The Nightmare Facing the Poor and Working Class If There’s Not Another Stimulus – In These Times

Monday, October 12, 2020
By  Jeff Schuhrke, In These Times

As mil­lions of U.S. work­ers face unem­ploy­ment, food inse­cu­ri­ty and evic­tion amid the coro­n­avirus pan­dem­ic, the lim­it­ed aid pro­vid­ed by the fed­er­al government’s flawed CARES Act from March has long since dried up. 

Last week, fol­low­ing more than six months of stalled nego­ti­a­tions with con­gres­sion­al Democ­rats over a new eco­nom­ic relief pack­age, Pres­i­dent Trump abrupt­ly announced he was halt­ing talks until after the Novem­ber election.

While the pres­i­dent quick­ly back­tracked and is now report­ed­ly con­tin­u­ing to nego­ti­ate, the fed­er­al government’s ongo­ing fail­ure to pass a new relief pack­age spells cat­a­stro­phe for a U.S. work­ing class already pushed to the brink by an eco­nom­ic cri­sis seem­ing­ly on par with the Great Depression. 

The Eco­nom­ic Pol­i­cy Insti­tute found that the con­sumer spend­ing gen­er­at­ed by that extra $600 per week sup­port­ed over 5 mil­lion jobs, and that con­tin­u­ing the sup­ple­ment through the mid­dle of next year would have raised U.S. gross domes­tic prod­uct (GDP) by a quar­ter­ly aver­age of 3.7 percent.

Read the full story from In These Times

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign-up for our newsletter!

Get email updates from Change to Win


Subscribe!