American history... We can't possibly get to all of your notes today, but we want to get to as many as we can. So we'll get right to it – and probably keep the discussion going through next week... Away we go... We'll start with paid-up subscriber Patrick H., who simply can't believe what's happening... It's hard to believe that most people think going another $2 to $3 trillion in debt is a good idea. I wonder if they looked at targeting just the people about $5,000 over the poverty line and just helped them (medical care, food money, and a place to live, etc.) We'd save about $1.5 trillion and help those truly in need. Maybe throw in another $100 billion for all the small businesses to help them survive. We've begun to see inflation creep up. I wonder how many remember the 70s and early 80s with rampant inflation? As a retiree, inflation will destroy many people's retirement. The government will be late to raise interest rates after the 2018 fiasco. They'll be late to get it under control and we'll be the ones to suffer. Time for everyone to get "their big boy pants on" and face the ugly truth that the government needs to live within their means. Most politicians know how to spend money but are clueless as to how to save it. Time to get some term limits in place for all politicians, state and federal governments. Meanwhile, paid-up subscriber David P. said he is frustrated and confused with this latest round of stimulus checks... I know they help some people but not others. We will not be receiving any stimulus for us or our twin kindergarteners. We "make too much" money. But... we live in Marin County in CALIFORNIA, where making $160k is still considered low-income. We live here because of our jobs. My wife is in the health care industry. Then, there's my sisters and mother-in-law. My sisters are making more money from the government then they did with their jobs. One still runs her own business with (3) kids and they are receiving so much money from the government it's frustrating to think. We are working like crazy (from home) and trying to help our twins with virtual learning. It's maddening. Yet others are sitting at home doing home improvements and having fun using Uncle Sam's (free) $$$. Just had to rant to someone... At the same time, Brian E. admits he doesn't need a stimulus check (which more than a few of you said) but is getting one anyway... My wife and I are retired, on Social Security and Medicare. I have a healthy pension from my employer. At 67, [I'm] waiting to collect full benefits at 70. What do I (and friends in similar positions) need $1,400 each? Plus, [this is] encouraging people to collect extended unemployment benefits instead of [getting] a job. All fuel for the inflationary bonfire ahead. Paid-up subscriber Gary C. put two and two together to make four... I think the American Rescue Plan is a ridiculous pork-filled and unnecessary bill. I don't know what is wrong with those people in Washington. Who writes those bills anyway? I'm pretty sure that it is not the sponsor of the bill. The spending is outrageous in my opinion. First... they keep us locked down and wearing masks and unable to eat in restaurants or attend any kind of gatherings. Then they go on this spending spree to rescue the people that they put out of jobs. However, a large percentage of the spending is not being used to help the people who were economically hit by the lockdowns. Instead, it is going to all kinds of other things. It's as if the politicians have no concern about creating money out of thin air and the consequences that will ensue. Paid-up subscriber Bill W. can help Gary with his "who writes those bills anyway?" question. More specifically, he's focused on the titles of these types of bills... My wife and I have both worked as legislative assistants on Capitol Hill. One thing we learned fast was that whatever name or title is given a bill, it probably does the opposite. It's all in the details. And that was the early 1990s! So what do we think of the American Rescue Bill? It's a cement life jacket. Think of this "rescue" as Thelma & Louise, stoned, and in a faster car. In the 2021 remake, it would probably be a Tesla. And paid-up subscriber Blas P. said the same thing as Bill, in a different way... Sadly, the Rescue Plan is exactly the opposite of its rubric. It will enslave everyone under an even larger debt burden for many, many years. There is no question that some people do need assistance, but the process by which that is determined is sloppy and pathetic. I know numerous well-off people that live permanently overseas who received checks in the last round. Are we stimulating the English and Austrian economies too? There is no greater indication of how much pork and nonsense is in this Bill then looking at what people are actually receiving vs. the overall amount of $1.9 trillion. Basically, every man