Mr. President, let me start by thanking my colleague from Delaware for outlining the urgency of the moment and reminding us that the United States is not an island; that we have to address these issues together. And I am pleased to see…
Mr. President, let me start by thanking my colleague from Delaware for outlining the urgency of the moment and reminding us that the United States is not an island; that we have to address these issues together. And I am pleased to see President Biden reasserting American global leadership on all sorts of fronts, including the healthcare front.
Mr. President, I come to the floor today to support the budget resolution that is before us. As our country together fights the COVID- 19 health crisis and the economic fallout, more than 450,000 of our fellow Americans have died of COVID-19--200,000 more than the country that has experienced the next highest death toll. It is an unacceptable toll of suffering, and the economic fallout is painful as well.
Main Street is struggling. We have seen thousands of small businesses shuttered. Our students are facing an ever-widening education gap. Families are contending with mounting bills and food insecurity. It is a crisis that has upended every part of American life and which has disproportionately harmed working families, communities of color, our children, and the elderly.
I am glad that this Congress has been able to come together on a bipartisan basis before to deliver important emergency relief, but now is not the time to pat ourselves on the back and say we are done and throw in the towel. We need to go big, and we need to do it before it is too late, so we can beat this virus, get help to those who are hardest hit, and put our economy on the road to recovery. We must pass a package that meets the moment, and that is what the Biden proposal does: beating the pandemic by accelerating the delivery of vaccines and testing, helping to get our students back into school as fast as possible, and do it safely, and get our economy moving again--an economy that continues to suffer the wounds of the pandemic that has killed jobs and ballooned unemployment.
Right now, we are seeing a K-shaped recovery, a tale of two economies. Some people are bouncing back just great, like a V shape, but many others are flatlined or actually going further and further under. At the very top, the wealthy are doing just great. The stock market had a good year in 2020. The S&P 500 went up 16 percent. But it is no secret that stock holdings are concentrated among the very elite and that almost half of all American households have no stock holdings at all, including in 401(K) or other retirement plans. So don't tell me that the country is doing well because the stock market is up because the stock market conceals the whole other economy.
Here is a little story that illustrates the point, which is that in Baltimore City, per capita income is roughly $54,000, but if last year Jeff Bezos moved to Baltimore City, the average per capita income would be $175,000. People struggling in Baltimore City would be no better off, but it would appear that way if you simply look at the averages.
So, as we look at these economic figures, let's remember that averages conceal the real hurt being experienced by so many people. In fact, over 18 million of our fellow Americans are relying on unemployment benefits right now to sustain themselves and their families, and that relief will begin to expire in mid-March if we don't act.
Four million Americans have been out of work and looking for a job for at least 6 months. The harsh reality is that the longer someone is unemployed, the harder it is for them to get a new job, and when they do, it is often at a much lower wage, and that lower pay then follows them for decades. That is the story of countless American families holding on today against the torrent of financial hardship.
So to those who claim ``Don't worry. This is all going to blow over. Let's just delay our efforts to provide urgently required relief'' or ``Let's provide less,'' I say let's look at the hard facts.
If you look at the projections that just came out from the nonpartisan Congressional Budget Office, they indicate that unemployment will remain above 4 percent until the year 2025 unless we do something different. That means that even after the last vaccine shot goes into the last arm, we may be caught in the wake of this economic down tow for years unless we act now.
So we shouldn't get complacent. We shouldn't look at those overall average numbers. We shouldn't look at the stock market. We should listen to the stories of people who are suffering, and if we don't act, they will be suffering for much longer than they have to. That is why it has been said that the risk is not that Congress might do too much but that we might do too little.
I remind my colleagues that we have been in this place before. Many of my colleagues on the Democratic side of the aisle have scar tissue from 2009. Remember, we were facing a financial meltdown that was taking the entire economy under, and here in the U.S. Senate at that time, then-President Obama was working to get a big economic relief package through. They had plenty of Democrats--at least 57 Democrats were on board; a majority of this body--but needed just some Republicans to join in this effort. Well, what happened was that the proposal, the bold proposal, got negotiated down and down and down and then barely squeaked by the U.S. Senate.
Even after all that long, bipartisan negotiating, in the House of Representatives, not a single Republican Congressperson voted for that bill. So we ended up with a divided Congress and an inadequate recovery bill, and our Republican colleagues spent the next many, many years complaining that the economic recovery after the downturn had taken too long. It was the longest and slowest economic recovery in history, when if we had been permitted to go big and bold, we could have changed that trajectory.
That is why Secretary of the Treasury Janet Yellen said that now we have to go all in. She said:
Neither the President-elect--
This was her earlier testimony--
nor I propose this relief package without an appreciation for
this country's debt burden. But right now, with interest
rates at historic lows, the smartest thing we can do is act
big. In the long run, I believe the benefits will far
outweigh the costs, especially if we care about helping
people who have been struggling for a very long time.
Even President Trump's former top economist, Kevin Hassett, supported that assessment and has said that if we don't act now, we could end up in a negative spiral for the economy.
The American public sees this very clearly. If you just look at recent polls, 70 percent of the American public is fully on board with President Biden's bold plan. That is reflected in a Quinnipiac poll that came out just today. The Navigator data said the same thing. The American public recognizes that we have to act big and we have to act now to make sure that we beat this pandemic and that we get our economy back on track just as soon as possible.
We all would like to have our Republican colleagues as partners in this effort. President Biden has made that very clear. But the overriding priority must be to meet the moment and take care of the needs of the American people. That is what the American people are telling us. I hope all of us will listen.
I yield the floor.
I suggest the absence of a quorum.