- Read more ongoing coverage of state and federal policy responses to the COVID-19 pandemic.
- Read more ongoing coverage of the economic impact of the COVID-19 pandemic
There’s a lot to digest in the $2 trillion rescue package Congress just passed. The wide-ranging bill contains some vitally needed aid in this moment of crisis, some dubious handouts to multinational corporations, and some provisions that could be helpful or irresponsible depending on how they are implemented. With all that remains uncertain, there are, however, some things we know already.
The COVID-19 pandemic has achieved the recently unthinkable, forcing bipartisan compromise and cooperation. The America CARES Act evolved rapidly over the past several days as Democrats and Republicans in Congress negotiated over both substance and scope. A Congress often girdled by rancor managed to overcome partisan disagreements and deliver needed tonic to a nation in distress. We’ve become unused to seeing our most powerful institutions respond to the pressing needs of the day, so take some solace in this moment that Congress stepped up to the plate.
For a bipartisan response to be most effective will require swift implementation of the America CARES Act and recognition that there are still gaps in relief and emerging issues that will require further response to fully address the country’s pressing needs.
Among the implementation considerations will be the speed with which cash gets into the pockets of people who need it the most and how we provide relief to impacted people who are not provided adequate relief in this bill, as well as whether corporate executives use it to enrich themselves and their wealthy shareholders.
Moreover, while many important provisions were included like unemployment insurance enhancements and small business supports, some issues like paid sick leave and much-needed health care supply shortages were not addressed. Finally, some of the provisions like aid to state and local governments were valuable, but they will likely not address the full impact of the pandemic. Read more