July, 30 2020, 12:00am EDT
Patriotic Millionaires Chair: We're All in Big Trouble Without Substantial Government Spending
"What do they expect is going to happen when their inaction causes tens of millions of people to fall into poverty and be evicted from their homes?"
WASHINGTON
This morning, the US Bureau of Economic Analysis released its report on second quarter 2020 US GDP, revealing a 32.9% annualized drop. In response to these appalling numbers, Morris Pearl, former managing director at Blackrock, Inc. and Chair of the Patriotic Millionaires, issued the following statement:
"This morning, the US Bureau of Economic Analysis revealed that the American economy had its worst drop in recorded history last quarter. That means the total amount of spending in the US economy has gone down by over $2,000,000,000,000. We're standing on the edge of an existential crisis, and Republicans in Congress and the White House are still refusing to treat the state of our economy seriously.
Mitch McConnell and Donald Trump need to open their eyes and recognize that the playbook they've used over the last four years isn't good enough anymore. Tens of millions of Americans are about to lose the only lifeline keeping them afloat, expanded unemployment benefits, and millions more are at risk of being evicted from their homes in the next few months.
If McConnell and Trump don't step up and agree to much more substantial government spending centered around supporting normal Americans, not just the rich and powerful, we are all in big trouble. What do they expect is going to happen when their inaction causes tens of millions of people to fall into poverty and be evicted from their homes? I don't want to find out the hard way, so we need our government to do more, right now."
The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country's political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three "first" principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.
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