Good Jobs First Blog

It was only a few days ago that the Centers for Medicare and Medicaid Services announced that nursing homes will be required to notify residents and their families when coronavirus cases have been discovered in a facility.

The global COVID-19 pandemic has created an associated economic crisis as many businesses have been forced to close because of lack of demand (travel, for example) or social distancing (too many to list). With predictions of a possible 32% unemployment rate in the United States, how does the response to the economic crisis here compare with those of other countries?

Like everything else, economic development is adapting to a new reality. Some states and localities are making special efforts to help small businesses to stay afloat, yet at the same time some of the worst giveaways to large companies are continuing as if the global public health emergency and the national financial crisis were not happening. 

With tax revenues plunging and healthcare costs soaring due to the coronavirus pandemic, some major corporations are volunteering to pay back the huge tax breaks and grants they’ve received as “economic development incentives.” They are also agreeing to forego future subsidies by canceling incentive deals. (Happy April Fool’s Day!)

The $500 billion business rescue provision of the coronavirus relief bill will be less of a slush fund than originally envisioned, thanks to the addition of some significant safeguards such as the creation of a special inspector general and a Congressional oversight commission.