The stock market continues to have all the emotional stability of our president after the coronavirus bear market had the worst day since 1987.
Hell, even Disneyland was forced to shut down in order to prevent the spread of COVID-19.
President Trump went from calling this very, very REAL and insidious disease a “hoax” and blaming “fake news” for it, to looking like a gorilla that just got shot with a tranquilizer dart as he addressed the nation about how serious the situation has gotten. But while Trump’s economic solutions appeared to be more corporate socialism, Senate and House Democrats were putting together an economic stimulus bill that focused on rescuing working and middle-class families.
While focusing on restoring consumer confidence and allaying investor anxieties as millions of Americas watch their personal and retirement investments nosedive is vital, ensuring that working and middle-class Americans don’t get smacked even harder by loss of income, food insecurity, and paying high-interest student loans is far more important. And that’s precisely what Senate Democrats did in their relief proposal, following the lead from the House.
Here’s a breakdown:
BREAKING: Here is the Senate Democrats’ proposal for targeted new economic and community relief to help states with coronavirus outbreaks: pic.twitter.com/iTJGZm33lM
— Chuck Schumer (@SenSchumer) March 11, 2020
- Emergency unemployment insurance funds to replace lost wages
- Requiring businesses to allow workers to gradually earn up to 7 paid sick days
- Loan payment relief for up to six months on federally insured mortgages and student loans
- Federal funding for local communities
- Grants for small businesses
- Supplemental funding to public transportation agencies and Amtrak
- Increased SNAP benefits
- Additional funding for food banks, schools and nonprofits
- Emergency mortgage and rental assistance
- Additional financial assistance to housing providers
- Emergency grant aid to colleges
The proposals were unveiled at a press conference on Wednesday in the midst of what seems to be a tense standoff between House Democrats and the Trump administration over how the government should address the growing health crisis.
Obviously Democrats want to offer assistance to corporations, but the relief effort should start “from the bottom up,” Schumer told NBC News, “targeted at the people who are most hurt.”
What a freaking novel concept. Funny how we can only do stuff like this during an infectious pandemic.