Congressional chaos: Don't expect enough unity for more
coronavirus help
by Daniel DePetris
May 13, 2020 06:00 AM
"The jobs report for April hit the country like a left hook in the face. About 20.5 million people were thrown out of work, the most rapid decline in the job market since the Bureau of Labor Statistics began keeping records. The unemployment rate rose to 14.7%. Treasury Secretary Steven Mnuchin admitted the actual figure was probably much higher, possibly closer to the Great Depression-like levels of 20% to 25%. The COVID-19 pandemic has wiped out more than a decade of job growth in a little less than six weeks. Not even the most dire economic forecasters could have anticipated such a precipitous fall from grace.
The economic shock and awe has been so sudden that Republican and Democratic lawmakers on Capitol Hill were able to put aside the usual partisan gamesmanship about spending to pass four separate coronavirus-related bills. One, a $2 trillion package that President Trump signed into law last month, was the largest economic rescue bill in U.S. history. Even the most fiscally attuned conservative lawmaker recognized that increasing budget deficits to put money into people's pockets was a necessity at this point in time, not a luxury.
In the weeks since the $2 trillion measure was passed, the economy has continued to bleed jobs. The country is in an extremely dire state, with the virus shutting down sectors of the workforce normally insulated from a recession (like white-collar jobs). The urgency on Capitol Hill to save the economy is as high today as it was weeks ago. The only difference: The shiny bipartisan armor is beginning to wear off."
moar:
https://www.washingtonexaminer.com/opinion/congressional-chaos-dont-expect-enough-unity-for-more-coronavirus-help