The U.S. economy is facing new head winds. It contracted sharply earlier this year because of the pandemic, leading to massive layoffs and business closures.The economy showed signs of a partial recovery in May and June, but businesses and households have struggled as the virus continues to infect thousands of Americans each day. Trump has sought to play up the economy’s recovery, often touting partial or incomplete information. That continued Tuesday, when he misstated the health of the U.S. economy during his string of tweets.“Our Economy is doing very well,” he wrote. "The Stock Market is at record levels. JOBS and unemployment also coming back in record numbers.”Even some of Trump’s top advisers have said that the economy is not doing well and that more assistance is needed. Further, the stock market is not at record levels, and it also doesn’t reflect the broader health of the economy. The unemployment rate has come down from its April peak of about 15 percent, but it is still at 7.9 percent, and millions are struggling to pay their bills, afford food and find jobs. The United States has recovered barely half of the jobs lost in March and April.. . .The spending package was supposed to send another round of $1,200 stimulus checks to millions of Americans, give the jobless new unemployment benefits, and provide a new round of small-business aid, help for the airline industry and a range of other measures.. . .The airline industry last week began furloughing more than 30,000 employees because government aid expired, and some surveys have found that as many as 40 percent of restaurants will close within six months without additional aid. Tens of millions of Americans who have lost their jobs will receive no federal unemployment supplement absent an additional package from Congress, draining the U.S. consumer market and a key source of stimulus. Personal incomes already dropped in August as the spring relief expired.Powell issued a dire warning Tuesday about the potential consequences of Congress and the White House failing to pass an additional stimulus deal. “Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Powell said.
In addition to dealing a devastating blow to the economy, this decision also effectively ends any hope of Trump getting the 'October surprise' he was so desperately hoping for --- a vaccine:
It dashes hopes for $6 billion that the Centers for Disease Control says it needs to distribute the vaccine, along with billions more requested to fund other parts of the herculean effort to get a vaccine to every American.
. . .
It’s not clear that the $6 billion the CDC says it needs would even be close to enough to effectively and quickly distribute the vaccine.
At the September hearing, Sen. Blunt referred to “another $20 billion that [HHS] doesn’t have in any specifically appropriated line” in order to have 300 million doses of vaccine available for the entire U.S. population.
In an ideal world, of course, Trump and the GOP would face massive backlash, and they would have to relent and pass a bill to save the country. Since that seems unlikely to happen --- dear God, let this FINALLY be the thing that brings the #TrumpDeathCult out of its racism-fueled stupor.
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