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Skimm This

More To Come: What Experts Say Congress Should Focus On

Skimm This

theSkimm

News

4.53.6K Ratings

🗓️ 22 May 2020

⏱️ 25 minutes

🧾️ Download transcript

Summary

Back in March, Congress passed a historic $2 trillion stimulus bill that reached millions of Americans. You may have received a check in the mail or a boost in unemployment insurance. But researchers and economists are saying the money Congress spent so far may not be enough. We’ll break down what still needs work, and what experts say Congress should prioritize.  Also: you may have seen some headlines this week about some big stores going bankrupt. We’ll tell you why COVID-19 has pushed them into bankruptcy. And why it could impact what your next trip to the mall looks like.  And finally, you asked and we Skimm’d: how is COVID-19 more dangerous than the seasonal flu? We’ll tell you why experts say it’s not a fair comparison. Hint: even though the symptoms are similar, they’re caused by different viruses.  On this episode, you’ll hear from:  Dr. Jay Shambaugh, director of the Hamilton Project at the Brookings Institution and former member and chief economist of the White House Council of Economic Advisers Henrietta Treyz, founder, managing partner and the director of economic policy at Veda Partners  Dr. Gloria Gonzalez-Rivera, professor of economics at University of California-Riverside Nancy Rapoport, Garman Turner Gordon Professor of Law, William S. Boyd School of Law at the University of Nevada, Las Vegas Vince Tibone, retail sector head at Green Street Advisors  On next week’s episode, we’re devoting our entire show to the topic of unemployment. Have you recently been impacted? If so, we’d love to hear your story and perhaps include it on next week’s show. Call and leave us a voicemail at: 646-461-6370.  If you want to add theSkimm to your daily routine, sign-up for our free newsletter the Daily Skimm. It’s everything you need to know to start your day, right in your inbox. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Congressional leaders appear to have reached agreement on what is why father biggest stimulus

0:04.8

package in US history.

0:07.0

To the American people we say big help, quick help is on the way.

0:11.3

This will deliver urgently needed relief to our nation's families, workers and businesses.

0:16.9

At the end of March, in response to the COVID-19 pandemic, Congress passed the largest spending

0:21.9

package ever in the history of the United States.

0:25.4

And since then, Congress has pumped even more money into the economy in response to COVID

0:29.9

2019, for a total of nearly $2.8 trillion so far.

0:35.2

Maybe you saw some of that money in the form of a check from the IRS, or extra unemployment

0:40.4

insurance, or maybe your favorite restaurant was able to hire back its workers and reopen

0:45.5

for takeout.

0:48.8

But economists say that historic stimulus bill probably wasn't enough.

0:54.6

And this week the chairman of the Federal Reserve, Jerome Powell said Congress, may need to

0:58.7

dig out the checkbook again.

1:01.0

Here he was on CBS's 60 Minutes.

1:03.8

Congress has done a great deal and done it very quickly.

1:07.1

There is no precedent in post-war war two American history that's even close to what Congress

1:13.3

has done.

1:14.7

And the question is, will it be enough?

1:17.3

So today we're going to get into why experts say it wasn't enough and what they say needs

1:22.2

to happen next.

1:23.8

That's coming up on this week's Schimbis.

...

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