On today's BradCast: More economic fallout and Administration failure amid the coronavirus crisis, but some good news for Texas voters...at least for now. [Audio link to show is posted below.]
Devastating and unprecedented economic numbers continue to pour out from D.C. today, with new unemployment claims last week topping 5.2 million. That totals nearly 22 million new jobless claims over the past month, once again blowing away --- for the fourth week running --- the pre-COVID weekly jobless claims record of 695,000 in 1992. Economists now believe the U.S. unemployment rate is about 15%, rivaling numbers from the Great Depression.
At the same time, several of the federal programs run by the Executive Branch meant to provide relief to individuals and small businesses amid the pandemic, are failing or have collapsed entirely. For example, the $350 billion appropriated to forgivable small business loans in the Paycheck Protection Program (PPP) included as part of the CARES Act is now completely gone, according to the U.S. Small Business Administration. Millions who applied for loans and grants under PPP have been shut out entirely.
Separately, while some have received their promised $1,200 individual payments also allocated by the Act, there are reports today that $500 payments included for dependent children have not been included for many, even as many more still wait for their payments entirely. (Some of which are likely delayed thanks to Donald Trump insisting his name be added to the paper checks being mailed out.)
"What you'll see if this continues for months and months, and people are still inside, are just closures of businesses," today's returning guest DAVID DAYEN, Executive Editor of The American Prospect and author of its daily, indispensable "Unsanitized" report tells me . "Right now, businesses are shuttered, they're looking for this CARES Act, the PPP loans. They're trying to figure out a way to stay alive, they'll just close if it's months before they can open."
He cites potential closures of as many as 60% of businesses in the retail sector and 70% in the restaurant sector who may soon be forced to simply shut down entirely. "That is absolute economic devastation. That's not something that you can easily come back from when you throw open the doors. If people can't stay in business right now, they're not going to be able to go back into business when everything opens."
But that is unlikely to happen on the schedule the President is pretending it will, says Dayen. "You can say 'we're going to re-open the economy', but a large segment of the American people aren't going to willingly go like lambs to the slaughter back to a restaurant if they expect that there is an outbreak that the government doesn't have a handle on. You see business executives saying to Trump, 'You can't do anything with this until you get massive testing in place.' And we just don't have that right now. So the economic pain and the public health hazard will continue until such time as we get our act together. That time has not yet been upon us."
All of this, of course, is even worse than it has to be, thanks to this disastrous Administration. A number of Dayen's recent scoops from his daily column at The Prospect have recently been picked up by the corporate media, including the New York Times Editorial Board which last night cited his coverage of a recording he obtained between Treasury Department officials and bank executives. The recording reveals the Trump Administration gave a green light to banks to withhold the money from those $1,200 payments sent to their customers who had unpaid fees and debts. That, despite the fact that Congress allowed Treasury to draft regulations to prevent the banks from stealing those emergency payments from customers.
Dayen further reports today that USAA, a bank which services many American veterans, has been stealing those funds from disabled vets and their families. Thanks to Dayen's reporting, however, the company has now announced they will reverse the practice.
In yet another scoop from Dayen's "Unsanitized" today, a new report from a number of non-governmental organizations suggests that the U.S. Chamber of Commerce --- the nation's largest, richest and most powerful lobbying organization, which spends hundreds of millions of dollars to elect Republicans across the country --- has been urging the White House against invoking the Defense Production Act to force the production of Personal Protective Equipment (PPE) such as much-needed N95 masks to guard against the coronavirus pandemic. Why would they do that? Well, as Dayen explains, many of the companies who might be forced to comply with the Act to manufacture highly sought after protective gear and ventilators, etc. have top executive who sit on the Chamber's Board of Directors. That may very well answer the mystery of why the Trump Administration has been so hesitant to invoke the Korean War-era statute to help fight the alarming spread of COVID-19.
Next, we return to the growing fight over how Americans will be allowed to vote during the pandemic, with some Republicans taking extraordinary measures to prevent voters from being able to vote by absentee ballot this year, despite the dangers now presented by in-person voting amid stay-at-home orders across the country. In Texas, the Attorney General is attempting to block Lone Star State voters from requesting absentee ballots based on their fear of contracting coronavirus at the polls. The AG recently declared [PDF] that such concerns do not meet the state's statutory requirement that a voter must have a "physical condition" that constitutes a "disability" in order to apply for an absentee ballot. Moreover, the AG's office declared that third parties who recommend voters take advantage of that option, without an actual physical disability that prevents them from going to the polls, could be held criminally liable for doing so.
Thankfully, a state District Court judge on Wednesday, in a suit filed by the Texas Democratic Party with a number of voting rights groups, ruled that all Texas voters may legally apply for mail-in ballots due to social distancing restrictions and the risk of contracting the virus. At least for now. That good news is tempered by the fact that the Republican Attorney General has made clear that the case is likely to be appealed to a higher state court. That, ironically enough, as the TX AG who is still facing his own felony indictments on securities fraud, declared after the judge's ruling that "The integrity of our democratic election process must be maintained, and law established by our legislature must be followed consistently."
The legal fight in Texas, however, clearly illustrates the battle lines now being drawn between Democrats and voting rights advocates hoping to make it easier for Americans to vote amid a pandemic in this year's critical elections and Republicans who are attempting to suppress as many voters as they can --- even if it means forcing their own voters to choose between risking their lives or losing their right to vote.
Finally, we're joined by Desi Doyen with our latest Green News Report, with some more good news out of now "blue" Virginia, some more disturbing news from the Trump EPA (which is also happy to allow Americans to die unnecessarily), some good global news regarding renewable energy, and a look back at the BP Gulf Oil Spill ten years ago this week, where the damage persists even a full decade after the nation's worst fossil-fuel disaster...
Download MP3 or listen to complete show online below...
(Snail mail support to "Brad Friedman, 7095 Hollywood Blvd., #594 Los Angeles, CA 90028" always welcome too!)