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Coronavirus harming our economic health – but government programs can help businesses survive

The Honorable Newt Gingrich
 

By Newt Gingrich (original source Fox News)

“The coronavirus has effectively shut down the American economy. As the federal government advises social distancing and governors across the country implement stay-at-home orders to mitigate the virus, Americans are not going out to spend money.

In this environment, many businesses are struggling to survive, forced to lay off workers. Indeed, the economy shed 701,000 jobs in March, and the unemployment rate rose from 3.5 percent the prior month to 4.4 percent, according to the latest jobs report. The situation is going to get worse in the coming weeks before it gets better.

President Trump signed the CARES Act into law to provide economic relief to individuals and businesses facing hardships, even economic ruin, because of this pandemic. The massive stimulus package, with a price tag of $2.2 trillion, is necessary to address an unprecedented situation.”

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