New Stimulus Bill Is Desperately Needed

As we all have learned by now, the so-called Executive Order (if any of it is even legal) recently issued by President Donald Trump two weeks ago amounts to all talk and no action.

It does not stop any evictions of tenants anywhere in the country.

The extra $400 per week of unemployment benefits (on top of whatever an unemployed person may be receiving from the usual unemployment stipend) is subject to each state kicking in $100 of the $400. Given that every state already is facing huge budget deficits because of the pandemic, the Executive Order amounts to what in the private sector is referred-to as a poison pill.

As for the temporary elimination of the Social Security tax — which is only paid by employed persons — that sum will have to be repaid in the future by each taxpayer and business. So what good is that?

The moratorium on interest on student loans may be able to go into effect, but the Executive Order extends that benefit only to September 30.

The House passed an extended relief bill in May that included funds for states and municipalities, as well as maintaining the additional unemployment benefits of $600 that were included in the first pandemic legislation. 

The Senate refused to take up the House bill until the deadline approached — and then asserted that the House was unwilling to compromise.

With an average of 1000 Americans dying daily from the coronavirus and the economy still in a shambles, the country cannot afford political gamesmanship. Action is needed — and fast.