woman and child should receive $5,400, if this was even distributed among the 350 million Americans, instead some people are getting 1/4 of that. The rest disappears into the amorphous government hole without any accountability. It's disgraceful! I don't understand how any person or institution would be willing to buy U.S. Treasurys, and lend the government money, when we can see in this Bill how inefficient and mismanaged everything is. Inflation and currency devaluation are going to move into hyper drive. Buckle up, buttercup! We are buckling up as we write, Blas. In the meantime, Hank D. suggests we just vote mostly everyone out of Congress, start over in D.C., and get back to basics... Almost all of Congress should be replaced. We continue to spoil Americans with entitlements that only makes it more difficult to get rid of later. Helping those that struggle is... give them the opportunity to work, not lock down business or jobs. Let's get back to basics. We are at the point in our lives where we don't need to buy things but just move forward to enjoy the world around us and our family. At 81 and still working as a self-employed Realtor for more than 58 years, there were times when we didn't have any money, but we just worked harder and smarter to get ahead. We have been blessed by great family training and this is what our country needs now. We were taught to respect the other person even if we didn't agree with them. We were taught to save for a rainy day. What we our fearful of is that these idiots in Congress are doing is destroying our savings and retirements with stupid money printing. So we have stocks, and real estate. If we sell any of it, capital gains kicks in [and we] pay 30% of our hard-earned savings to the Federal and State governments. Those really aren't gains but direct result of the government devaluing the dollar. Bob B. said of the bill, to put it mildly... It stinks terribly, full of unnecessary, unrelated ways to spend money, that have no relation to the COVID situation, sending large sums of money to people who do not need it, and bailing out mismanaged states and municipalities. Anthony R. shared a similar sentiment... Not much help – a lot of pork, increasing the debt for future generations to look good and to get votes from those who do not work... What a bunch of GAR-Bage. And paid-up subscriber Art A. told us... As you alluded to, this is much more than a rescue. It's a payoff to party loyalists and others mainly to get their support and to reward for their support. This works because so many have nothing put away or any plan for the future. The only care is what I can get and do for me in the present. Thus what happens in the future is hardly a thought. Now, some folks who wrote in are in favor of the bill as it stands... Paid-up subscriber Marvin B. said he thinks the $1.9 trillion rescue bill is needed now... Millions are unemployed or underemployed. Small businesses have gone broke. Vacant stores are everywhere in vast numbers. The rich and comfortable either don't want to see the devastation or choose to ignore it, as does the article that prompted this. The funds for this rescue will be paid from the Treasury but the ultimate source is debt. Inflation will pay that debt in about 40 years so it is worth the cost to try to lift the populace during this trying time. In the absence of a suggestion for a reasonable alternative to solve the problems, your castigation of the rescue carries no weight with me. Kevin S., observing from Canada, sounded a similar tune... Why are some people so concerned over this money-printing that is being done for an obvious purpose, to help a whole lot of people? Is there any waste? Sure, some people don't deserve it but a majority of them do... I find it ironic that big business handouts and prior government wasted tax dollars are not nearly as emotionally charged and debated and discussed as when these handouts go the general masses of citizens in the country and not the powerful lobby groups etc. Yes, but what is the alternative at this point? Do you let so many people just suffer and offer no quick relief? I don't hear any other alternatives being discussed to help the people immediately who are in dire straits. Just one lonely Canadian opinion of both our countries' predicament at the moment. Thanks for allowing me to voice this opinion. And others come down somewhere in the middle... Like paid-up subscriber Stephen M., who said... There is no doubt much waste in the bill as passed. There always is in any government program. And it will certainly increase our debt, and potentially fuel inflation down the road (depending on where most of the money goes – lots of money has flowed into asset prices over the past few years without fueling inflation of most of the things ordinary Americans purchase). I despise the Republicans who rail about increasing