While the stock market has nearly recovered to its pre-coronavirus levels (even with recent drops), more than 44 million people remain unemployed. The pandemic has hit those making the least the hardest: 40 percent of those making less than $40,000 have lost their jobs.
Despite this, Senate Majority Leader Mitch McConnell (R-Kentucky) has indicated he’d like to wait and see how the actions taken so far turn out before acting again. The markets have been responding strongly to the actions of Federal Reserve Chair Jerome Powell, who made it clear at the end of March that the Fed was prepared to do whatever it takes to rescue the economy. But no politicians go on TV and say they will do whatever it takes to make sure no one goes hungry or bankrupt during (or after) the pandemic. In fact, it seems that the only thing that may drive McConnell to pass another coronavirus package is another market crash.