The Bailouts Weren't For You

The COVID-19 pandemic has wreaked untold turmoil on our society and our economy. GDP has crashed 4.8 percent, and the official unemployment rate stands at 14.7 percent. However, these numbers underestimate the country’s problems, as the more holistic U-6 unemployment rate—which includes people who have given up looking for work and those forced into part-time labor—stands at 22.8 percent. In addition, these unemployment figures are from mid-April and do not count the millions who lost their jobs in the second half of April and all of May. Given the catastrophic economic conditions, it seems reasonable to expect a strong government response to help the American people.