the debt while at the same time (a) passing massive tax relief bills which benefit only the wealthy (yeah, yeah, I know they pay most of the taxes so getting most of the benefit is only natural, but that situation only exists because most of the increase in income and wealth over the past 40 years has also gone to them, and that's largely a result of government actions which their wealth has enabled them to extract from the public via control of Congress), and (b) refusing to reform the system so as to flow more of the country's income to the lower 80%. In some sense, the $1,400 payments are the lower 80%s counter to those tax benefits. Somehow it never seems to occur to anyone that since 70% of the American economy is consumer driven, that aiding the consumer (and not the wealthy or businesses) would do more for the economy than anything else (and in the end, would aid both of the others as well. Go back and take a look at the Eisenhower years, for example. And Matthew K. sounds like he's just over everything... Unfortunately for us – "We The People" – the American Rescue Plan is nothing but a farce, the COVID-19 nothing but a ruse perpetrated onto the public at large to have an excuse to print all those non-earned dollars. Unfortunately, needless deaths have occurred. What better tool than an enemy you cannot see. The good that did come out of this is how much our Federal Government has exposed itself for what it really is a self-serving interest that no longer tries to hide itself but has become emboldened to go all out to get what it wants, not what "We the People" want. You always hear the noise, the chatter, it's the Democrats, it's the Republicans. No, they are on the same team "Team Government." We have become pawns in their chess game, but the general public does not know this yet. When we were younger, we were told the government works for us, now we work for the government. I see the house of cards falling. I just hope I am not in it when it collapses. Over the years, the [Stansberry Research] team's writings amaze me, always spot-on. It took a long time for me to find you guys. Keep opening our eyes and keep showing us how the real world works not the B.S. everyone else is trying to shovel at us. Dean M. agreed... We think there is no rescue here. You have been on topic forever. Keep us informed. Hear, hear. We will keep on keeping on. A few of you wanted to know where yesterday's Digest was four years ago – or even last year... Several folks essentially asked, "Where was this essay during the tax cuts for the 'rich' back in 2017 or after the earlier COVID-19 stimulus bills?" Fair point... This topic doesn't exist in a vacuum. Paid-up subscriber Ed J. probably addressed this point most directly... Easy for you to criticize. Imagine if you were a small business owner who saw your business that took a lifetime to build have to close. What else could you do? What kind of job would you look for? How do you take care of your bills? Your family? Your future? In this country, it has become quite fashionable for some to look down on the poor as somehow deficient, "They are just lazy," or "They don't want to work, they just want a handout." I am sick of seeing the poor person get unfair treatment. If you are poor, the legal system is so much harder, the financial system treats you as if you had the plague, and job opportunities are simply not given to poor people as often as they are to middle class with the same level of education. I didn't hear you complaining when a huge tax break was given to the wealthy and corporations. I also didn't hear you complaining when Trump increased the deficit more than any other previous president. As a famous man once said, "We are only as strong as the weakest of our society." If we continue increasing the disparity between the rich and poor, we will reap the same reward that has happened to civilizations throughout history that have made this mistake. On the tax cuts point, I can't and won't speak for anyone else, and for context, I wasn't working at Stansberry Research in 2017. However, if I were and wrote the Digest back then as I do today, I probably wouldn't have written anything glowing about the tax cuts... Sure, they would boost profits in the short term, but they were not great in the long run either. And, to the second point, we've been critical before about anyone growing our debt burdens beyond what might be necessary... It doesn't matter what side of the political aisle they're on. For example, [in the July 20, 2020 Digest]( when we noted that the government sent $1.4 billion in stimulus checks to deceased people, we said the dead were getting checks and the living were getting screwed... On balance, the message to us from the government is this... We're not really thinking of you. They're instead thinking about appearances and politics, as always... Most