On CNN Saturday, financial columnist Michelle Singletary ripped Sen. Bill Cassidy (R-LA) for claiming that the economy may be too good right now for another round of stimulus.
“I want to read to you what Senator Bill Cassidy, Republican of Louisiana, said regarding the potential stimulus,” said co-anchor Christi Paul. “He said if it turns out the economy is recovering, that’s a good thing and direct stimulus checks may not be necessary. Do you get the sense that the economy is recovering? And that these checks will not be needed?”
“No, I do not get the sense that the economy is recovering,” said Singletary. “I mean, we see now with the cases increasing, businesses have to close down again and also people are panicked, so they are staying home because they don’t want to be out there and catch it. So this idea that this aid is still not needed, that we’re, you know, all happy now, is just not true. It is a false narrative. And it is gonna hurt a lot of people in this country.”
“GOP lawmakers argue that the enhanced jobless benefits were just, they were too generous, and for many laid-off workers and low-income Americans, it only made things worse in the sense it keeps them home and keeps them away from actually going to work,” said co-anchor Martin Savidge. “Do you buy that theory?”
“No,” said Singletary. “And I was thinking of the right word to say that wouldn’t get me in trouble with my pastor. So I’m just going say, that that’s idiotic, and it just enrages me … the idea that people would not go to work because of short, temporary boost in their income is a ridiculous, and it shows they have never actually talked to real unemployed folks. I have. I work with people through my church. I know what it is like for them to talk about what it means to be unemployed, and the idea that people would be saying, oh, you know what, I’m just going to stay at home and collect this money and not work is ridiculous.”
“Maybe we need to pay people a living wage so then they will be able to go back even if it is maybe going to risk themselves,” she added.
‘This is going to be a nightmare’: WaPo business columnist says Trump’s executive orders will be disasters
Washington Post economics columnist Catherine Rampell on Monday said that President Donald Trump's executive orders intended to provide economic relief to Americans during the COVID-19 pandemic have the potential to make things much worse.
WATCH: Damning supercut of Trump’s failed COVID predictions as US passes 5 million infections
The United States now has more than 5 million novel coronavirus infections -- and President Donald Trump is still insisting, as he has for months, that the situation is totally under control.
CNN on Monday played a damning supercut of Trump's failed predictions about the coronavirus pandemic, starting as far back as January when he told CNBC that "it's one person coming in from China and we have it under control, it's going to be just fine."
"5 million is not just fine," interjected host John Berman. "And it's 5 million more than the close to zero the president promised in March."
‘The hydroxychloroquine of economic policy’: Krugman warns ‘greater recession’ could come from Trump’s stimulus
Speaking to CNN on Sunday, Nobel Prize winner Paul Krugman explained that the things President Donald Trump did on Saturday would provide little help to Americans desperate to survive amid a worse recession since the Great Depression.
Amid the coronavirus crisis, the U.S. entered another recession, and jobs were lost so quickly by the shutdown that the unemployment rate soared to 14.7 percent. In the 2007-2008 recession, the rate tapped out at 10 percent. The highest U.S. unemployment rate was 24.9 percent in 1933 during the Great Depression and the Dust Bowl.
"This new thing, what it is, is both limited and it calls for a new program," said Krugman about Trump's proposal. "It calls for complicated actions from the states. More money. And one thing we learned it's that our unemployment insurance system in this country is not designed to do complicated things. The virtue of the last round was that it was very, very simple. Just $600 a month and even so, a lot of people took a long, long time before they got those benefits."