Update 426: New Economic Misery Index;
Weekly Initial Jobless Claims Out Tomorrow
With the nation bracing for more bad news tomorrow, the sense in Congress is that the historic $2 trillion Corona III won’t be enough. Indeed, talks (over the phone) are already in progress on a fourth Corona bill. We hear some talk of a traditional infrastructure package but larger, that it can be sold as a recovery measure.
Today, the U.S. leads the world in coronavirus cases and the national statistical curves look vertical. How could you decide on a recovery program when the range of possible economic outcomes is so vast? With the nation bracing itself against pain, recovery seems to deny the clear and present crisis. We hope a fourth coronavirus bill will be comprehensive and focus on continuity of essential economic functions.
Today, we evaluate Corona III and explore an alternative approach to Corona IV.
On Friday, President Trump signed the third coronavirus package into law. The $2 trillion-plus bill is a hodgepodge of economic stimulus and relief measures, the largest of which was a $500 billion fund for large corporations. Nor is it well-designed as stimulus. It does provide generous but temporary relief. We will need to return to the table and even as the House and Senate are in recess, members of Congress are already beginning to discuss a probable fourth coronavirus package.
Corona III Corrections
Much of the $2.2 trillion Corona III package focused on big businesses and untargeted cash relief instead of supporting small businesses and ensuring adequate health care during the pandemic. In proportional terms, the third coronavirus package appropriated a staggering 23 percent of total funds towards corporations. In comparison, only 16 percent of the funds went to small businesses, 5 percent to hospitals, and .02 percent to election assistance. Big business received over four times the amount of assistance as hospitals.
Compounding proportionality concerns, the bill was deeply flawed, and did not include key policies:
- Oversight of the Corporate Slush Fund: After disagreements doomed the passage of the initial version of the package, Republicans agreed to some oversight of the $500 billion in funds for corporations. Even after Senate Republicans ensured that Treasury Secretary Mnuchin would have the authority to waive the prohibitions on stock buybacks and paying dividends, Trump overruled the issue with a signing statement rejecting the entire oversight provision.
The strictest requirements only apply to airlines, cargo carriers, and “businesses critical to maintaining national security,” which may be required to provide the government with equity stakes to receive funds and which the bill prohibits from reducing their workforce by more than 10 percent through September. Only airlines are banned from cutting employee wages.
- Protections for Frontline Workers: Beyond cash payments, which are unavailable for many immigrant workers, Corona III provides few safeguards for health care and other essential workers. Warehouse, sanitation, and poultry workers have staged nation-wide strikes to protest their treatment at a time when their industries are demanding that they work longer and harder under worse conditions. Health care workers, grocery store employees, delivery drivers, contractors for ride-share services, and agricultural workers, among others, are largely operating without needed personal protective equipment, adequate compensation, and sufficient paid sick and family leave under uniquely dangerous circumstances.
Congress Gearing up for Corona IV
Congress is currently recessed until April 20, at which point members will likely begin debate on a fourth coronavirus rescue package. Exact timing on Corona IV will depend on how well the country and its healthcare system absorb the ever-increasing infections, as well as how well the economy absorbs Corona III. Already, Corona IV trial balloons are floating. On Monday, Speaker Pelosi announced that Democrats are eager to advance another relief package, which would focus on investments in infrastructure and post-crisis recovery efforts — not just immediate assistance to workers and businesses.
As more cars are added to the legislative train that is Corona IV, from vote-by-mail provisions to clean energy initiatives, Republicans are starting to balk. Senate Majority Leader McConnell has accused Democrats of using the COVID-19 emergency to enact their ideological agenda. Meanwhile, Republicans are laser-focused on watering down accountability measures and augmenting Corona III’s $500 billion corporate slush fund.
The Continuity Proposal
Americans want a plan. A compelling plan recognizes that fiscal assistance beyond relief is needed, but it would not pretend to be stimulus. It would be comprehensive, forward-looking, and responsive to the first and loudest voices. We believe that the pre-coronavirus economy would be able to resume if the most critical pre-crisis economic operations were to continue. Instead of neverending piecemeal reform, we propose a twofold focus: continuity of payments for workers and continuity of credit for firms.
