Record Unemployment Claims: Universal Basic Income The Solution?

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Record Unemployment Claims: Universal Basic Income The Solution?
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WASHINGTON, DC — New Consensus Executive Director Demond Drummer released the following statement in response to news that a record 3.3 million Americans filed unemployment claims last week:

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Record Unemployment Claims Reveal America's Economic Reality

“The fact that these stunning numbers were greeted by a surging stock market shows just how disconnected the business and political elite have become from the economic reality faced by most American families. The bill passed by the Senate is not going to be enough to prevent a recession, any more than a single $1,200 check is going to be enough to help millions of families pay the bills without an income.

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“This is the time to act, and the economic mobilization approach championed by New Consensus is the only adequate approach to battling Coronavirus from both the health and economic perspectives.

A Call For Universal Income Support

“New Consensus has released a coronavirus crisis response plan calling for universal income support for families as well as direct support for small businesses, manufacturers and other sectors of the economy to prevent a wave of bankruptcies. These immediate emergency measures include $1,000 payments every two weeks for everyone in America, and a freeze on all debt payments – including rent and mortgage, student loans, and utility bills.

“However, even the most aggressive demand-side measures are not going to be enough. The Coronavirus crisis also calls for a supply-side economic mobilization, which is why New Consensus has also released a plan to mobilize the military to produce the emergency supplies the nation needs right now to fight the coronavirus.

“And once this pandemic is under control, we will need to put millions of Americans back to work, and fix the glaring flaws that this crisis has revealed in our economic system. The Green New Deal is the economic stimulus plan that will do more than get us out of this recession – it will fix the problems that were there before it started.”

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)www.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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