Who said government moves slowly?
The House and Senate rushed through a $2 trillion economic relief package this week to help workers and corporations affected by the economic crisis spurred by the coronavirus pandemic. President Trump quickly signed the package into law.
According to The Hill, the bill, dubbed the CARES Act, “Includes $1,200 one-time payments to many Americans; sets up a $500 billion corporate liquidity fund to help struggling industries like airlines; allocated $377 billion for aid to small businesses; and boosts the maximum unemployment benefit by $600 per week for four months, among other provisions.”
The signing comes after a rift in the House in which Representative Thomas Massie (R – Kentucky) sought to hold up passage of the measure.
Massie’s defiance sparked a rare moment of bipartisanship in Washington, with politicians on both sides hilariously dunking on the Kentucky Republican.
While the bill is needed to help struggling families, many argue that it provides far more relief to corporations and the wealthy than to working families.
In comparison to other countries, the measure falls short. For example, the UK will pay up to 80% of workers’ wages to staff who are kept on by their employer in an aggressive move to prevent layoffs. In addition, Canada unveiled a plan to provide $2,000 a month to citizens through October.
Don’t spend your $1,200 all in one place now!