From both a public health and economic perspective, the coronavirus pandemic has wreaked havoc on our country. More than 210,000 people have died, more than 435,000 individuals have been hospitalized, and more than 10 million jobs have been lost nationally. The US economy was 10 percent smaller in June than it was last December and is not projected to fully recover until some point in 2021 at the earliest.
“‘I think it creates confusion for the negotiators. Republicans on the Hill are looking for a signal from the president. They are looking for leadership on this, and he’s oscillating,’ Brill said.”
We recently had the honor of testifying before the House Ways and Means Committee on the effects of inaction on coronavirus fiscal legislation. One of us was invited by the Republicans and the other by the Democrats. The basis of the hearing was the Heroes Act, a $3 trillion bill that passed the House in the spring on a party line vote with about $1 trillion in tax cuts and $2 trillion in new spending.
“But Alex Brill of the right-leaning American Enterprise Institute said Congress shouldn’t approve more costly economic recovery payments because they aren’t well targeted toward households directly impacted by the pandemic.”
My testimony begins with an overview of the economic impact of the pandemic and our current economic situation.