WASHINGTON, D.C. – The U.S. economy continued spiraling towards a deep recession as 2.4 million more Americans joined the unemployment ranks this week, bringing the staggering nine-week total of jobless claims to nearly 39 million. Yet, the White House and its allies in Congress are staying the course on its failing economic strategy: supporting multimillion-dollar corporations at all costs while remaining “in no rush” to deliver desperately needed aid for struggling small businesses, workers, and states.
“Another week, another 2.4 million workers swept up in the economic tidal wave that the Trump administration didn’t prepare for and still refuses to confront with any sense of urgency,” said Kyle Herrig, president of Accountable.US. “The Trump administration’s failed response to the jobs crisis has resulted in millions of families living in fear of how they’re going to put food on the table and keep a roof over their head.”
NO URGENCY: The latest UI numbers are another stark reminder that Washington has not done enough to bring economic relief to average Americans facing incredible uncertainty in the health crisis. Instead, the White House maintains its “wait-and-see” position on another relief package while President Trump privately trashes the idea of extending unemployment benefits. House Minority Leader Kevin McCarthy declared “I don’t see the need right now” this week, while Senator McConnell still hasn’t “felt the urgency of acting immediately”. McConnell now claims he’ll get around to discussing another relief package in a “couple weeks.”
ABANDONING SMALL BUSINESSES: The Trump SBA’s Paycheck Protection Program has been bungled since day one, offering red tape and rejection to struggling small business owners while rolling out the red carpet for large publicly-traded companies that have resources average shops do not. Despite the administration’s claims these issues of access have been fixed, a shocking recent report estimates over 100,000 small businesses have permanently closed since the pandemic took off in March. And a recent survey found only 12 percent of Black and Latino small business owners got the PPP loans they asked for, and nearly half say they expect to close for good in the next six months. Meanwhile, well over 500 publicly-traded firms or conflicted companies – some worth more than $100 million – have walked away with over a billion and a half dollars in taxpayer money. It’s no wonder the Trump administration has shied away from transparency in this process.