Democrats and Republicans have not agreed on much lately. But in the past few months, they've aligned on these big points (in addition to going on vacation)... More "[fake money]( meaning more Federal Reserve-created debt that gooses stocks in the short term, yet sticks on the central bank's balance sheet for generations to come... And now, they're talking about more, more, more. (Maybe this time government officials can at least get some details right... like citizens who are still alive and the correct dates.) What's more, we agree that the gap between the rich and poor is what's fueling all of this... As we wrote yesterday, some Americans could use help today... We aren't saying it's all unnecessary. Many people have lost jobs... or had to close businesses because of an unexpected pandemic and the ensuing government response to it. On a human level, of course, we feel for everyone. We're ready to get on with life, and we don't blame people for being angry. But we think some folks are directing their anger at the wrong place, while the right targets are too often overlooked... We believe that monetary and fiscal policy of the past has significantly widened the gap between rich and poor people for decades... Stimulus checks and extra benefits might help folks out for a few months, but what about addressing the roots of our problems? I think of myself as a fairly smart person who grew up comfortably middle-class with no obvious handicaps limiting my ability to eventually make a living and survive in this world. But even [I was never taught anything significant about money]( and received no financial education as a kid other than through work experience. I learned more as I got older – which led me to the financial-newsletter industry. Frankly, most people never get the financial education they need or deserve... That's why so many people are in so much debt and make bad decisions. It's so easy to do it. Today, for instance, I just saw an advertisement for financing a smartphone like it's a new car. Personally, I feel if every person in America got a basic financial education, and if we were all therefore playing the same game, everyone would be better off. We can see real problems in the places that folks are going to spend those stimulus checks... I mentioned what I saw on Twitter yesterday... People saying their check was going to new clothes or a Microsoft Xbox Series X. One paid-up subscriber wrote in and called our use of those examples as an indicator "disgusting." It was probably a bit unfair and not entirely representative of real life, as is often the case on Twitter. Here's what I was getting at... If folks have their bases covered – and spend less than they make, which many people don't – these checks will probably be going to their next-biggest expenses... We're talking about things like health care, childcare, or college tuition. (We heard the last example on the radio today from callers to a local show.) These costs might not show up in the Federal Reserve's indicators... but they've been inflating in price since long before COVID-19 struck. These, at least, aren't "because it's harder for the poor" problems. We see those, too, and do not discount any of them... We live in Baltimore, for crying out loud. We don't need to go far to see the really hard life or talk to someone living it. (And alternatively, we don't need to go far to see someone living a really good life – which, again, is the point.) We're talking about systemic problems that creating more money from nothing will not solve, but will only deepen over time. Paid-up subscriber Bill F. gets my point, but he says it falls on deaf ears... As he wrote in yesterday, "Corey, Unfortunately, your message today just doesn't resonate with the American public." More from Bill's e-mail... Corporations and the wealthy just want tax cuts and be able to keep as much wealth as they can. Individuals and small businesses in the lower end of the income bracket want help to keep them going or possibly moving them up the ladder a little bit. Even I won't give the stimulus money back even though I don't need it... well, just because everyone else is getting something. I laughed when I read your comment about prisoners getting checks. Sometime in the last couple of days I heard [Arkansas Sen.] Tom Cotton on Fox News say the same thing. He was very concerned about this, full facial frown and head shake. I too was shocked, so I checked it out and found it to be true. I did a little more digging and found out the previous administration did it not only once but twice... and Tom Cotton voted for it! It's amazing that any American would trust or believe any of these 100 Senators or 435 Congress people. That said, I suspect that none of these characters would get elected or re-elected if they spoke the truth because, in this moment of history, the American public