Tag: Trump botched COVID-19 response tanked the U.S. economy

Jobs recovery is slowing, but congressional CPR not expected

The weak jobs numbers are unlikely to break the legislative impasse that’s taken hold of Capitol Hill

The August jobs report showed America’s economic recovery slowing down, but Washington analysts doubt the figures will be enough to jostle Congress out of its deadlock over additional stimulus.

The economy added 1.4 million nonfarm jobs in August, bringing the unemployment rate down to 8.4 percent, the Bureau of Labor Statistics reported Friday. That’s less than the revised 1.7 million nonfarm jobs added in July, and the 4.8 million added in June. Economists worry that the slowing pace of job creation may smother hopes for the economy’s quick convalesce from the havoc wreaked by the coronavirus.

“The labor market recovery has slowed down a fair bit and while things are improving for some people, the hopes of a quick and complete recovery are gone,” said Nick Bunker, director of research at Indeed Hiring Lab. “Unless there is some big reversal in terms of public policy or the virus itself, we’re not going to see a sharp return to where we were before the virus.” Continue reading.

Senate to vote on scaled-down coronavirus relief package

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Senate Majority Leader Mitch McConnell (R-Ky.) said on Tuesday that he will force a vote on a GOP coronavirus relief package after weeks of closed-door talks between Republican senators and the White House. 

“Today, the Senate Republican majority is introducing a new targeted proposal, focused on some of the very most urgent healthcare, education, and economic issues. … I will be moving immediately today to set up a floor vote as soon as this week,” McConnell said in a statement.

The Republican bill is expected to include a federal unemployment benefit, another round of Paycheck Protection Program (PPP) funding, and more money for coronavirus testing and schools, as well as liability protections from lawsuits related to the virus. McConnell didn’t release a price tag for the forthcoming bill, but it is expected to be at least $500 billion — half of the $1 trillion package Republicans previously unveiled in late July.  Continue reading.

‘Amazing’: Watch this stunning fact check on Trump’s claims about economic recovery

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MSNBC’s Joe Scarborough was astonished by a detailed analysis of the economic pain suffered by many American workers — but not all of them.

“Morning Joe” contributor Steve Rattner, a former economic adviser to President Barack Obama, brought charts to fact check claims by President Donald Trump and his advisers about the recovery since the coronavirus pandemic destroyed the U.S. economy.

“The pace of job recovery is actually slowing fairly dramatically,” Rattner said. “One other small point, the 8.4 percent unemployment rate is really 9.1 percent — the Department of Labor said there was a misclassification error, so that number isn’t as good either. Let’s turn to this question whether we’re dealing with a broad-based recovery of jobs or something more narrow. What you can see on the next chart are the disparities in how different Americans have fared. This is because the pandemic or the economic crisis didn’t hit every industry equally, travel, recreation, restaurants, so on, where people of color, lower income, women work and it was hit disproportionately hard.”

Continue reading.

Now In Government Food Aid Boxes, A Letter From Trump

Millions of Americans who are struggling to put food on the table may discover a new item in government-funded relief packages of fresh fruits and vegetables, dairy and meat: a letter signed by President Donald Trump.

The message, printed on White House letterhead in both English and Spanish, touts the administration’s response to the coronavirus, including aid provided through the Farmers to Families Food Box Program, a U.S. Department of Agriculture initiative to buy fresh food and ship it to needy families.

The letter is reminiscent of Trump’s effort to put his signature on stimulus checks and send a signed letter to millions of recipients. It’s the latest example of the president blurring his official duties with his reelection campaign, most prominently by hosting Trump’s acceptance speech for the Republican nomination last week on the White House lawn. Continue reading.