Millions More Get Pink Slips, DC in “No Rush” to Help?

COVID 19 Shutdowns GSX COVID-19 death rates Paycheck Protection Program States that received most stimulus checksOrnaW / Pixabay

Millions More Get Pink Slips White House, Allies Still in “No Rush” to Help

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2.4 Million More Americans Joined The Unemployment Ranks

WASHINGTON, D.C. – The U.S. economy continued spiraling towards a deep recession as 2.4 million more Americans joined the unemployment ranks this week, bringing the staggering nine-week total of jobless claims to nearly 39 million. Yet, the White House and its allies in Congress are staying the course on its failing economic strategy: supporting multimillion-dollar corporations at all costs while remaining “in no rush” to deliver desperately needed aid for struggling small businesses, workers, and states.

“Another week, another 2.4 million workers swept up in the economic tidal wave that the Trump administration didn’t prepare for and still refuses to confront with any sense of urgency,” said Kyle Herrig, president of Accountable.US. “The Trump administration's failed response to the jobs crisis has resulted in millions of families living in fear of how they’re going to put food on the table and keep a roof over their head.”

No Urgency?

The latest UI numbers are another stark reminder that Washington has not done enough to bring economic relief to average Americans facing incredible uncertainty in the health crisis. Instead, the White House maintains its “wait-and-see” position on another relief package while President Trump privately trashes the idea of extending unemployment benefits. House Minority Leader Kevin McCarthy declared "I don't see the need right now” this week, while Senator McConnell still hasn’t “felt the urgency of acting immediately”. McConnell now claims he’ll get around to discussing another relief package in a “couple weeks.”

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About the Author

Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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