WASHINGTON -- Congress will move swiftly to aid American workers, a move aimed at averting coronavirus-related economic calamity, Sen. John Boozman said Tuesday.
"The effort is is to try and get money into people's hands as quickly as possible," the Republican from Rogers said.
The precise delivery method, has yet to be determined, he noted.
Inaction isn't an option, he said.
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"I think if the government did nothing, we would have massive business failure throughout our country. As a result of the massive business failure, then you'd have massive bank failures," he said.
The consequences, he said, would be felt around the globe.
The strain, already, has been substantial, he said.
The "complete business infrastructure of our country" is coping with an unprecedented challenge, he said. "Every segment of society right now is being affected."
"There are so many people now that are finding themselves either underemployed or unemployed, and as a result of that they have a liquidity problem . ... They can't pay their bills. They can't pay their rent," he said.
The list of economic casualties is already long. Small businesses, nonprofit groups and churches are all suffering, he said.
Even hospitals have been hammered, he said.
Non-elective surgeries have been canceled and frightened potential patients are already steering clear of the facilities, he said.
While the coronavirus' economic casualties are already apparent, the toll on the nation's health is still uncertain, he said.
"I think the next two or three weeks are critical," he said.
Boozman praised Gov. Asa Hutchinson for his leadership thus far and stressed the importance of preparing for what lies ahead.
"I think this is the biggest challenge, the biggest thing that's facing our country since I've been born and a lot's gone on during those years," the 69-year-old senator said. "This a societal thing that I think really requires us to think big and act big."
Congress will spend what it takes to address the crisis, Boozman said.
"Money's not the object the right now; it's what's the best policy," he said.
Earlier Tuesday,Sen. Tom Cotton, R-Ark., unveiled his own "Coronavirus Response Plan." It would authorize the U.S. Treasury Department to issue a $1,000 check to "every adult tax filer making less than $100,000 per year and $500 for each claimed dependent."
In addition, married couples filing jointly with less than $200,000 in combined income would receive a $2,000 check.
The plan would also expand unemployment insurance programs, as well as the Temporary Assistance for Needy Families program, and would expand low-interest loans for small business owners.
Boozman hasn't taken a stand on Cotton's plan or another proposal put forward by Sen. Mitt Romney, R-Utah.
"All kinds of people, Democrats, Republicans, even amongst themselves, have different ideas about how we should do that," he said. "I think in the next few days that we'll come together and have a plan that will provide some relief for the American worker."
Government intervention can lessen the economic shock caused by the the global pandemic, according to Mervin Jebaraj, director of the Center for Business and Economic Research at the University of Arkansas' Walton College of Business.
Inaction will have consequences, he said during a telephone interview Tuesday.
"We're probably already staring at a recession," Jebaraj said. "I think, if we don't step in, we're probably looking at a very long recession."
Sound fiscal decisions can prevent a U-shaped or V-shaped recession from becoming an L-shaped recession, he added.
While an economic stimulus package is necessary, there is little precedent for this type of intervention, he said.
Unlike past recessions, "we don't want people to go out and spend money," he noted.
Instead, we want them to stay home.
"I think previous strategies that are kind of tested and true don't really work in this situation," he added.
Rather than providing unemployment benefits to Americans who have already lost their jobs, Jebaraj prefers furlough benefits or underemployment benefits to tide people over until work can resume.
Such an arrangement would be good for workers, employers and the overall economy, because it would keep them on their company payrolls and make the post-shutdown transition easier.
Small businesses would also need help to avoid becoming coronavirus casualties, he said, suggesting no-interest government loans as one option.
Democratic Party of Arkansas Chairman Michael John Gray, said any stimulus plan must include provisions for hard-hit workers.
"I know we're looking at corporate issues and things like that, [but] we've got to pay attention to the hourly worker," he said.
Given the economic ripples, inaction isn't an option, he said.
"To do nothing would be dereliction of duty," he added.
In a written statement, Rep. French Hill portrayed Arkansans' health and welfare as as his "top concern," and said he has been consulting with Arkansans to determine "how the federal government can best assist them."
"The House votes have been overwhelmingly bipartisan and prompt, and I expect the same in the Senate as we look at what kind of stimulus and relief is needed for the economy and for individual citizens. It's important for Congress to get this right," the Republican from Little Rock said.
In a written statement, Rep. Steve Womack noted the fluidity of the situation and the uncertainty that lies ahead.
"As this situation evolves, so will our response. The House has acted to deliver initial relief, but health and economic challenges -- both apparent and unknown -- lie ahead," the Republican from Rogers said. "As we confront this public health threat, Congress and the Administration will continue working to deliver solutions to help American families, workers, and businesses navigate this situation on all levels."
A Section on 03/18/2020