It is a bridge from pre-March 1 to a safe future: paychecks to workers granted outright and bridge loans to business owners on pre-negotiated terms. In Germany, Denmark, the Netherlands, and the United Kingdom, the government is paying workers’ wages so that they stay on their employers’ payroll, at varying replacement rates.
Small businesses need continuity of credit to survive during lockdowns and social distancing efforts. Eliminating payroll costs through income continuity is a necessary first step, but small businesses — many of them forced to shutter temporarily — have other expenses. The federal government should step in and provide grants and low-cost/forgivable loans so small businesses can continue paying rent, insurance payments, etc. Providing wage and credit continuity to workers and small businesses, respectively, may carry with it an expensive price tag, but it more than pays for itself by halting further disruptions and speeding up the post-crisis recovery.
The Progressive Path Forward
Because Corona III originated in the Republican-controlled Senate, progressive opportunities for shaping the bill were limited. House Minority Leader Kevin McCarthy recently dismissed the need for an immediate Corona IV package. If Republicans are taking a step back from coronavirus policymaking, Democrats have an immense latitude to craft the next package and orient it around progressive priorities. So far, House Democrats are mainly reacting to activity in the Senate, but this won’t cut it in this crisis. Our leaders should lean in and propose the progressive solutions necessary to stave off economic turmoil and hasten the recovery efforts.
76 thoughts on “New Economic Misery Index”
https://vsdoxycyclinev.com/ – doxycycline mexico
This design is steller! You most certainly know how to
keep a reader entertained. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Wonderful job.
I really loved what you had to say, and more than that, how you presented it.
Too cool! asmr 0mniartist
Heya! I just wanted to ask if you ever have any problems with
hackers? My last blog (wordpress) was hacked
and I ended up losing many months of hard work due
to no backup. Do you have any solutions to protect against hackers?
Hello mates, nice paragraph and fastidious arguments commented here, I am in fact
enjoying by these. asmr 0mniartist
I don’t even know the way I finished up right here,
but I thought this publish was once great. I don’t recognise who
you’re however definitely you’re going to a well-known blogger in case you are not
already. Cheers! asmr 0mniartist
At this time it appears like Expression Engine is the preferred blogging platform out there right now.
(from what I’ve read) Is that what you’re using on your
blog? 0mniartist asmr
local dating sites for free
free online dating
Hello, i read your blog from time to time and i own a similar one and i was just curious if you get a lot of spam feedback?
If so how do you stop it, any plugin or anything you
can suggest? I get so much lately it’s driving me insane so any support is very much appreciated.
First of all I would like to say awesome blog! I had a quick question in which
I’d like to ask if you don’t mind. I was interested
to find out how you center yourself and clear your
head before writing. I have had trouble clearing my thoughts in getting my
ideas out there. I do take pleasure in writing but it just seems like the first 10 to 15 minutes tend
to be wasted just trying to figure out how to begin. Any
ideas or tips? Appreciate it!
Also visit my web blog: sky1388 download android
Outstanding post however I was wondering if you
could write a litte more on this subject? I’d be very thankful if you could elaborate a little bit more.
Visit my webpage – rollex11 game
Hello my friend! I want to say that this article is awesome,
nice written and come with almost all vital infos.
I would like to see more posts like this .
Feel free to visit my web page :: ntc33 Demo id
When someone writes an post he/she maintains the thought of a user in his/her
brain that how a user can be aware of it.
Therefore that’s why this post is great. Thanks!
my blog post joker123 pc download
Greetings I am so delighted I found your blog page,
I really found you by error, while I was researching
on Bing for something else, Anyhow I am here now and
would just like to say kudos for a tremendous post and a all round enjoyable blog (I also love the theme/design), I don’t have time to read it
all at the minute but I have saved it and also included your RSS
feeds, so when I have time I will be back to read more,
Please do keep up the great b.
Take a look at my blog post: apk xe888 – Delilah –
An impressive share! I’ve just forwarded this onto
a coworker who had been conducting a little research on this.
And he actually ordered me breakfast simply because I found it for him…
lol. So let me reword this…. Thank YOU for the meal!!
But yeah, thanx for spending the time to talk about this subject here on your blog.
my web site: download joker168
Hi there, I enjoy reading all of your article. I like to write a little comment
to support you.
