"Our economy can survive wealthy investors losing a fraction of their net worth. It cannot survive 30% of Americans going without any form of income for months"
Washington, DC – Today, as Congress remains split on what provisions to include in a coronavirus-related economic stimulus package, with Democrats blocking a Republican bill this afternoon, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., released the following statement:
"The only kind of economic relief bill that makes any sense at all is one that focuses on bailing out workers, not shareholders. Our economy can survive wealthy investors losing a fraction of their net worth. It cannot survive 30% of Americans going without any form of income for months.
We're facing an economic downturn of potentially apocalyptic proportions - we don't have time for the Trump administration and Senate Republicans to pretend that their trickle-down corporate wellfare package is the answer. Every single dollar of relief needs to be spent with the intention of helping the American people, and every single dollar of corporate relief needs to be tied directly to supporting workers, not investors.
There is no risk of spending too much on the American people. Bailing out American workers will save our economy. Throwing them crumbs while spending hundreds of billions of dollars to protect the investments of millionaires like me is insanity. Even wealthy investors must realize that in the long run, protecting the fundamentals of our economy is better for them than propping up their investments for another few months."For further comments or questions, please contact Sam Quigley at firstname.lastname@example.org.
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