Saturday, April 18, 2020

Economic Security (CARES) Act


On march 27th, President Trump signed the Economic Security (CARES) Act, following the increase of unemployment rates as well as worries people had into the Covid19 pandemic, which would benefit individuals and small businesses by giving a certain amount of money based on their need. Families and small businesses receive these benefits if they meet the eligibility requirements. The President signed the CARES Act into law to prevent any more economic downturn while also claiming it is the biggest economic relief package in American history that will keep businesses strong and ensure families are able to receive aid. In the article, 'shameful' $2 trillion coronavirus stimulus bill for bailing out corporations, Alexandria Ocasio Cortez "characterizes it [the CARES Act] as nothing more than a corporate giveaway that exacerbate American income and wealth inequality" and will "contribute to the largest income inequality gap in our future”. From what was described by Alexandria Ocasio Cortez, there are doubts to weather or not the Cares Act will benefit Americans in the long run or will feels more as a “corporate giveaway that would exacerbate American income and wealth inequality going forward”. From what I gathered the act should make sure that there is a balance between supporting families in need and businesses. What do you guys think?

Sources
https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html
https://www.independent.co.uk/news/world/americas/us-politics/coronavirus-stimulus-bill-aoc-ocasio-cortez-corporate-bailout-airlines-cruise-industry-a9430771.html

1 comment:

  1. I think the CARES Act is aimed at and will help the lower and middle classes, so I don't think will make the income inequality gap bigger.

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Adam W. Purinton

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