The Daily The Politics of Pandemic Relief
Oct 13, 2020
Jim Tankersley, an economic and tax policy reporter for The New York Times, dives into the intricate political landscape surrounding pandemic relief efforts. He discusses the initial success of the CARES Act, but warns of the looming end to financial support. As negotiations stall, Tankersley highlights the stark divisions between Republicans and Democrats, particularly on spending. He also outlines the potential consequences of inaction, including millions of lost jobs and the widening economic crisis. The stakes have never been higher.
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Economic Consequences of CARES Act Expiration
- The CARES Act's economic relief has run out, leaving the economy needing another boost.
- Small businesses are closing, airlines are announcing layoffs, and state/local governments face budget shortfalls leading to public servant layoffs.
Political Divisions on Further Stimulus
- After the CARES Act, political divisions emerged regarding further stimulus.
- Democrats passed a $3 trillion bill, which Republicans rejected, opting to wait and see how the economy performed.
Trump's Executive Orders
- President Trump attempted to bypass Congress with executive orders on economic relief.
- These attempts, including a payroll tax cut and unemployment benefits, proved largely ineffective and temporary.