McConnell’s (R-KY) reckless play against state and local governments…

Next spending bill…
Republicans’ big bet on the economy:
Waiting another month or more on the next coronavirus bill

  Communities of color can’t wait for you to slow walk more coronavirus aid, @senatemajldr
  The protests spotlight not only police violence, but COVID-enhanced gaps in healthcare,
  education, housing & more. State & local services need a big federal boost now.


  Sen. Barrasso (R-WY) followed @SenSanders on the Senate floor and characterized
  Bernie’s plans for COVID economic recovery as a liberal wish list of providing food,
 clothing, shelter, and income for every American. I’m trying to find the lie.

Big budget #deficit numbers made headlines in @washingtonpost but @DeanBaker13 adds perspective: “You have to spend enough to keep people more or less whole. There is not much of an issue here.”

The @latimes calls collapse of State & Local Government jobs apocalyptic, quoting @DeanBaker13, “If Congress doesn’t come through with a big pile of money, they’re going to be hit really hard … and there are not too many ways they can make that up.”

See table…
Fed updates its forecast bigly:
–Unemployment >9% in 2020Q4; Unemployment Insurance expansion essential
–Translates into Black rate>17%
–Fed doesn’t expect structural damage; long run estimate largely unchanged.
–They’re committed to ongoing support; fiscal relief critical complement to Fed’s actions!

CBPP: CARES Act Measures Strengthening Unemployment Insurance
 Should Continue While Need Remains

There is an obvious compromise between Dems who want to keep the $600 weekly Unemployment Insurance supplement and Republicans who want to end it. Tie the supplement to getting the pandemic under control


Previous spending bills…
[I]t’s been 76 days. There is still no chair of the Congressional Oversight Commission.

Behind the scenes of the $3 trillion COVID-19 bailout, the Treasury Dept’s responsibilities have fallen largely to Deputy Secretary Justin Muzinich. A major beneficiary of that bailout so far: Muzinich & Co., the asset manager founded by his father

  And yet…
  The Coronavirus Stimulus Discourages Aid to Small Business Owners With a Criminal Record

Fed Vow Boosts Debt Binge as Borrowers Cut Thousands of Jobs

  Why should we put taxpayer money at risk to let Sysco borrow cheaply and funnel money
  to investors?  We should take care of Sysco’s workers – and we are (doing that) with expanded
  Unemployment Insurance. What’s our interest in helping Sysco’s shareholders,
  who already doubled their money in the last 10 years?

  Hospitals Got Bailouts and Furloughed Thousands While Paying C.E.O.s Millions

Pentagon’s coronavirus plan includes millions for missile tubes and body armor.
The Defense Dept received $10 billion under the CARES Act economic stimulus bill to address the virus and its related economic effects…

  A great example of what happens when the Congress reflexively throws money at the Pentagon.
  They’ve increased Pentagon spending by 250% since 9/11 and gotten little for it.
  Time to cut military spending.

Scotland Bans All Bailout Aid To Companies Based In Tax Havens

  Sounds like solid logic to us! If you dodge taxes in an offshore tax haven so you can avoid
  contributing to American prosperity, you have no right to aid from American taxpayers
  when you need it.


The $500B slush fund…
Steven Mnuchin is now flat-out *refusing* to disclose the businesses receiving $500,000,000,000 in bailout funds, claiming the info is “confidential”
4.5 *million* businesses received government funds. Zero transparency.
Unconscionable, jaw-dropping corruption.

First in a thread…
In the nine weeks since Congress gave the Treasury and the Fed $500 billion for economic “stabilization,” they’ve used less than 10% of the money to create a single program that has serious conflicts of interests and, at best, a weak connection to stopping ongoing job losses.

Dow slides 900 points on fears of coronavirus resurgence, more economic pain.

Where U.S. coronavirus cases are on the rise

  Since June, 14 states and Puerto Rico have recorded their highest-ever 7-day average
  of new COVID-19 cases: AK, AZ, AR, CA, FL, KY, NM, NC, MS, OR, SC, TN, TX & UT

Alarming rise in virus cases as states roll back lockdowns

  See chart…
  The U.S. has recorded a 36% increase in daily COVID cases (rolling average of last
  three days), according to a CDC documented obtained by @YahooNews.
  Most European countries dropping rapidly. …

  See chart…
  Nationally there’s no “second wave.” There’s one long wave. We’ve been in a plateau
  of around 20,000 cases and 1,000 deaths a day, largely among minority and vulnerable
  populations. Reopening will cause spikes, but calling them a second wave denies the
  reality of what’s going on.

  Florida Just Broke Its Record for New COVID-19 Cases

    Jacksonville will host President Trump’s GOP renomination convention

 (The president) is restarting his campaign rallies. The first will be on Juneteenth in Tulsa –
  the site of the Tulsa race massacre.

    See text graphic…
    The president’s just announced campaign rally for Oklahoma includes a liability waiver
    in the registration for rally attendees on the risks they voluntarily assume regarding coronavirus.

Marin epidemiologist Larry Brilliant: Virus crisis just beginning

When 511 Epidemiologists Expect to Fly, Hug and Do 18 Other Everyday Activities Again

What might have been…
Prime Minister Jacinda Ardern said Monday she was confident New Zealand has halted the spread of the coronavirus after the last known infected person in the country recovered (video)

To get a sense of how large these differences are between the experiences of the US and other OECD countries, we can apply them to the overall levels of each measure in the US. …the higher unemployment rate in the US translates into approximately 15 million more jobs that Americans would still have had our unemployment rate remained at the level of the other OECD countries.

And, had our virus caseloads and deaths been similar to the OECD average, the US would have had nearly 700,000 fewer cases of the virus, and a death toll of over 30,000 less.

Furthermore, as the new cases portend a much larger second wave of viruses in the second half of 2020 in the US than elsewhere, these numbers will threaten to substantially worsen our unemployment (and real GDP) numbers later in 2020, relative to other OECD countries. By opening the economy in many states very early, and before their new case curves have substantially flattened, these states risk large new waves that will either generate tragically large numbers of fatalities, a second wave of economic shutdown, or possibly both.
Harry J. Holzer in “The COVID-19 crisis: How do U.S. employment and health outcomes compare to other OECD countries?”

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