Our economy is in crisis. Only one of the candidates realizes it.

[Zorro]

The American economy is in a desperate situation right now. It’s tempting to think that this is merely a temporary suspension of commerce, and once we turn the lights back on things will go back to normal.

This belief is understandable, but wrong. The economy is not simply frozen: Every day this crisis goes on it sustains long-term, even permanent damage. So we have to be very clear about what the two men running for president plan to do about it.

But before we get to President Trump and presumptive Democratic nominee Joe Biden, here’s some of what’s happening right now:

• At the end of this month, the enhanced unemployment insurance that provides unemployed workers with an extra $600 per week will expire, sending tens of millions of families from a position of stability into financial stress or outright crisis.

• According to a recent study, at least 5.4 million Americans have lost their health insurance during the pandemic and economic collapse.

• While the Paycheck Protection Program has helped many small businesses survive the crisis, it hasn’t been nearly enough. Tens of thousands of small businesses have already shut their doors permanently; by the time this recession is over, that number could be in the hundreds of thousands. The PPP is set to expire in August.

• We’re on the cusp of a housing cataclysm: As many as 23 million families, or one in five households that rent their home, could face eviction by this fall.

• State and local budgets continue their free fall, causing massive layoffs and cutbacks in services, while the Republican leadership in Congress refuses to provide the aid they need.

In the fantasy world Trump inhabits, the economy can simply be switched back on; convince everyone that things are fine and they’ll all return to work and boundless prosperity will ensue. But it’s now clear that the economy will likely take years to recover from the damage it has already sustained and continues to sustain.

https://www.washingtonpost.com/opinions/2020/07/14/our-economy-is-crisis-only-one-candidates-realizes-it/