Time is running out for an economic rescue

If Congress and President Trump do not act, millions will be thrown into destitution

Ben Franklin falling.
(Image credit: Illustrated | iStock)

The American economy has slowly stalled out over the last several months, as the economic boost from the CARES Act rescue package has been spent down. Now that progress may be falling into reverse. New claims for unemployment insurance have been steady at around 850,000 per week since late August — which is about 200,000 more than the very worst point of the Great Recession.

If Congress doesn't pass another round of economic rescues, then this will be one of the worst winters in American history. Speaker of the House Nancy Pelosi and Secretary of the Treasury Steven Mnuchin were reportedly close to an agreement last week on a $1.6 trillion deal that would tide the United States over until the new year. Congress should pass that, or something like it, as soon as possible.

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Ryan Cooper

Ryan Cooper is a national correspondent at TheWeek.com. His work has appeared in the Washington Monthly, The New Republic, and the Washington Post.