isn't interested in the truth. The part Bill said he most appreciated about yesterday's Digest is "you want to think for yourself." Here's Bill again... I've tried to stand back over the last 20 years and watch this "clown show" go on and on at the federal and state level. I've asked myself does this make any sense and can I really trust these folks? I'm proud to be an American and truly feel fortunate to be born in the U.S. and live during the last 65 years! I continue to have a great life and with the help of a great family, good work, smart people like those at Stansberry, I've come out in pretty good shape. I'm going to continue to think for myself and lean on the people I can trust. I do not know what will happen in the future. While the financial picture looks gloomy, maybe the American public will stand up and "think for themselves." I thoroughly enjoyed your write up today! It gave me pause to think and do more evaluation on what I'm doing and figuring out if I'm getting some of it right. I appreciate you taking time to read what I've written. Have a great week! Thank you, Bill. Thinking for yourself is the most important thing we wanted to get across yesterday, so we're glad that came through clearly... Take control of your portfolio. And thank you to everyone who wrote in, whether you agree or disagree. As is often the case, it seems most people are closer to agreement than we think or than the politicians in D.C. are with one another – at least publicly. One more thing for today, though, on the idea of tax cuts for the 'rich' versus stimulus for the 'poor'... First off, this is the road you go down – kind of like to Venezuela, as some of you noted – when you start sending people money without them asking. But our point is, Alan Gula of our Stansberry's Investment Advisory team did write about the tax cuts in a 2019 Digest. And he noted their potential consequences on the economy. Here's what Alan [wrote on November 6, 2019](... About two years ago, the U.S. government lowered corporate and individual tax rates. Tax cuts are effectively fiscal stimulus, just like increased federal spending. And it's unusual to see such strong fiscal stimulus – as the Trump tax cuts provided – after many years of economic expansion. The unemployment rate declined from about 4.1% at the end of 2017 to a multidecade low of 3.5% in September. It moved slightly higher last month to 3.6%. So from an employment perspective, the stimulus has been successful. Of course, the Trump tax cuts have also reduced tax revenues, which has widened the budget deficit. The chart below shows the federal budget deficit as a percentage of GDP... You can clearly see the government surpluses from 1998 to 2000 – during Bill Clinton's presidency. Also notice that the budget deficit tends to blow out during and after recessions (the shaded areas on the chart)... and it usually shrinks as the economy stabilizes and returns to growth. Today, it's well worth your time to reread Alan's essay – for a few reasons... First off, none of us thought that just two years later, the U.S. government budget would be more than 40% of GDP, as it is today. Everything that Alan writes about is heightened today... And his broader point was to explain what economists and policymakers are clearly practicing today – Modern Monetary Theory ("MMT")... or Magic Money Tree, as some people like to call the idea. In his 2019 essay, Alan described what MMT actually is in great terms... and what could sink it – inflation, which is a topic on a lot of investors' minds today. A lot of folks might not realize what Alan wrote back then, so we'll repeat it here... Under MMT, inflation is the true constraint. Basically, a government that issues a fiat currency can borrow as much as it wants as long as some slack exists in the economy. Big budget deficits aren't an issue until inflation rises, which signals that the government has reached its debt capacity. MMT downplays the dangers of "reckless" government borrowing... After all, federal debt issuance increases the net financial assets of the private sector. Federal debt is a liability of the government. But it's also an asset held by households and corporations. MMT also downplays the importance of monetary policy... Proponents believe that the level of short-term interest rates is far less important than fiscal policy. In other words, the Fed's influence on the economy is overstated. You may not agree with these ideas. But it's important to understand that, in a way, the U.S. government is already embracing MMT... Boy, was he right. Don't do anything else in the next couple of minutes... Go back and [read Alan's essay again]( (or for the first time). And if you like what you read, afterward you might want to consider a subscription to our Stansberry's Investment Advisory newsletter... or catching up on it. You can find more of Alan's work there regularly, along with many of our editors and analysts. It's our flagship product... and it's a one-stop shop for what's going on in the economy and markets today. Subscribers get actionable portfolio recommendations every month. But moreover, the newsletter gives you a great introduction to how our editors and analysts think... and what's important for your investments today. [Click here to get started]( if you're not already a subscriber. Right now, you can claim instant access to a one-year subscription for just $49. That's 75% off the regular price. 