Worker Bailout Saved by Negotiations

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Worker Bailout Saved by Negotiations
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Sr. Simone: “Thank heavens for the true leaders who saved the worker bailout.”

WASHINGTON, D.C. — After critical negotiations, Congress has passed a bailout package for workers and hospitals. This package will begin to provide security for many in this time of crisis, while ensuring that no tax-payer dollars go to corporate stock buy-backs or executive raises and bonuses.

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The Details Of The Worker Bailout Package

The original package proposed by Senate Majority Leader Mitch McConnell included large corporate bailouts with no protections for workers and no oversight. The original bill also left hospitals and medical workers without the funding they need to protect us in this crisis. Because Democrats refused to accept Leader McConnell's partisan bill and negotiated for fixes, we now have a bill that significantly bails out workers and hospitals.

This bill includes many of NETWORK’s recommendations and approves much needed funds for hospitals, state, and local governments; expands unemployment insurance for workers; and puts conditions on business assistance. In short, this bill puts families first and NETWORK strongly supports it.

The work is not yet done. The most vulnerable have little ability to weather a long term health or economic crisis and will require additional care during this pandemic. If ever there was a time to uphold the Gospel call to feed the hungry, welcome the stranger, clothe the naked, cure the sick, and care for the imprisoned, it is now. Congress must continue the bipartisan work to protect all vulnerable people in our nation.

Comment

Sister Simone Campbell, SSS, Executive Director of NETWORK Lobby for Catholic Social Justice said:

"Thank heavens for the true leaders who saved the worker bailout. They insisted on robust supports for workers when Mitch McConnell tried to ram a big business slush fund through the Senate. As a major tenet of Catholic Social Teaching, the people must be served by the economy, not the other way round. That means protecting workers. No-strings-attached bailouts lead to layoffs and corruption, all at the expense of the taxpayer. This negotiated bill truly helps workers and hospitals.

“We should celebrate this relief and the hard work of Congress, but we cannot stop now. Congress must protect immigrants, bolster SNAP benefits, ensure that states can carry out this year’s election. I share Pope Francis's prayer: 'Enlighten those responsible for the common good, so that they might know how to care for those entrusted to their responsibility.'"


NETWORK, a national Catholic Social Justice lobby, which educates, organizes, and lobbies for economic and social transformation, has a nearly 50-year track record of lobbying for critical federal programs that support those at the margins and prioritize the common good.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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