More than 65% of the nation’s small, rural hospitals took out loans from Medicare when the pandemic hit. Many now face repayment at a time when they are under great financial strain.
Economy
Mnuchin “I Unfortunately Think There’s Not Much More We Can Do”
The Treasury secretary indicated he didn’t see a need to use the remaining $259 billion after Congress authorized $454 billion in March.
U.S. GDP Drops by 32.9% Smashing Records
The Q2 2020 drop is almost four times as large as the largest drop during the Great Recession.
Senate Leaves Town as Unemployment Benefits Set to Expire
Millions of people whose employment has been disrupted by the coronavirus pandemic are set to lose the benefits, which in many cases have been a crucial lifeline.
Across the Country, Teachers Unions Lead Fight Against Opening Schools Prematurely
Florida’s largest teachers union filed a lawsuit against the state government this week. Rank and file in unions in LA and Chicago are also strongly against premature physical opening.
Dozens of Companies Pay Executive Bonuses Before Seeking Bankruptcy During Pandemic
1/3 of companies paid out bonuses within 1 month of filing, and two 2/3 paid out bonuses within 6 months of filing.
This practice evades a 2005 law which bans companies from paying executive bonuses while in bankruptcy.
Jeff Bezos Adds Record $13 Billion to Personal Net Worth in One Day
Amazon CEO Jeff Bezos smashed records on Monday adding $13 billion to his fortune in a single day.
Banks Made Over $10 Billion in Two Weeks Processing Gov. Coronavirus Loans
US Banks made a quick $10 billion processing the Small Business Administration’s Coronavirus relief loan program.
Banks made between 1%-5% in fees on each loan they processed for the program.
Survey: U.S. Ranked Worst for Workers Rights Among Major Economies
A new survey by the International Trade Union Confederation finds that the U.S. ranks at the bottom of the list for worker’s rights among developed economies.
Labor violations are also at a seven year high globally, the ITUC finds.
Only 1 in 4 Americans Think Capitalism is Good for Society
Just 25% of respondents think capitalism is good for society, a JUST Capital and Harris Poll has found.
The remaining 75% either say capitalism needs reform, or is irredeemable.
Economic Left 