WASHINGTON, D.C. – The U.S. economy slipped further into recession as over 1.5 million more Americans joined the unemployment ranks this week, bringing the sobering three-month total jobless claims to over 44 million. The news comes as the Trump administration renewed its opposition to extending unemployment benefits and as the President’s allies in the Senate vow to delay bipartisan talks over the next economic stimulus bill until at least July — despite the worsening pandemic and a 16.8% unemployment rate in the African American community.
“The economy continues to hemorrhage millions of jobs each week and swallow up small businesses, especially in communities of color. More families are worrying about being evicted or going hungry than the week before, yet the Trump administration thinks we’re out of the woods,” said Kyle Herrig, president of Accountable.US. “The President’s misplaced priorities — yes to bailouts for profitable corporations but no to additional help for struggling workers —- may be working for Wall Street, but Main Street is nowhere close to recovery.”
President Trump has been celebrating May’s double-double digit unemployment report as “joyus” news. It is that same out-of-touch leadership that has failed the American people on several fronts – from public health and economic security to social justice. In reality, the economy is not improving for millions of Americans and that is why Congress must act swiftly to deliver relief to communities hit hardest by the COVID-19 crisis:
- Bloomberg, June 8: Black Business Owners’ Ranks Collapse by 41% in U.S. Lockdowns
- Wall Street Journal, June 9: The black unemployment rate … tripled to 16.8% in May. In March and April, 3.5 million African-Americans lost their jobs.
- Washington Post, May 12: More than 100,000 small businesses have closed forever as the nation’s pandemic toll escalates
- CNBC, June 4: 1 in 4 Americans are skipping meals or relying on food donations during the coronavirus pandemic
- USA TODAY, June 10: Evictions expected to spike as states end moratoriums that offered relief during COVID-19
The Trump recession will only get worse unless the administration starts supporting relief efforts that work for everyone, not just the wealthy and well-connected.