President Trump's COVID-19 orders too little, too late to help U.S. economy, experts say
- U.S. President Donald Trump’s weekend attempt to sidestep stalled congressional negotiations over the next coronavirus aid package will do little to boost the economy, experts said.
Mark Zandi, the chief economist at Moody’s Analytics, calculated the orders could provide just over $400 billion in total relief. JPMorgan Chase economist Michael Feroli wrote in an email note on Monday that the initiatives could contribute “less than $100 billion” in stimulus. Millions of jobless Americans could be financially squeezed this month after the expiration of a $600 weekly supplement to unemployment benefits, the winding down of eviction moratoriums across the country and the end of the Paycheck Protection Program, which supported small businesses.
And the program would put more pressure on states - which have already seen their budgets strained during the crisis - by requiring them to pay 25% of the $400 supplement. The president asked the heads of Housing and Urban Development and the U.S. Treasury to look into ways to provide assistance to renters and homeowners and to research legal actions that could help to avoid evictions and foreclosures - rather than spelling out any concrete actions.
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