Read more

Tagged
Posted April 27, 2020 at 3:37 pm by Celine McNicholas, Josh Bivens, and Heidi Shierholz

The next coronavirus relief package should provide aid to state and local governments, protect employed and unemployed workers, and invest in our democracy

Key takeaways:

  • Congress has passed a series of bill to mitigate the harm of the coronavirus. However, they haven’t been enough to help working people. The Congressional Budget Office estimates that, without additional relief, the unemployment rate will average 16% in the third quarter of 2020 and 10.1% in 2021.
  • The next recovery and relief bill should include $500 billion in aid to state and local governments, make additional investments in unemployment compensation, protect workers’ paychecks, include worker protections, invest in our democracy, and more.

In response to the coronavirus, Congress has passed a series of bills allocating more than $2 trillion to relief and recovery programs. However, these measures have been insufficient in scope and magnitude to address the severity of the economic and public health crisis we are experiencing. Further, lawmakers have failed to include key provisions that would address the needs of working families in this crisis. As a result of these policy missteps, the relief and recovery measures have not done nearly enough to mitigate the level of pain working people are experiencing or to ensure that the economy can get back on track after the shutdown period is over. It is critical that Congress correct its failures in future relief packages. The Congressional Budget Office (CBO) projects that without additional relief, the unemployment rate will average 16% in the third quarter of this year. As a point of comparison, the highest the unemployment rate reached in the Great Recession was 10%, and it reached that level for only one month. CBO projects that without additional relief, the unemployment rate will average 10.1% for the entire calendar year 2021.Read more

Tagged
黄色网站在线看