Despite the approaching holiday season, it’s a grim time in many ways. New reported Covid-19 infections in the US reach new records daily and the number of deaths is increasing every day. About 2000 Americans died of Covid-19 yesterday (a bit more according to data collected by Johns Hopkins University, a bit less according to the New York Times). Our President shows zero interest in providing any leadership or dealing with the growing national crisis in any way.
There’s more. The pandemic is driving our country into recession and Congress, after passing the CARES act in the spring, has failed to act in any way to address the economic dislocations caused by the pandemic. Let’s look at what is coming up.
The extended unemployment benefits established by the CARES Act will expire the day after Christmas. 7.3 million Americans who receive Pandemic Unemployment Assistance (supplemental insurance for gig and self-employed workers) will see it end on December 26. Another 4.6 million will have their extended unemployment benefits expire on that day.
On December 31st, the eviction moratorium ends and those who have been unable to pay their rent are subject to being evicted. State and local funding from the CARES Act expires. Small business debt relief ends.
There’s more! Student loan forbearance ends on December 31. The refundable tax credit for paid sick leave runs out.
Remember how the President made a big deal of deferring certain payroll taxes (FICA and Medicare) for employees and employers? Well that runs out on December 31 and the deferred amounts will then have to be paid back.
Of course all of this will have an immediate negative impact on our economy not to mention the personal impact on millions of our fellow Americans. So what actions are the President and Congress taking to avert these problems?
Nothing.
To be sure, the House of Representatives has passed two separate relief bills but the Senate has refused to take up either one of them because he is afraid to allow recorded votes on either bill.
So here we sit. Happy Thanksgiving!
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