America’s economic crisis is worse than it looks. For that reason, it’s about to get worse than it is. EricLevitz writes
Recovery is a process. Photo: Kerem Yucel/AFP via Getty Images America’s economic crisis is worse than it looks. For that reason, it’s about to get worse than it is.
Republicans say the numbers vindicate their decision to take a pause and assess the almost $3 trillion in assistance they already have approved … “They are less than urgent, less than inclined for another package,” said Rep. Patrick McHenry, R-N.C., a GOP leader when his party was in the majority. “There is less urgency to go strike a hard deal — and this one would be a hard deal. Doesn’t mean it won’t happen, I just think the urgency is far lessened.
What’s more, although the CARES Act’s provisions have left many working people better off, others have fallen through our welfare state’s many cracks. Last month, nearly 14 million U.S. children lived in food-insecure households, according to a new report from Brookings; at the peak of the Great Recession, that figure was 5.1 million. Roughly one-third of U.S. households have not made their full housing payments for July, according to a survey by the online retail platform Apartment List.
Graphic: Bureau of Labor Statistics Of course, Congress did not mount a flawless fiscal response to the crash. And more importantly, the U.S. government failed spectacularly in containing the virus.
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