THREAD ON TRUMP & GOP COVID-ECONOMIC FAILURE:
@ProjectLincoln
Donald Trump & Republican enablers were warned months ago that their Covid aid & economic response was not enough. The president’s incompetence towards the pandemic has only accelerated the need for immediate action
@ProjectLincoln
Donald Trump & Republican enablers were warned months ago that their Covid aid & economic response was not enough. The president’s incompetence towards the pandemic has only accelerated the need for immediate action
Trump wants people to get over the pandemic and just “find something new.” With income uncertainty, housing instability, and food insecurity all at historic highs, the U.S. is on the verge of the largest economic collapse since the Great Depression.
*Under Trump and Senate Republicans’ proposal, 30 million currently unemployed Americans stand to lose 70% of their weekly $600 federal unemployment benefits -- a measure that was empirically proven to prevent a mass exodus into poverty during the pandemic.
*People are falling behind on mortgage payments, 32% missed July housing payments, and millions of unemployed Americans are worried that they will be evicted as states lift their Covid protections this week.
*It is estimated on the low end that 20-28 million could lose their homes between now and September, and on the high end 40 million people could lose their homes in the coming months. For context, 7.8 million lost their homes in the Great Recession.
*Since March, approximately 1 in 5 mortgage borrows have missed a payment.
*Half of Latino tenants said they have little to no confidence they’ll be able to stay in their homes.
*Half of Latino tenants said they have little to no confidence they’ll be able to stay in their homes.
*2nd Covid surge has caused small businesses to close again - more closing permanently & laying off employees despite receiving PPP
*State & local govts have already laid off more than 1.6m workers & 3m more municipal employees are expected to be laid off in the next year alone
*State & local govts have already laid off more than 1.6m workers & 3m more municipal employees are expected to be laid off in the next year alone
*Est 42% of people recently let go will not return to their former jobs.
*State budget shortfalls could amount to more than $500B in one year. 2008 crisis created $283B of shortfalls that played out over the following decade.
*Homelessness is expected to increase 45% this year
*State budget shortfalls could amount to more than $500B in one year. 2008 crisis created $283B of shortfalls that played out over the following decade.
*Homelessness is expected to increase 45% this year
After considering states “rainy day” reserves, state & local govts are expected to have $380B in economic shortfalls through 2022.
*TX expected to face a $4.6B deficit due to the pandemic. In October, it was anticipated that Texas was going to have a surplus of $2.9B.
*TX expected to face a $4.6B deficit due to the pandemic. In October, it was anticipated that Texas was going to have a surplus of $2.9B.
*Arizona is facing a $1.1 billion deficit.
*FL Gov DeSantis vetoed $1 billion in spending on social services & education that had been approved prior to the pandemic.
*FL Gov DeSantis vetoed $1 billion in spending on social services & education that had been approved prior to the pandemic.
*North Carolina stands to be one of the most impacted states with the end of federal UI, as about two-thirds of the $6.1 billion in unemployment benefits came from the $600 federal benefit.
*Pennsylvania has a $3.2 billion dollar deficit.
*Georgia has cut their budget by 10%, including $950 million less in K-12 funding.
*Wisconsin’s economy shrunk by an annual rate of 5% in the first three months of 2020.
*Michigan is facing a $2.2 billion dollar deficit.
*Georgia has cut their budget by 10%, including $950 million less in K-12 funding.
*Wisconsin’s economy shrunk by an annual rate of 5% in the first three months of 2020.
*Michigan is facing a $2.2 billion dollar deficit.
Trump and Republicans waited over two months to release a plan and act. They waited until eviction moratoriums expired and federal UI ended. WHY?
They want to tie states’ funding to whether states open up schools in the midst of record daily infections, hospitalizations, and deaths to fit Trump’s self-deluded agenda that our society should just go back to normal.
@realDonaldTrump has consigned tens of thousands of Americans to death. Now, he’s consigning millions more Americans to losing their homes, jobs, and businesses.
This did not have to happen.
This did not have to happen.
