Former Secretary of Labor Robert Reich warns of the looming Great Depression brought on by Trump and the GOP's refusal to act to mitigate the damage wrought by this pandemic.
"Trump and businesses demanded America "reopen" to revive the economy. But we’ve reopened too soon, before COVID-19 is under control. So we're needing to close or partly close again, which will prolong the economic downturn and wreak even more havoc on millions of Americans’ livelihoods.
The wave of evictions and foreclosures in the next 2 months will be unlike anything America has experienced since the Great Depression. And the expiration of expanded unemployment benefits at the end of July will leave unemployed Americans with a 60% income reduction and no stimulus check to fall back on. Meanwhile, state and local governments are forced to gut vital public services like low-income housing and health care — even as over 16.2 million households have lost employer-provided health insurance.
So what’s Trump’s and Mitch McConnell’s response to this looming catastrophe?
This is lunacy. The priority must be getting control over this pandemic and helping Americans survive it physically and financially. Extra unemployment benefits must be extended. The HEROES Act must be signed into law. Moratoriums on evictions and foreclosures must be extended. If it’s necessary to go back to sheltering in place to contain this pandemic, we must be willing to do so.
This shouldn't be controversial. It's the bare minimum of what our government must do to prevent an even worse economic and human catastrophe."