WASHINGTON, D.C. – Amid a global pandemic and economic crisis hurting small businesses and workers across the country, Goldman Sachs reported “blowout second-quarter earnings” today, raking in a whopping $2.42 billion in profit — a boon CNBC is calling the mega bank’s “biggest earnings outperformance in nearly a decade.” Goldman Sachs was able to capitalize on the trillions of dollars the Federal Reserve and the Trump administration injected into the economy to prop up credit markets.
Meanwhile, workers who lost their jobs because of the mismanaged response to the coronavirus are facing looming cuts to their unemployment insurance, which is set to expire this month. Although no end to the virus is in sight, and as the economy continues to sputter along, the Trump administration and its allies do not appear to have the same urgency to help the millions of workers affected as they do the nation‘s largest banks.
Rather than offer financial support to these newly jobless workers, the White House is urging them to “find something new” — even as the crisis continues to ravage the economy.
“The fact that Goldman Sachs is raking in billions as Trump threatens to cut unemployment insurance for millions of newly jobless Americans is a perfect encapsulation of this administration’s warped priorities,” said Kyle Herrig, president of Accountable.US. “Workers, not big banks, need help from their government right now. The Trump administration needs to start making people’s lives its priority.”