Sanders and Schumer respond to CBO estimate pandemic may cost economy $16 trillion

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Sanders and Schumer respond to CBO estimate pandemic may cost economy $16 trillion

Mon, 06/01/2020 - 3:46pm -- tim

Vermont Business Magazine Senate Budget Committee Ranking Member Bernie Sanders (I-Vermont) and Senate Democratic Leader Chuck Schumer (D-NY) released the following statement on the Congressional Budget Office’s estimate today that U.S. GDP will lose nearly $16 trillion over the next 10 years due to the COVID-19 pandemic:

“Last week we learned that over 40 million Americans lost their jobs as a result of this horrific pandemic. Today, the CBO tells us that if current trends continue, we will see a jaw-dropping $16 trillion reduction in economic growth over the next decade. How can Senator McConnell look at these catastrophic economic numbers and believe there is no ‘urgency’ to protect America’s working families? At a time of massive wealth and income inequality, how can President Trump believe that what this country needs is another huge tax break for the top one percent? In order to avoid the risk of another Great Depression, the Senate must act with a fierce sense of urgency to make sure that everyone in America has the income they need to feed their families and put a roof over their heads. The American people cannot afford to wait another month for the Senate to pass legislation. They need our help now.”

Read the CBO estimate on long-term economic damage from COVID19 here.

Source: WASHINGTON, June 1 – Sanders