Most Republicans say the American Recovery Plan isnât necessary, that the economy is on its way back without additional intervention. They should read this report from the Associated Press: (emphasis by Wrongo)
âIn a stark sign of the economic inequality that has marked the pandemic recession and recovery, Americans as a whole are now earning the same amount in wages and salaries that they did before the virus struck â even with nearly 9 million fewer people working.â
AP says that Americans earned $9.66 trillion in wages and salaries in February 2020 but by April, that figure had shrunk by 10%. It recovered to $9.67 trillion in December, last year. Thatâs just wages and salaries; it doesnât include unemployment payments, Social Security, or other benefit payments.
Of the nearly 9 million jobs that have been eliminated by the pandemic, 40% have been in restaurants, bars, hotels, arts, and entertainment. Retailers have lost nearly 400,000 jobs while many low-paying jobs, such as nursing home attendants and home health care aides, have also been laid off.
Another reason why job losses have had zero impact on the nationâs total pay is that so many of the affected employees work part time. The average work week in the industry that includes hotels, restaurants and bars is less than 26 hours. The average for all industries is nearly 35 hours. The New York Fedâs research shows how concentrated the job losses have been. For people making less than $30,000 a year, employment fell by 14% as of December. For those earning more than $85,000, it has actually risen slightly.
The wage and salary data also help explain the big stock market gains, which have been led by companies whose products are being purchased by higher-income Americans, such as Apple iPads, Peloton bikes, or Amazonâs online shopping.
So clearly, the bottom 30% need help. Too bad Republicans canât see it. After not voting for the Recovery Plan, they introduced a bill to repeal the estate tax. If it passed, it would provide a $1.7 trillion tax break to millionaires and billionaires! On to cartoons.
Why they wouldnât vote for it:
Itâs no longer one America:
Still, some GOPâers are touting a stimulus they didnât vote for:
Itâs a question of priorities:
Birds of a feather:
How the story has changed:


