On Thursday, the Labor Department announced the economy had added 4.8 million jobs, which in turn led to unemployment falling to 11.1%. According to many, that is a sign the economy is healing from the woes of the coronavirus shutdown. However, House Speaker Nancy Pelosi (D-CA) insists that it is not enough.
During an interview with MSNBC’s Stephanie Ruhle on Thursday, Pelosi suggested a “proper perspective” was due on economic matters and declared the economy needed “more stimulus.”
“First of all, let’s give the whole report, what we also saw this is the 15th straight weeks where we have seen over 1 million people apply for unemployment benefits,” she said. “This report is a report of the first part of June where the economy was opening up, unfortunately, not successfully. And I think when we see the whole month of June, sadly, it will show a different figure. We’re all for great news when there’s a good jobs report, but let’s see it in its proper perspective. There is no question that we need more stimulus. Just don’t take it from me, take it from the chairman of the Fed, take it from even the Secretary of the Treasury. In terms of the Fed, if we don’t invest in terms of opening up the economy by testing, tracing, treatment.”
“If we don’t honor our heroes by putting resources into states and localities, if we don’t do the direct payment — put money in the pockets of the American people, direct payments as well as unemployment and insurance we’re going to be in a worse economic situation,” Pelosi continued. “And by the way, the unemployment rate now is the worst, worst than any time since World War II. This whole period has been terrible, and this level is still worse than any time since World War II.”
“We have to open the economy, but it’s related health,” she added. “And again he calls the coronavirus a ‘hoax,’ it’s going to disappear, it’s going to be a magical miracle or something. As I say, this virus is efficient. This president is not.”
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Author: Jeff Poor