THREAD: Trump & GOP Enablers' Delay to Act on Covid-Economy
Trump & his enablers for months have been so confident that there was no need to act -- that the economy was strong and their Covid response was sufficient.
Here’s the reality:
Trump & his enablers for months have been so confident that there was no need to act -- that the economy was strong and their Covid response was sufficient.
Here’s the reality:
*155k Americans have lost their lives. Hospitalizations & infections have surged. STILL no coordinated federal action by Trump for five months.
AGAIN - NO federal coordination after 155,000 Americans dead.
AGAIN - NO federal coordination after 155,000 Americans dead.
The cascading economic effects of Trump’s incompetence and inaction:
*30m Americans just stopped receiving fed unemployment benefits -- they will see an income drop of 50-75%; 47% of those recipients are nonwhite
*30m Americans just stopped receiving fed unemployment benefits -- they will see an income drop of 50-75%; 47% of those recipients are nonwhite
*Millions more have rent due today & won’t be able to make payments -- between 20 & 40m Americans are at risk of evictions over the coming months, and federal eviction moratoriums have expired with no action
*19 straight weeks of 1m+ new unemployment claims (Shocking numbers)
*19 straight weeks of 1m+ new unemployment claims (Shocking numbers)
*Unemployment claims have risen for first time since the beginning of the pandemic.
*If enhanced benefits are completely eliminated, there will be 1.1m additional lost jobs & a further 1.3% GDP loss by the end of the year.
*If enhanced benefits are completely eliminated, there will be 1.1m additional lost jobs & a further 1.3% GDP loss by the end of the year.
*If payments are cut down to $200-per-week, there will be 1m additional lost jobs and a further 1.15% GDP decline.
*70% of people who went back to work last month did so DESPITE likely receiving more in benefits than they had in pay from previous jobs
*70% of people who went back to work last month did so DESPITE likely receiving more in benefits than they had in pay from previous jobs
*At least 3,000 businesses that received $1B in PPP loans have since permanently closed -- likely more, but Treasury/SBA STILL has not made public the data on loans less than $150k
*At least 20 Senate Republicans have pledged to vote “no” on another economic stimulus package
*At least 20 Senate Republicans have pledged to vote “no” on another economic stimulus package
Americans are facing an economic fiasco. The further loss of government aid will only exacerbate the effects of the recession - already felt by millions. The lapsed benefits are the epitome of Trump and his enablers’ incompetence. mismanagement of Covid led to economic meltdown.
