WASHINGTON, D.C. – The U.S. economy remains in freefall as 2.1 million more Americans joined the unemployment ranks this week, bringing the sobering ten-week total of jobless claims to over 40 million. Yet, the Trump administration and its allies in Congress remain fully committed to their failing economic strategy: slow rolling desperately needed aid for struggling small businesses, workers, and states while fast-tracking aid for corporations, the wealthy, and well-connected that need it least.
While the Trump administration continues to trash proposals for expanded unemployment benefits for millions who are out of work through no fault of their own, Trump’s top Senate ally declared this week that he won’t even consider the “possibility” of another economic relief bill until “the next month or so.”
“The economic situation is getting worse by the day, and so are the financial realities for families across the country,” said Kyle Herrig, president of government watchdog Accountable.US. “Millions of jobs continue to disappear every week, and yet the President and his allies still see no need for a course correction. Their efforts to take care of those at the top have failed to provide any economic security for the millions of workers and small businesses below them. The more this administration priorities the wealthy and well-connected, the worse the economy will get for everyone else.”
SMALL BUSINESS LEFT BEHIND: 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. A shocking recent report estimates over 100,000 small businesses have permanently closed since the pandemic took off in March while another showed small businesses let go 11 million workers in April alone. 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 600 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.