Center for American Progress

Economic Think Tanks’ Letter to Congressional Leaders on the COVID Rescue Package
In the News

Economic Think Tanks’ Letter to Congressional Leaders on the COVID Rescue Package

Leaders from six economic think tanks urge congressional leaders to provide robust economic support in the next relief package to help the country recover from the COVID-19 pandemic.

Authors

Dear Speaker Pelosi, Leader Schumer, Leader McConnell, and Leader McCarthy:

In the midst of our ongoing health and economic crises that have left millions unable to pay their bills, policymakers need to take bold action to bolster our economy, reduce hardship, and forge a path to an equitable recovery. President Biden’s $1.9 trillion American Rescue Plan – with its critical public health investments to beat COVID-19, its aid to help struggling families, and its assistance to states, localities, tribes, and territories – is an appropriate scale of new spending under current conditions.

Our nation continues to be battered by a vicious virus and the economic fallout from the pandemic. In December, some 27 million workers had lost their jobs or seen their hours and pay cut. The rise in long-term unemployment shows clearly that our economy remains very troubled. Black and Latinx people are disproportionately feeling the impact, with unemployment rates in December of 9.9 and 9.3 percent, respectively – well above the white unemployment rate of 6 percent, which is itself too high. In its January 26 monetary policy statement, the Federal Reserve noted the continued weakness in the economy saying, “The recovery in economic activity and employment has moderated in recent months with weakness concentrated in the sectors most adversely affected by the pandemic.”

To find the latest CAP resources on the coronavirus, visit our coronavirus resource page.

The above excerpt was originally published in Roosevelt Institute. Click here to view the full article.

The positions of American Progress, and our policy experts, are independent, and the findings and conclusions presented are those of American Progress alone. A full list of supporters is available here. American Progress would like to acknowledge the many generous supporters who make our work possible.

Authors

Rebecca Dixon

Thea Lee

Sharon Parrott

John Podesta

Founder and Chair of the Board of Directors

Felicia Wong