Active Shooter by Nancy Ohanian Yesterday, Democrats on Congress' Joint Economic Committee put out a statement reminding people that "In the early months of the coronavirus crisis, prominent former officials from both Democratic and Republican administrations released a public letter stating that 'saving lives and saving the economy are not in conflict right now; we will hasten the return to robust economic activity by taking steps to stem the spread of the virus and save lives.' A new JEC issue brief explains how America has failed and why full economic recovery remains far off." Let's face it-- and more and more Americans now "get it," Trump "has done more to spread the coronavirus than to stem it-- telling Americans it isn’t dangerous, refusing to lead efforts to contain it, defying public health experts, discouraging the use of masks, pressuring governors to prematurely lift social distancing guidelines, holding super-spreading political rallies, attempting to restrict testing, and recently telling the public not to fear the virus. Now more than 210,000 Americans are dead and it is projected that the number will reach 400,000 in early January."
The weak economy is a direct result of this failure to contain the coronavirus. There are almost 11 million fewer jobs than there were in February, over 26.5 million workers are receiving unemployment benefits and temporary layoffs are becoming permanent as businesses close for good. Economists predict that the failure to fight the coronavirus will have a serious economic impact well into the future. As Federal Reserve Chair Jerome Powell said recently, “until the public is confident that the disease is contained, a full recovery is unlikely.” An unheeded message to Congressional Republicans
Yesterday, in a speech to the National Association for Business Economics, Powell urged Congress to move rapidly to inject more stimulus into the economy. "Even if policy actions ultimately prove to be greater than needed, they will not go to waste. The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods." NPR reported that "He also warned the group that without additional support, the economy could slip into a downward spiral 'as weakness feeds on weakness. A long period of unnecessarily slow progress could continue to exacerbate existing disparities in our economy,' Powell said. 'That would be tragic, especially in light of our country's progress on these issues in the years leading up to the pandemic.'"
Over the weekend, Trump seemed eager for additional relief, tweeting, "OUR GREAT USA WANTS & NEEDS STIMULUS." But by Tuesday afternoon, the president had changed course, rejecting Democratic House Speaker Nancy Pelosi's call for an additional $2.4 trillion in aid. "I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business," Trump tweeted. The president's move sent the stock market tumbling. The Dow Jones Industrial Average and the S&P 500 index, which had been up before Trump's tweet, both closed in the red, with the Dow losing 375 points or 1.3% and the S&P down 1.4%. Powell credited the "extraordinary" relief measures passed early in the pandemic with helping to avoid a deeper recession and setting the stage for a partial rebound. But recent indicators have shown the economic recovery is starting to slow as infections continue to spread. The labor market also remains under stress: Almost half the 22 million jobs lost in the spring have not been replaced. Powell said Tuesday it may be some time before people whose jobs require a lot of in-person contact can safely return to work. "While the combined effects of fiscal and monetary policy have aided the solid recovery of the labor market so far, there is still a long way to go," the Fed chairman said. "The right thing to do and the smart thing to do is to continue to support those people as they return to their old jobs or find new jobs in different sectors of the economy," Powell added. ..."The longer it goes on, the more likely there is some lasting damage," Powell said. "For many people, and it's a lot of women, it's winding up being in the home with young children who really should be in school and you would much prefer to be working. So it's a real issue."
Several of the progressive congressional candidates were actually shocked that Republicans are letting this happen. Michigan state Rep. Jon Hoadley is taking on multimillionaire Trump-enabler Fred Upton. He told me this morning that "Upton and his Republican Party have failed to deliver, again, for people across America. At a time when southwest Michigan families need just a little help, Mr. Upton's 34 years in DC can't produce results. Problem not solved." In a message to her supporters yesterday, Marie Newman wrote that she has "come to expect carelessness and cruelty from the Trump Administration, but this level of disregard for Americans’ pain is truly astounding. Millions are out of work and many more will lose their jobs, and even lose their lives, without the economic relief our country desperately needs and deserves. I’ve spent the past five months meeting with community members, small business owners, and first responders across Illinois’ Third District. They desperately need relief. Now. Working families need additional federal support as they struggle to find work and keep food on the table, small businesses need continued relief to stay afloat and pay their employees, and states and municipalities need immediate assistance to continue providing essential public services. Trump and his allies in Congress see these negotiations as a political game, but in reality, American lives are on the line. I’ve had enough with politicians who ignore the needs of their constituents. Vote them out." "The decision to postpone a pandemic relief package until after the election is a disaster for thousands of West Virginia families struggling in this economic depression," WV-02 congressional candidate Cathy Kunkel told us this morning. "Congressman Mooney has never been an advocate for relief for working families, voting against the Families First Coronavirus Response Act and expressing more concern about the federal deficit (except when it comes to military spending) than his constituents who have lost jobs or whose small businesses are struggling to survive. The reality is that our economy will not recover as long as this virus continues to impact our daily lives, and working people need monthly economic relief checks to avoid evictions, foreclosures, and utility shutoffs."
