The Skunk: A newsletter from Civic Skunk Works

"Because conventional wisdom stinks"

ECONOMICS THAT WORK

The coronavirus pandemic has shown that the trickle-down theory of economic growth is a fabrication
Trickle-downers like President Trump and Treasury Secretary Steven Mnuchin will say and do anything to force the economy to rebound. But here's the dirty truth: While the stock market rallies, the real economy lags woefully behind. Read more from our own Paul Constant over at Business Insider on why CEOs and the wealthiest Americans are NOT the true job creators - and why economists believe working people will decide when the economy reopens.

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Austerity slows recovery
Lawmakers appear to be repeating the same mistakes that stunted recovery after the Great Recession of 2008. According to the Center for American Progress, states that cut spending in response to the 2008 recession fared worse economically than those that expanded spending. But instead of learning from those mistakes, states are slashing budgets from critical programs like education, transportation, and, unbelievably, unemployment benefits. Head over to Crooked to read Civic Ventures' Senior Vice President Jessyn Farrell's piece about why we can't afford austerity measures during our current crisis.

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THIS STINKS:

Coronavirus dictates when the economy will reopen
Across the country, state governments have allowed businesses to reopen - or never closed them in the first place. Reopening the economy has been a huge failure, which is why we need to take immediate, impactful, and inclusive action to help everyday people get through the lasting economic impact of the novel coronavirus.

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Stocks soar, unemployment rises
No other example illustrates the absurdity of trickle-down economics as the nearly 20 million people in this country losing their jobs at the same time as the stock market rises to near-record levels. We should start calling the stock market what it really is: a mood ring for the rich.

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THE PITCHFORKS ARE COMING

Inequality and the coronavirus
The coronavirus has dramatically exposed the deep economic divide in our country. Everyday people were laid off, furloughed, or forced to work in unsafe conditions, while the rich became $565 BILLION wealthier since the beginning of the crisis. It's clear that the burdens of this pandemic are not borne equally. Click here to listen to our podcast "Pitchfork Economics" to hear economists Heather Boushey and Michelle Holder explain how the coronavirus exacerbates the striking inequalities of our society.

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"The decisions that we as a country have made on how to run our economy, on who should be making decisions about what's good for people and our society, has not created the kind of resiliency that we need." -- Heather Boushey

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Trickle-Down Clown of the Month

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As a nation, we haven't even been able to come to terms yet with the horror of over 147,000 people dying in the middle of the pandemic, because the crisis is still unfolding and not yet mitigated. Without a doubt, it's an understatement to say that President Donald Trump has bungled the coronavirus crisis.

With 20 million people out of work, an economic downturn spiraling out of control thanks to the president's actions, and a national disaster looming without immediate Congressional action, the effects of the president's negligent leadership during this crisis should never be understated. While it's too early for Trickle-Down Clown of the Year, it's going to be hard for anyone to trump President Trump's disastrous leadership.

Trickle-down clown of the month: Donald Trump

Hey, while you're here: At Civic Action we're trying to buck the status quo and expand the middle class through activism and education. We're not afraid of making a little trouble, but we can't do it without your help. Will you pitch in to support our efforts? We promise to put every penny toward ending the neoliberal stranglehold on our economic and political system. Pitch in now:

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