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Thursday, July 7, 2022

Coronavirus Stimulus is being used to ‘Enrich Corporate Executives’ while Workers are being ignored.

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Union Leaders who support millions of members are very concerned over the fact that the CARES Act does not provide enough support to the workers across the US who are suffering from the COVID-19 pandemic and economic fallout.

The Union Leaders warn that the Trump administration is ignoring the working class and instead using trillions of dollars of taxpayer money to further enrich already wealthy corporate executives.

Letters sent to Democratic Leaders from Union Representatives state that as “funds are beginning to flow to various employers and corporate entities, we are troubled that important worker protections are not being required of recipients. Specifically, we are alarmed that the Federal Reserve’s lending facility for large businesses does not require those companies to maintain workers on payroll, while the program for mid-sized businesses fails to include anti-outsourcing provisions or any provisions protecting workers’ right to organize. This means that, rather than protect good, family-supporting jobs as you intended, the funds can be used to enrich corporate executives and shareholders without regard for workers.”

“Ensuring that workers keep their jobs and the economic certainty those jobs provide is critical to blunting the impact of the economic fallout from this pandemic on the overall U.S. economy. That is exactly why we were happy to see that one of the provisions of the CARES Act required that most employers receiving taxpayer funds would be required to keep 90% of their employees on payroll. Unfortunately, the Trump Administration and the Federal Reserve effectively waived any requirement to maintain workforces at companies receiving aide. The Treasury Department, meanwhile, has failed to follow guidance under the CARES Act protections for airline payrolls, potentially risking good jobs in those sectors, as well.”

“Given the extraordinary nature of the support that the federal government is providing for the private sector through the CARES Act, the intent of the CARES Act to protect good jobs as a condition of receiving aid were a completely reasonable effort to ensure that taxpayers money is used well. We have been highly disappointed that the Trump Administration has, once again, shown complete disregard for the well-being of working families and failed to implement any requirements that would benefit workers.”

The Union Leaders are urging congress representatives to take the necessary steps to protect the working class and ensure that any future legislation responding to the pandemic and the economic fallout includes not only robust worker protection provisions, but that those provisions are binding and enforceable on recipients of federal taxpayer assistance.

Sources: Here

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