Weekly jobless claims skyrocket to 3.28 million, breaking all records

NPP Pressroom

People's World
Mark Gruenberg

Outside analysts had mixed opinions about the $2.2 trillion measure and the jobless benefits expansion and extension. “There is much to like in this package, and timely relief is critical. But it also contains many flaws, largely left over from the first proposal forwarded by Senate Republicans,” the Economic Policy Institute said.

“Because many of the weaknesses of this first proposal remain, the package will not be up to the job of fully protecting U.S. workers and their families from the economic consequences of the coronavirus shock, and it will not allow the economy to reboot quickly enough once the public health crisis ends. Further help from policymakers will clearly be needed.”

A relief bill should be “well-targeted and would reliably deliver the vast majority of benefits to workers and their families” and the GOP-crafted measure called the Cares Act “does not do that” due to “design failures.”

That means it won’t be enough to dig the economy out of the coronavirus recession – a point that even some GOP senators conceded during the debate. One Democrat predicted Congress will have to OK another aid package within three months.

Lorah Steichen of the Institute for Policy Studies was even more critical of misplaced priorities – and missed opportunities for change – in the Republican-crafted measure.

“After decades of chronic disinvestment in domestic programs that would help build resilience to the kinds of economic shocks we’re experiencing with the coronavirus crisis today, it’s time that we stop funneling hundreds of billions of dollars each year into the war machine and start investing in real security for our communities,” she said.

“We need a stimulus that puts people over profit,” Steichen declared.

Read the full article at People's World.