Stimulus Bill is a Step in the Right Direction

The+COVID-19+outbreak+has+contributed+to+significant+economic+problems.+%28Courtesy+of+Twitter%29

The COVID-19 outbreak has contributed to significant economic problems. (Courtesy of Twitter)

Only a few weeks have passed, yet it feels as if the days of normalcy in America were months ago. Tragically, lives are being lost across the globe as the world endeavors to come to terms with the bleak new reality that stands before us. The number of confirmed cases of COVID-19 is rapidly growing, coupled with the increasing wave of closures of schools and small businesses.

As it currently stands, the leaders of our nation are grappling to answer how to successfully fight the war on this virus. However, another plausible question to pose would be how quickly can they come to a consensus on that answer before the American economy implodes.

Racing to find answers to these pressing questions, President Donald Trump seems to have found less of an answer and more of a placeholder with his newly unveiled “Coronavirus Stimulus Bill.” The bill functions as a $2 trillion relief plan for workers and American families who have been laid off due to the virus.

The plan is intended to give financial assistance to Americans who have found themselves unable to pay their bills or provide adequately for their families during the outbreak. The bill will also aid in bolstering the economy to ensure that it does not enter a state of disrepair as the pandemic continues. Sources from Business Insider state, “It will inject a flood of cash into the economy and make it available for businesses grappling with the fallout, as well as bolster the safety net for average Americans.”

This may be a temporary plan, but in a grim economic future, it is rather solid and shows that our president is willing to work in the interests of the nation to help lead the country out of this crisis.

That being said, as a couple of trillion dollars is not going to be enough to revive an economy on the brink of collapsing. America’s economy survives on the labor of the nation’s workers, small businesses and larger enterprises, not government handouts. Money may make the economy fluctuate, but it is not what will be the solution, and it can be a dangerous precedent to set for America’s future should we ever find ourselves in crisis again. Although well-intentioned and an adequate plan temporarily, more discussion should be held concerning future contingency plans for such situations.

Many Democrats, including House Speaker Nancy Pelosi, are taking direct issue with the proposals of the bill. Sources from MSNBC News state, “Democrats said that they were dissatisfied with worker protections in the bill, which was written by Republicans, and that the rules on corporate bailouts are too lax.”

It is no secret from these sentiments that there is disunity between the Democratic and Republican Parties regarding the stimulus bill. However, now is not the appropriate time to fight partisan battles. Indeed the stimulus package will not solve all of the problems facing America as a result of COVID-19, but it is a step in the right direction. 

If a coherent and cohesive plan is not implemented through bipartisanship, our economy may continue t9 plummet. In fact, it appears as if the U.S. has already shut down its economy, with a myriad of small businesses in a state of dormancy ranging from restaurants, cinemas, shopping malls, bars and many others.

With such closures, it is a sobering inevitability that many workers are finding themselves without jobs to provide for themselves and their families which are dependent on them. With more than 3 million workers essentially forced to file for unemployment, reclaiming economic stability in the country seems more uncertain now than it has in past decades.

However, not all hope is lost as it relates to reviving the economy and rejuvenating the private businesses which constitute a substantial bulk of the American economy. Such a recovery process will be far from simplistic, though, as said process will be laborious and even arduous as America will find its debt to be significantly more exorbitant as a result of the COVID-19 pandemic.

To corroborate this point, The New York Times states, “Just as there is a public health strategy driving the government orders closing businesses and limiting daily activity outside the home, there is also an economic strategy for putting large parts of the economy on ice. It requires aggressive action by the federal government, funded by what would be the most expansive borrowing the country has seen since World War II.” 

What makes it the beautiful nation it is today is that in times of crisis America may stumble but never falters and continues to stand indiscriminate of the challenges that may arise. However, in a nation that has always been plagued by a political division between both the Democratic and Republican Parties, now is the time to be receptive to one another. If political differences will not tear apart the fabric of America, COVID-19 will. 

 

Noah Osborne, FCRH ’23, is a journalism major from Harlem, N.Y.