Feel free to visit my page – ace333apk (Claudio)
What’s up, its fastidious piece of writing regarding media print,
we all understand media is a impressive source of information.
Here is my web blog; playboy2
Hello! I just wish to give you a big thumbs up for your great information you’ve got right here on this post.
I will be coming back to your site for more soon.
Also visit my site lpe88apk android
Thanks for another informative web site. Where else
may I am getting that type of info written in such an ideal way?
I have a challenge that I am simply now running on, and I
have been at the look out for such info.
my blog; asia live22
Greetings! This is my first visit to your blog! We are a group
of volunteers and starting a new project in a community in the same niche.
Your blog provided us beneficial information to work on. You have
done a wonderful job!
Also visit my blog: Mega888 Agent
hey there and thank you for your information ? I have definitely picked up anything
new from right here. I did however expertise a few technical points using this site, as I experienced to reload the site
a lot of times previous to I could get it to load correctly.
I had been wondering if your hosting is OK? Not that I’m complaining, but slow loading instances times will often affect
your placement in google and can damage your quality score
if advertising and marketing with Adwords. Anyway I?m adding this RSS to my e-mail and can look out for a lot more of your respective fascinating content.
Make sure you update this again soon..
my web blog :: showhorsegallery.com
Hi, I read your blogs like every week. Your
story-telling style is witty, keep it up!
Do you mind if I quote a couple of your articles as long as I
provide credit and sources back to your site?
My website is in the very same niche as yours and my users would truly benefit from a lot of the information you provide
here. Please let me know if this okay with you. Thanks a lot!
Also visit my site – http://www.cowerdesign.com
Amazing! This blog looks exactly like my old one!
It’s on a totally different subject but it has pretty much the same
page layout and design. Outstanding choice of colors!
My web blog; http://www.hit-forum.info/index.php?action=profile;u=62164
Some really grand work on behalf of the owner of this internet site, dead great written content.
Also visit my web-site; http://www.theezentrepreneur.com
We’re a bunch of volunteers and starting a new scheme in our community.
Your site provided us with valuable info to work on. You’ve done a formidable activity and our
entire community might be thankful to you.
I just couldn’t leave your website prior to suggesting that I actually enjoyed the usual info a
person provide to your guests? Is going to be again frequently in order to check out new posts
You really make it seem so easy with your presentation but I find
this matter to be really something that I think I
would never understand. It seems too complicated and extremely
broad for me. I’m looking forward for your next post, I will try to get the hang of it!
Truly when someone doesn’t understand after that its up to other users that they will help,
so here it happens.
Good day! Do you know if they make any plugins to protect
against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any tips?
Look at my website :: http://www.anapapansion.ru
excellent post, very informative. I wonder why the opposite specialists of
this sector don’t realize this. You should proceed
your writing. I am confident, you have a huge readers’
Look at my webpage :: https://kebe.top
Link exchange is nothing else but it is simply placing the other person’s webpage link on your page at appropriate place and other person will also do similar
in favor of you.
Here is my site: http://khoquet.com
I would like to thank you for the efforts you have put
in writing this website. I really hope to view the
same high-grade content from you later on as well. In truth, your creative writing abilities has inspired me to get my own, personal site now 😉
This piece of writing gives clear idea designed for the new visitors of blogging,
that actually how to do blogging and site-building.
my web-site – http://oigari.com/forum.php?mod=viewthread&tid=1910653&extra=
Nice blog here! Additionally your website loads up very fast!
What host are you the use of? Can I get your associate hyperlink on your host?
I want my site loaded up as quickly as yours lol
I’ve been surfing online greater than three
hours nowadays, yet I by no means found any interesting article like yours.
It is beautiful value sufficient for me. In my opinion, if all
webmasters and bloggers made excellent content as you
did, the internet will likely be much more useful than ever
I was suggested this website by my cousin. I am not sure whether this post is
written by him as nobody else know such detailed about my problem.
You are wonderful! Thanks!
Hello there, You have done an excellent job. I will certainly digg it and personally recommend to my friends.
I’m confident they will be benefited from this site.
As a Newbie, I am always exploring online for articles that can aid
me. Thank you
Here is my blog :: kebe.top
browse tinder for free , tinder dating app
Wow, this post is fastidious, my younger sister is analyzing
these things, therefore I am going to inform her.
