SPRINGFIELD, MA- Today, Ways and Means Committee Chairman Richard E. Neal (D-MA) released the following statement regarding news that the U.S. economy experienced its worst year in 2020 since 1946:
“As our economy suffered severely last year, so too did American workers, families, and businesses. The dual trauma of a deadly pandemic and widespread joblessness continues to plague the nation, with women and people of color taking the hardest hit. Until we eradicate the virus and restore safe working conditions, the economy cannot truly recover. Fortunately, in its very first week, the Biden Administration has begun taking aggressive, science-based action to address the public health emergency. But the president’s executive authority can only accomplish so much - Congress must pass additional, bold legislation to bolster our efforts against the pandemic and ensure people who are struggling can afford life’s necessities.
“A closer look at today’s analysis indicates that the relief programs swiftly established under the CARES Act likely prevented an even sharper, immediate decline in personal income last year, protecting the economy and putting it in a better position to recover once the pandemic subsides. It was when those benefits and aid began to expire in the fall that the danger for families and our economy grew again, with the concurrent resurgence of cases and hospitalizations exacerbating that economic risk.
“We must learn from the lessons of 2020 and pass additional, big relief legislation as soon as possible. Failing to act, or doing too little, will only set our economy, workers, and families up for greater hardship in both the near- and long-term future. The less we do now, the more we’ll pay for our inaction down the road. Ways and Means Democrats are hard at work preparing measures to get money in people’s pockets, extend unemployment assistance, combat child poverty, support families, and improve Americans’ access to affordable, quality health care. Fighting the pandemic and helping people in financial crisis are causes all members of Congress, Democrats and Republicans, can unite around."