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For more free video content, [subscribe to our Stansberry Research YouTube channel](... and don't forget to follow us on [Facebook]( [Instagram]( [LinkedIn]( and [Twitter](. --------------------------------------------------------------- Recommended Links: ['If I had to put ALL my money into ONE stock, this would be it']( Analyst goes on record: "This Is it: the No. 1 stock to buy today." He thinks this ONE stock could triple quickly... and return 1,000% gains long term. And do it with LESS risk than most stocks out there today. [Get the critical details here](. --------------------------------------------------------------- [Steve Sjuggerud: 'I Now Believe the MELT DOWN Will Arrive in 2021']( You might think that means you should sell your stocks. But Steve says that would be a huge mistake. It doesn't matter if you've never bought a single one of his Melt Up recommendations – if you have any money invested in stocks today, [you need to see this new message](. --------------------------------------------------------------- New 52-week highs (as of 3/10/21): American Financial (AFG), Brunswick (BC), Bunge (BG), Berkshire Hathaway (BRK-B), Blackstone Mortgage Trust (BXMT), Comcast (CMCSA), Corteva (CTVA), Cubic (CUB), Dow (DOW), Enstar (ESGR), Eagle Materials (EXP), Comfort Systems USA (FIX), JPMorgan Chase (JPM), SPDR S&P Regional Banking Fund (KRE), LGI Homes (LGIH), Cheniere Energy (LNG), Altria (MO), MasTec (MTZ), NVR (NVR), VanEck Vectors Oil Services Fund (OIH), Oshkosh (OSK), Invesco High Yield Equity Dividend Achievers Fund (PEY), Invesco Dynamic Oil & Gas Services Fund (PXJ), Sprott (SII), Suncor Energy (SU), Texas Pacific Land (TPL), U.S. Concrete (USCR), Visa (V), and W.R. Berkley (WRB). Given the format of today's Digest, we're going to skip the regular mailbag. But please, keep letting us know what you think at feedback@stansberryresearch.com. We will share more of your responses tomorrow and throughout next week. We didn't even have time to read them all today... though we plan to, as always. So keep 'em coming... Believe it or not, we've just scratched the surface with what we've published today. All the best, Corey McLaughlin Baltimore, Maryland March 11, 2021 --------------------------------------------------------------- Stansberry Research Top 10 Open Recommendations Top 10 highest-returning open positions across all Stansberry Research portfolios Stock Buy Date Return Publication Analyst BTC/USD Bitcoin 11/27/18 1,392.3% Crypto Capital Wade ETH/USD Ethereum 12/07/18 1,322.9% Crypto Capital Wade POLY/USD Polymath 05/19/20 1,005.2% Crypto Capital Wade CVC/USD Civic 01/21/20 980.0% Crypto Capital Wade BNB/USD Binance Coin 09/17/19 901.5% Crypto Capital Wade MSFT Microsoft 11/11/10 816.2% Retirement Millionaire Doc DSLA/USD DSLA Protocol 12/15/20 718.2% Crypto Capital Wade MSFT Microsoft 02/10/12 699.4% Stansberry's Investment Advisory Porter ONE/USD Harmony 12/16/19 689.0% Crypto Capital Wade SI Silvergate Capital 01/31/20 673.9% American Moonshots Root Please note: Securities appearing in the Top 10 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the model portfolio of any Stansberry Research publication. The buy date reflects when the editor recommended the investment in the listed publication, and the return shows its performance since that date. To learn if a security is still a recommended buy today, you must be a subscriber to that publication and refer to the most recent portfolio. --------------------------------------------------------------- Top 10 Totals 7 Crypto Capital Wade 1 Retirement Millionaire Doc 1 Stansberry's Investment Advisory Porter 1 American Moonshots Root --------------------------------------------------------------- Stansberry Research Hall of Fame Top 10 all-time, highest-returning closed positions across all Stansberry portfolios Investment Symbol Duration Gain Publication Analyst Band Protocol crypto 0.32 years 1,169% Crypto Capital Wade Terra crypto 0.41 years 1,164% Crypto Capital Wade Inovio Pharma.^ INO 1.01 years 1,139% Venture Tech. Lashmet Seabridge Gold^ SA 4.20 years 995% Sjug Conf. Sjuggerud Frontier crypto 0.08 years 978% Crypto Capital Wade Nvidia^ NVDA 4.12 years 777% Venture Tech. 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