Inspiring quest there. What occurred after? Thanks!
Link exchange is nothing else except it is just placing the other person’s weblog link on your page at appropriate place and other person will also do similar in favor of you.
free dating sites
Why users still make use of to read news papers when in this technological globe everything
is accessible on net? dating sites https://785days.tumblr.com/
free dating sites
Hi there! This post couldn’t be written any better! Reading through this article
reminds me of my previous roommate! He continually kept talking about this.
I will send this article to him. Pretty sure he will have a great read.
Thank you for sharing! dating sites
The other day, while I was at work, my sister stole my
iphone and tested to see if it can survive a thirty foot
drop, just so she can be a youtube sensation. My apple
ipad is now broken and she has 83 views. I know this is completely off topic but I had
to share it with someone!
Wow, awesome blog format! How long have you been running a blog for? you make blogging glance easy. The entire glance of your website is magnificent, let alone the content material!
You complete a number of earn points near. I did a explore resting on the topic and found mainly people will support with your website.
Superb post here, thought I could learn more from but we can learn more from this post.
Hi there, constantly i used to check web site posts here in the early
hours in the dawn, because i love to find out more and more.
Hello! I’ve been following your blog for a while now and finally got the courage to go ahead and give you a shout
out from Humble Tx! Just wanted to tell you keep up the fantastic work!
There’ѕ certainy a great deal to learn about thiѕ issue.
I ⅼike all of the points yoս’ve made.
Whеn someone writes an post he/she reains tһe idea of a
user in his/һer mind that how a user can bе aware of it.
Thhus that’s why this article is amazing. Thanks!
Hurrah! After all I got a web site from where I can in fact obtain helpful information regarding my study and knowledge.
Now I am going away to do my breakfast, later than having my breakfast
coming yet again to read further news.
I think the admin of this website is in fact working hard for his site,
for the reason that here every information is quality based stuff.
We are a bunch of volunteers and opening a brand new scheme in our community.
Your site offered us with helpful information to work on. You’ve done
a formidable process and our whole group will likely be thankful to you.
Write more, thats all I have to say. Literally, it seems as though you relied
on the video to make your point. You clearly know what youre talking about, why throw away
your intelligence on just posting videos to your
blog when you could be giving us something informative
There’s definately a great deal to learn about this topic. I like all of the points
What’s up, all is going perfectly here and ofcourse every one
is sharing data, that’s actually good, keep up writing.
lasix without prescription
best place to buy cialis online reviews
cheap viagra soft tabs
Spot on with this write-up, I actually believe that this
site needs a great deal more attention. I’ll probably
be back again to read through more, thanks for the information!
Hey, thanks for the blog.Thanks Again. Cool.
1929 bambi book 293 pages felix sulten TELECHARGER GRATUITEMENT hanyu tingli jiaocheng book 1 pdf
Jackpot Hunter Comment Utiliser Les Tickets De Loterie Monster Legends Tv Led 4k Uhd Premium 55 Geant Casino
My brother suggested I may like this blog. He used to be totally right.
This put up actually made my day. You can not imagine simply how a lot time I had
spent for this info! Thank you!
Also visit my webpage; sky1388 game (mega888-my.com)
Thank you for the auspicious writeup. It in truth was once a leisure account it.
Glance complex to more introduced agreeable from you!
By the way, how could we be in contact?
Also visit my page sky1388apk
Spot on with this write-up, I really feel this website needs a great deal more attention. I’ll probably be back again to see more, thanks for
Feel free to surf to my web blog: Playboy2 slot Game
answers to get viagra generic viagra scam – order viagra online without a prescription
how to take viagra with water or milk viagra gold 800mg – viagra triangle
generic viagra online without prescription substitutes for viagra – can you take viagra with antidepressants
Saved as a favorite, I really like your blog!
Woah! I’m really loving the template/theme of this blog.
It’s simple, yet effective. A lot of times it’s difficult to get that “perfect balance” between usability
and appearance. I must say that you’ve done a fantastic job with this.
In addition, the blog loads super quick for me on Firefox.
I simply could not leave your website before suggesting that I extremely enjoyed the usual info a person supply on your visitors? Is gonna be again steadily in order to check up on new posts.