NY Times: Economic Disaster is Few Days Away

According to the journalist, the country is on the verge of an economic disaster. About 22 million people in the United States are out of work due to the pandemic. The “lifeline” for many citizens was the state support provided by the authorities during the epidemic.

At the same time, the author of the publication noted that unemployment insurance in the country is a weak protection, since the loss of workers is not covered. In most cases, those who are laid off will only be able to receive a small part of their previous salary. At the same time, he notes that, developed and adopted by a bipartisan majority, the CARES Act – providing emergency assistance to the economy in the amount of a record $2.2 trillion – still helped to alleviate the economic consequences of the pandemic. However, Krugman points out that both in the development and implementation of the bill, there were significant shortcomings.

Note that against the background of the pandemic, Europeans were disappointed in the United States as a world leader. They lost confidence in the country, watching how Donald Trump handles the crisis.