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From night to Thursday Norwegian time, President Donald Trump came out on Twitter and said he demands an immediate crisis package for Americans. The statement came just seven hours after he called for the cessation of negotiations on precisely these crisis packages.
Recent figures show that the number of new applications for unemployment benefits in the United States fell slightly last week to 840,000. Reports NTB.
The figure applies to the week ending October 3. There were 9,000 fewer requests than the previous week. In the last week of August, there were more than 1 million applications.
Nearly 15 million Americans now receive unemployment benefits, after as many as 870,000 claims the previous week, lowering hopes that the wave of layoffs after the crown crisis will continue to wane.
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Continuous recession
The high numbers are a sign that the US economy is still struggling to recover after businesses began shutting down in March to prevent the spread of Covid-19.
Analysts and economists worry that consumers are saving their payment cards without further financial support from the authorities.
The round of direct transfers and support for the unemployed helped many who had otherwise had trouble managing their rent and making necessary purchases.
Those who didn’t necessarily need the money, however, helped speed up the economic gears by injecting them into the economy. He wrote ABC News in September.
Private consumption accounts for about 70 percent of the gross domestic product of the United States.
When the pandemic actually took hold in April, consumption was down 12.9 percent. Stores and restaurants closed and many Americans stayed home to prevent the spread of the infection.
Then came the impact of the federal government’s $ 2.2 billion crisis package. It included direct payments to households of $ 1,200 and a strengthening of the weekly unemployment benefit of $ 600. Thus, consumption strengthened again in May.
Now that the fall has begun and the negotiations on additional aid packages in Congress are in full swing, American consumers are once again being more cautious.
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On the brink of historical crisis
Several prominent American politicians are now shouting warnings after President Donald Trump last week rejected new crisis packages for Americans who lost their jobs as a result of the corona pandemic.
– We are already seeing danger signs about the serious financial and health neglect that is coming. “We are on the brink of a mass exodus here in our district, and also nationwide,” Congresswoman Alexandria Ocasio-Cortez told MSNBC News.
– Between 30 and 40 million people are at risk of being homeless because the president has decided to turn his back on the workers of this country.
.@AOC: 30-40 million people are at risk of eviction because Trump decided to walk away from everyone who works in this country. We are looking at the possibility of hunger exploding at a level that we have not seen since the Great Depression. Everything can be prevented. pic.twitter.com/PNLhDp4pPp
– Robert Reich (@RBReich) October 7, 2020
He also expresses concern that the United States is heading into a fall in which new spikes in infection are a real danger.
“Something that we already see happening here in New York, which has some of the strictest crown rules in the country,” says the 32-year-old.
She also warns against what she calls a historic famine, in the wake of the president’s decisions.
– Potentially, we are facing the largest crisis in the history of the country since the Depression. And all of this can be prevented.
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Great confusion
So now President Donald Trump is creating confusion about where he wants to go with his many conflicting proposals for a new crisis package for the crown-stricken US economy.
In a tirade of messages on Twitter, Trump demands that Congress immediately adopt a package of selected crisis measures.
The announcements he made Wednesday morning US time came just seven hours after he ordered Republicans in Congress to freeze negotiations with Democrats on a crisis package. Instead, he will provide a crisis package for Americans after the November 3 election, he says.
Trump’s latest move creates confusion about what Trump’s strategy really is, writes the Washington Post.
Just before 10 am on Wednesday morning US time, he called in a Twitter message to Congress to “IMMEDIATELY” adopt $ 25 billion in emergency aid for airlines.
Less than half an hour later, he asked Congress to give millions of Americans a cash payment of $ 1,200, at the same time he wrote that he wanted immediate help for small businesses worth billions of dollars.
– I’m ready to sign right away. Do you hear Nancy? was one of the messages.
Nancy Pelosi is a Democrat and Speaker of the House of Representatives. The day before, he accused Trump of creating total chaos in the White House after he announced that negotiations on a crisis package had to end.
The measures that Trump proposes on Wednesday are already included in the crisis package negotiated by the Minister of Finance, Stephen Mnuchin, and Pelosi.
But Pelosi has previously refused to participate in Trump’s attempt to take only select measures. Democrats have always called for a comprehensive package that includes support for local governments, food aid, and support for the unemployed, renters, and homeowners.
If they send me a separate invoice for stimulus checks ($ 1,200), it will be sent to our great people IMMEDIATELY. I am ready to sign right now. Are you listening to Nancy? @MarkMeadows @senatemajldr @kevinomccarthy @SpeakerPelosi @SenSchumer
– Donald J. Trump (@realDonaldTrump) October 7, 2020
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Weakening the economy
Trump’s blocking of the crisis package will further weaken America’s coronary economy and make life more difficult for millions of unemployed Americans and small businesses.
Half of all small businesses need more public support next year to survive, according to the National Organization of Independent Industries.
For 25 million unemployed Americans, incomes fell by two-thirds when $ 600 a week expired in July, which was allocated in the previous crisis package.
Trump decided in a presidential order to give $ 300 a week when the crisis package expired, but this amount lasted only six weeks.
Economists have warned that many families across the country will find it difficult to pay bills, buy food and avoid being evicted from their homes.
Shortly before Trump’s sudden decision, Gov. Jerome Powell also made clear that there is a risk of economic collapse if the state doesn’t provide more support.
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Airlines in crisis
Among the industries awaiting the crisis package negotiated by Mnuchin and Pelosi are the airlines most affected by the pandemic.
Last week, American Airlines and United Airlines laid off 32,000 employees, but made it clear that many of these jobs could be retained if the crisis package is approved.
The reason Trump resigned is that the majority of Republicans in the Senate oppose several major crisis packages after the grand $ 2 billion deal that both sides agreed to in March.
They believe that both industries and employees must adapt to the situation and manage themselves without government support.
Also read: Trump signed pending presidential orders for crisis package
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