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Stanford Economics Professor Nicholas Bloom says it's time to act fast, "The economic situation is truly awful. It's truly horrible. So, one is the unemployment rate is at all-time high. We haven't seen unemployment rates this bad since the Great Depression."
The current unemployment aid of $600 a week runs out at the end of the week. The new proposal calls for giving workers 70% of pre-pandemic wages.
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"Democrats want to spend on it, Republicans want to spend some of it but they don't want to go up to $600 because they're nervous about increasing the debt. They are also worried that it's so much money that it's going to deter people from going back to work," said Professor Bloom.
Speaker of the House, Nancy Pelosi saying the reason why they had $600 dollars was for "simplicity." During an interview on CBS' Face the Nation on Sunday, Speaker Pelosi added, "That delay is causing suffering for American families. We've been ready for two months and 10 days."
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San Francisco Beauty salon owner, Tracy Stanwick, says she welcomes the new relief package but wants to get back to work.
"We don't want a stimulus package, we don't want unemployment. We just want to open our doors and welcome our clients," said Stanwick, owner of Salon Belle De Soir.
For the last 4 months, she's been doing her best to survive, but her PPP loan is running out.
"We need the city to step up and the state to step up and make a decision about what they are going to do with the beauty industry," said Stanwick.
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When speaking about the timeline of how long the U.S. can afford to give out financial aid. Professor Bloom projected, "Americans can keep printing and they can kind of do that for a very long time. So, in the short run we're fine. The big problem I think is if we get hit by another pandemic five to 10 years from now. We already have a lot of debt."
On Monday, the Senate is expected to unveil the new stimulus package.