Reminder: The economy is still collapsing and Republicans have no plan to fix it
The Republican National Convention has featured several small business owners thanking the Trump administration for the Paycheck Protection Program — a part of the CARES Act, passed by Congress back in March, that gave businesses grants to keep people on staff.
That's all well and good. But the PPP program, as well as the much larger and better-targeted boost to unemployment benefits, expired almost a month ago. Private datasets show the amount of spending on unemployment debit cards (where most benefits are deposited) has collapsed over the last month or so. Roughly $15 billion in weekly income has been deleted from the economy. It is very likely that the economy is either going to stall out roughly where it is now, or even deteriorate further.
The economy very badly needs another rescue, but the Republican Party has refused to either agree to the Democratic bill passed back in May, or get behind their own plan. A large portion of the Senate Republican caucus thinks there should be no additional rescue at all.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
It is perhaps too cynical by half for Republicans to be boasting about their economic rescue efforts when they have allowed the very support system they are talking about to die with no replacement, and there is still over two months left to go before the election. If they don't do something soon, the economy will be in much worse shape in November, and it will be their fault.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Ryan Cooper is a national correspondent at TheWeek.com. His work has appeared in the Washington Monthly, The New Republic, and the Washington Post.
-
Why Bhutan hopes tourists will put a smile back on its face
Under The Radar The 'kingdom of happiness' is facing economic problems and unprecedented emigration
By Chas Newkey-Burden, The Week UK Published
-
7 beautiful towns to visit in Switzerland during the holidays
The Week Recommends Find bliss in these charming Swiss locales that blend the traditional with the modern
By Catherine Garcia, The Week US Published
-
The Week contest: Werewolf bill
Puzzles and Quizzes
By The Week US Published
-
The political latitude of Musk's cost-cutting task force
Talking Points A $2 trillion goal. And big obstacles in the way.
By Joel Mathis, The Week US Published
-
The Pentagon faces an uncertain future with Trump
Talking Point The president-elect has nominated conservative commentator Pete Hegseth to lead the Defense Department
By Justin Klawans, The Week US Published
-
Should Sonia Sotomayor retire from the Supreme Court?
Talking Points Democrats worry about repeating the history of Ruth Bader Ginsburg
By Joel Mathis, The Week US Published
-
US election: who the billionaires are backing
The Explainer More have endorsed Kamala Harris than Donald Trump, but among the 'ultra-rich' the split is more even
By Harriet Marsden, The Week UK Published
-
US election: where things stand with one week to go
The Explainer Harris' lead in the polls has been narrowing in Trump's favour, but her campaign remains 'cautiously optimistic'
By Harriet Marsden, The Week UK Published
-
Donald Trump and the fascism debate
Talking Points Democrats sound the alarm, but Republicans say 'it's always the F-word'
By Joel Mathis, The Week US Published
-
Would Trump really use the military against Americans?
Talking Points The former president says troops could be used against 'enemy within'
By Joel Mathis, The Week US Published
-
Trump blames migrants for the housing crisis. Experts aren't so sure.
Talking Points Migrants need housing. They also build it.
By Joel Mathis, The Week US Published