ML-Implode News - The Economy Is Ruined. It Didn't Have to Be This Way.

the U.S. economic rescue package implicitly encourages layoffs and increases spending on the unemployed. Jobless benefits have been expanded, and many households will receive one-time payments of $1,200 per adult--plus $500 per child.
Strengthening our jobless benefit programs in this way was necessary to keep families from starving, given the inevitability of historic layoffs. But had the U.S. reacted swiftly and creatively to the prospect of a historic sudden-stop recession, this level of layoffs would not have been inevitable. We could have paid workers a living wage to stay with their companies. Instead, companies are firing workers en masse, and we're scrambling to pay them a living wage anyway.
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While it may be too late to reverse the millions of layoffs that have already happened, Congress still has a chance to stem the tide. This can start with building on to the emergency rescue package... The government can immediately strengthen this program ...

If Congress does not move quickly, more ghastly history-making awaits us. At the height of the Great Depression, in 1933, approximately 25 percent of Americans were out of work. In the past two weeks, 6 percent of Americans filed for jobless benefits. Today, we are dealing with a light-speed recession. But after two months of this, the word recession might not be sufficient.

This article was written even before another 6.6 million filed unemployment claims, and it became clear no rescue money would be forthcoming any time soon from the SBA, due to the catastrophic inability to implement the CARES Act program...

Relevant:

The Economy Is Ruined. It Didn't Have to Be This Way.