Good morning folks! Did you have a good weekend? This is a newsletter so you can’t answer that but uh, we’re rootin’ for ya. Here’s what we got this morning:
Trump attempted to circumvent Congress on coronavirus relief by putting executive actions into place: however, there are questions on just how much of it is legal, effective, or sensible.
Major health insurance companies are raking in huge profits during the pandemic: further beating us over the head with the idea that maybe people’s health shouldn’t be a commodity.
The eviction crisis is still very much so a real problem that many people are concerned about: probably because a third of Americans are expected to miss their August payments entirely.
It’s Monday and you’ve got better things to do like loathe your professional life so let’s get to it.
TRUMPOCALYPSE
Trump Issued Controversial Executive Orders Focusing on Coronavirus Relief
On Saturday, Trump signed multiple executive actions. This was a day after coronavirus relief negotiations fell apart in Congress and the actions were meant to address many of the issues Congress was concerned about, including unemployment benefits and rent relief.
The Actions
One Trump order is intended to provide a $400 weekly expanded unemployment payments, with $300 covered by the federal government and the rest by state governments. However, the actual mechanism of this is unclear—it seems to be the case that he can only implement this by creating a program entirely from scratch that may “take months” to implement.
Another order would extend the moratorium on evictions in an attempt to address the eviction crisis, which we’ll cover more later.
Two other orders were signed as well. One would provide deferments for student loan payments and the other would create a payroll tax holiday for anyone who makes less than $100,000 annually.
Of course, Trump used the signing of these actions as an opportunity to blame Democrats for the stalemates, alluding to their desire to “increase voter fraud” (which really means fund the USPS) and give “stimulus checks for illegal aliens” (which seems like a human way to treat people).
The Responses
Largely, reactions could be described as “uncertain.” That is uncertainty about whether or not these actions are even legal, how they can possibly be implemented, and whether they target the right problems.
Regarding the expanded unemployment benefits, some are critical over the amount of $400 versus the $600 that was already in place, although this is more than what most Republicans were pushing for. However, anyone making less than $100/week in state unemployment benefits won’t qualify for the $300 benefit which disproportionately hurts poor people. Many are also uncertain of how long it will take to put that program in place. Lastly, some aren’t too excited about the prospect of states footing part of the bill when many of them are already hurting for cash, especially when Trump is only setting aside enough money to last about 5 weeks.
Republicans and Democrats alike weren’t too excited about the payroll tax holiday, which doesn’t help those who are facing unemployment.
Many issues are still addressed. Notably, no second round of stimulus checks, no money for the USPS or elections, no money for small businesses, no money for schools to reopen with, no money for testing or hospitals.
Bottom line: no matter what good comes from this, this haphazard attempt at sidestepping Congress is executive overreach. Also, not enough good is going to come from it! Our review is that this sucks.
INSURANCE
Health Insurance Companies Reporting Big Pandemic Profits
Health insurance companies are killing it. No, we’re not talking about how they lead to an immense amount of suffering in America every year, they’re just making a shit ton of money from the pandemic.
Big Insurance Bucks
Some of America’s titans of health insurance, like Anthem, UnitedHealth Group, and Humana, are reporting earnings that are double what they were this time last year.
Insurance profit caps are capped under Obama’s Affordable Care Act. That also comes with the requirement that any profits above the cap are returned to consumers in the form of rebates, though it’s unclear how and when those would need to be doled out since the law gives companies a three-year window to do so.
The Trump administration has advised these companies to speed up getting those rebates sent out while also reducing premiums during the pandemic to help their customers. It’s gross that people have to be customers of the health industry if you ask us!
This stands in stark contrast to smaller medical practices or rural hospitals, where regular checkups or elective surgeries have been postponed, leaving them struggling to pay their bills.
Bottom line: Pramila Jayapal had a great response to this, saying that “we’re looking at the fact that health care can’t be regulated by the marketplace.” This might open up some ability to pressure Biden further on healthcare though it’s unlikely he’ll cave and adopt Medicare for All.
EVICTIONS
The Eviction Crisis is Still Very Real
Evictions are coming. Well, they’re already here, really, but the point is that they’re going to keep coming even with the orders that Trump signed on Saturday.
It’s uh, very bad.
With one third of American renters expected to miss their August rent payment, we must wonder: how the fuck did we get here?
Part of this is certainly that there have long been housing issues in America. Talk to any leftist and they’ll likely be able to tell you a horror story about a landlord or two. In urban areas in particular, affordable housing has long been a crisis.
Like many of America’s woes, though, the housing crisis has only been exacerbated by the COVID-19 pandemic.
With millions unemployed or just underemployed, all of the struggles of small businesses, and the general sense of dread regarding the economy, it shouldn’t come as a surprise that people are having a hard time paying rent. This is especially true when there has now been a lapse in extended unemployment benefits which will hit low income folks especially hard. Even a few weeks of reduced payments could pop a hole in the life raft created by Congress earlier this year.
On its surface, it may seem like Trump’s executive order to minimize evictions and foreclosures would be a good way to address this. However, in reality, it doesn’t actually reinstate the federal eviction moratorium that just expired or create funds for rental assistance.
Instead, the Treasury Department and Department of Housing and Urban Development should identify federal funds to provide temporary assistance to both renters and homeowners. Who is to say when that will happen or how effective it will be? Who knows!
Bottom line: well this is just very incredibly distressing isn’t it. Fuck. fuck. fuck!
BREADCRUMBS
Where the News Gets “Fun!”
“N.Y.P.D. Besieges a Protest Leader as He Broadcasts Live.” They showed up with dogs and a police helicopter which, if it seems excessive, it’s because that’s the whole point.
“How Mike Pompeo Built a Blood-for-Oil Pipeline.” It’s amazing how if you keep doing, the worst people somehow manage to always be even more horrible than you’d imagined.
“Over 300 DNC delegates, members urge Biden to pick Bass for VP.” Karen Bass is the new unity VP pick, don’tcha know?
“One Tweet Tried to Identify a Cop - Then Five People Were Charged With Felony Harassment.” We’re gonna broken record it up a bit here and say: if it seems excessive, it’s because that’s the whole point.
END OF THE LINE...
That’s it for today.
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Have a good one,
The Bread Line
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