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The federal eviction moratorium is gone. States are delivering their final CARES Act unemployment checks now. And months after the House passed another relief bill, the GOP still doesn’t have a real plan to help millions of Americans pay their rent or keep our economy afloat.
Let’s be clear how we got here. While Trump & Pence were bungling the COVID-19 response, Mitch McConnell refused for months to even entertain the idea of another relief bill. Now time's up & his caucus still can’t get on the same page on the bill they’ve been writing in secret.
For 30 million Americans out of work, expanded unemployment benefits have been a lifeline to stay above water. But they also cushioned the blow of this recession for everyone as families pumped the extra income right back into the economy. https://www.cnbc.com/2020/07/10/unemployment-boosts-will-help-recovery-more-than-new-stimulus-checks.html
In fact, many of the ways that economists measure the overall health of our economy – like mortgage delinquencies, personal bankruptcies, & credit card defaults – weren’t as bad as forecasters had feared because Congress stepped up to help families. https://www.nytimes.com/2020/07/21/business/economy/coronavirus-unemployment-benefits.html
When the unemployment checks dry up, kids go hungry & families can’t pay for basic necessities. That drop in spending means more businesses will shut their doors, costing another 5 million jobs. It's morally bankrupt & bad economic policy. https://www.epi.org/blog/cutting-off-the-600-boost-to-unemployment-benefits-would-be-both-cruel-and-bad-economics-new-personal-income-data-show-just-how-steep-the-coming-fiscal-cliff-will-be/
Cutting CARES Act employment checks to $200 a month – like McConnell is suggesting – will hurt families & hamper our economy. Economists predict that this will result in a 2.5% lower GDP & 3.4 million fewer jobs being created over the next year. https://www.epi.org/blog/cutting-ui-benefits-by-400-per-week-will-significantly-harm-u-s-families-jobs-and-growth-3-4-million-fewer-jobs-will-be-created-over-the-next-year-as-a-result/
Republicans say we should cut off unemployment benefits to force people back to work. But a lot of those jobs are gone. There are 4 unemployed workers for every opening right now. 11% of our workforce faces permanent job loss – especially women of color. https://www.motherjones.com/politics/2020/07/the-gop-plan-to-slash-unemployment-benefits-puts-the-whole-economic-recovery-at-risk/
Jobs will come back when customers feel safe & workers are safe. But Republicans refuse to support the safety standards to protect workers at their jobs. An @OSHA_DOL Emergency Temporary Standard for COVID-19 is necessary for our economic recovery. https://www.vox.com/2020/7/13/21310439/osha-coronavirus-worker-protection-rights
The lost income & expired eviction moratorium will put more families at risk of homelessness. More people will get sick & die. And our economy & families – especially families of color – could be hit even harder than 2008. https://abcnews.go.com/Business/theyre-fall-off-cliff-august-set-bring-financial/story?id=71785293
On top of this, 40 million Americans face a student loan cliff. If Congress lets emergency relief for borrowers expire, an avalanche of loan payments will overwhelm millions of Americans right as their income gets cut, leading to a wave of defaults. https://www.politico.com/news/2020/07/24/student-loan-cliff-381373?cid=apn
Families of color will suffer the most from the GOP’s inaction. Black & Latinx families have been hardest hit by job loss. They are twice as likely to face food insecurity. We risk making the racial injustices in our economy worse if we don’t act. https://www.cnn.com/2020/07/07/economy/unemployment-black-youth/index.html
Tax cuts for billionaires won’t solve this crisis. Neither will protecting giant corporations. In fact, nothing in the 40-year playbook of failed Republican economic policies will keep working families from falling off this economic cliff & undermining our economic recovery.
This is about economics – but it’s also about our values. We’ll make it through this pandemic & recession stronger if we care for our neighbors & we invest in helping people pull through. These are Democratic values – and these are American values.
Magic wands & glitter dust won’t solve the economic crisis that's getting worse. Republicans need to wake up, extend unemployment benefits, expand the eviction moratorium, & work with Dems on a real relief bill now. It’s the right thing to do for our economy & for our families.
