April 14, 2020

Understanding the CARES Act (with Heidi Shierholz)

The Coronavirus Aid, Relief, and Economic Security Act (CARES) is big—but not big enough to protect working people. Economist Heidi Shierholz joins the show to explain where CARES falls short, and to recommend the safeguards we need to include in future bailout packages. Heidi Shierholz is a Senior Economist and Director of Policy at the Economic Policy Institute. Her team monitors wage and employment policies coming out of Congress and the administration, and advances a worker-first policy agenda.  Twitter: @hshierholz @EconomicPolicy (News clip from FOX 17 VXMI) Further reading:  Despite some good provisions, the CARES Act has glaring flaws and falls short of fully protecting workers during the coronavirus crisis: https://www.epi.org/blog/despite-some-good-provisions-the-cares-act-has-glaring-flaws-and-falls-short-of-fully-protecting-workers-during-the-coronavirus-crisis/ A widening toll on jobs: ‘This thing is going to come for us all’: https://www.nytimes.com/2020/04/02/business/economy/coronavirus-unemployment-claims.html Does the stimulus package pass the test? https://civicskunk.works/does-the-stimulus-package-pass-the-test-a070bf4922dc 3.5 million workers likely lost their employer-provided health insurance in the past two weeks: https://www.epi.org/blog/3-5-million-workers-likely-lost-their-employer-provided-health-insurance-in-the-past-two-weeks/ Nearly 20 million workers will likely be laid off or furloughed by July: https://www.epi.org/blog/nearly-20-million-jobs-lost-by-july-due-to-the-coronavirus/ The CARES Act’s aid to state and local governments isn’t enough to shield vital public services from the coronavirus shock: https://www.epi.org/blog/the-cares-acts-aid-to-state-and-local-governments-isnt-enough-to-shield-vital-public-services-from-the-coronavirus-shock-lessons-from-the-great-recession-tell-us-why/ States get billions in record stimulus - but say it’s not enough: https://www.politico.com/states/new-york/albany/story/2020/03/26/states-get-billions-in-record-stimulus-but-say-its-not-enough-1269230 Here are safeguards needed in bailout packages to protect working people and fight corporate greed: https://www.epi.org/blog/any-industry-bailout-package-must-include-meaningful-protections-for-working-people-and-guardrails-against-corporate-greed/ A portrait of disaster: https://www.epi.org/press/a-portrait-of-disaster-initial-ui-claims-jump-from-211000-to-6-6-million-in-three-weeks/ Policymakers twice missed the chance to avert widespread job loss, now they should act to avoid more layoffs: https://www.epi.org/blog/policymakers-twice-missed-the-chance-to-avert-widespread-job-loss-now-they-should-act-to-avoid-more-layoffs/ Congress “CARES” for wealthy with COVID-19 tax policy provisions: https://itep.org/congress-cares-for-wealthy-with-covid-19-tax-policy-provisions/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer
  • 41 minutes
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