Trump’s Allies Hold Hostage Extra Federal Unemployment Benefits?

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Trump’s Allies Hold Hostage Extra Federal Unemployment Benefits?
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Nearly 1 Million More Lose Jobs as Trump‘s Senate Allies Hold Hostage Extra Federal Unemployment Benefits, Demand More Corporate Giveaways

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Q2 2020 hedge fund letters, conferences and more

WASHINGTON, D.C. – The U.S. economy fell further into recession as almost 1 million more Americans joined the unemployment ranks this week. And yet this week Congress is no further in resolving the impasse over the next major coronavirus stimulus bill after the Senate allowed the CARES Act’s enhanced $600 federal unemployment benefits to expire July 31st for over 30 million workers, which a U.S. House bill passed in May would have extended. So what’s the hold up? Among the ‘key obstacles’ to progress is a demand from President’s Senate allies that corporations be granted blanket immunity against claims from workers mistreated during the pandemic. Meanwhile, now up to 40 million Americans are at risk of eviction and nearly 30 million Americans are dealing with food insecurity.

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The Extra Federal Unemployment Benefits Had Been A Godsend

“While the President’s Senate allies are enjoying a taxpayer-paid vacation right now, tens of millions of Americans are worrying about food and housing in the middle of the worsening recession and health crisis,” said Accountable.US president Kyle Herrig. “The $600 extra unemployment benefits had been a godsend for so many struggling families, and the latest double-digit unemployment report shows why they must be continued.”

It’s now been over two weeks since the extra federal unemployment benefits expired in most states, and jobs have not magically reappeared as the right-wing predicted. Reality remains that we can’t fix the economy until we get a handle on the health crisis. Large, wealthy corporations have been given access to tens of billions of dollars in taxpayer bailouts throughout the pandemic -- CEOs’ requests for even more special treatment should not be what holds up relief for the struggling small businesses and workers who need help the most.

Poll after poll after poll has shown strong public support for extending the full $600 benefit. Even if President Trump’s recent executive order were to take full effect, it would amount to a painful $300 benefit cut that could take more than a month to arrive and would exclude at least a million unemployed workers.

 

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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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