July 30, 2020

Senator Hassan Statement on GDP Numbers that Show U.S. Economy Shrinking at Historic Rate

WASHINGTON – U.S. Senator Maggie Hassan released a statement following newly released economic estimates showing that U.S. Gross Domestic Product (GDP) shrank at an annualized rate of 32.9 percent last quarter, marking the worst quarterly decline in modern U.S. history. The Department of Labor also announced this morning that 1.43 million workers filed new unemployment claims last week. 

 

“As we face the worst quarterly economic decline in our country’s recorded history, Senator Mitch McConnell has put forward a completely inadequate relief bill that comes two months too late and will do little to address the country’s economic crisis or help families who are struggling to put food on the table. The American people cannot wait any longer for additional relief. Senate Republicans need to come to the table and engage in real negotiations on a comprehensive bill that meets the needs of Granite Staters and all Americans,” said Senator Hassan.

 

The Republican proposal – which comes months after Senator McConnell refused to work with Democrats to pass an additional bipartisan COVID-19 response bill – puts corporate special interests first while failing to meet the needs of Granite Staters and all Americans. Among other things, the Republican proposal does not include any specific funding to support nursing homes and state and local governments. The proposal also fails to provide enough relief to support individuals who are out of work because of the pandemic and includes only a fraction of the money that schools need for the fall.

 

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