Schumer Statement On New Letter From More Than 100 Economists Including Former Fed Chairs Bernanke And Yellen Calling For Congress To Pass Additional Relief Package To Avoid ‘Prolonged Suffering’ And ‘Stunted Economic Growth’

June 16, 2020

Schumer: When Will Republicans In The Senate Finally Get The Message We Need To Act?”

Washington, D.C. – Senate Democratic Leader Chuck Schumer spoke on the Senate floor after receiving a new letter from more than 100 economist calling on Congress to pass an additional relief package to avoid “prolonged suffering.” Below are Senator Schumer’s remarks, which can also be viewed here:

“Today, Leader McConnell and I received a letter signed by over 100 economists and scholars, including two former chairs of the Federal Reserve, three former chairs of the Council of Economic Advisers, and two Nobel Laureates, urging Congress to pass another relief package “commensurate with the nearly $16 trillion” hole in our economy caused by COVID-19.

“‘At a minimum,’ they wrote, the bill should include ‘continued support for the unemployed, new assistance to states and localities, investments in programs that preserve the employer-employee relationship, and additional aid to stabilize demand.’

“Sounds a lot like the HEROES Act, which has already passed the House of Representatives, but once again, is sitting in Leader McConnell’s legislative graveyard.

“Economists from all walks of life are telling Senate Republicans to get up off the mat and do something to help the economy before it’s too late. Governors from both political parties are pleading for aid. Even the Chair of the Federal Reserve Jay Powell, appointed by President Trump, is sounding the alarm about the need for another emergency relief bill and warning about the permanent economic damage of inaction.

“When will Senate Republicans finally get the message? When will they understand that unless we do these things, the economy will decline in the future? That the millions who are unemployed, the millions whose businesses are in jeopardy, the millions who want to see schools open will not get what they need? We must act now. When will Republicans in the Senate finally get the message we need to act? 

###