If a stimulus deal falls through, plunging stock prices just may break the GOP’s resolve
To sell or not to sell? Photo: Johannes Eisele/AFP via Getty Images There are lots of reasons why the U.S. stock market has thrived even as the unemployment rate has hit post-Depression highs. But one is that unemployment has had a different meaning in this country over the past four months than it has had at all previous times.
But last week, Congress allowed enhanced unemployment benefits to expire for 30 million Americans. Meanwhile, job growth has slowed, as persistent outbreaks continue to hobble many regional economies. Nevertheless, the market rally has persisted, with stocks rising for five consecutive days. It’s important to be clear about the nature of this deadlock: House Democrats passed a $3.4 trillion bill in May; Republicans refused to enter negotiations over that legislation until unemployment benefits were about to expire. Even then, the Senate GOP proved incapable of reaching a consensus, as roughly 20 of its members believe there is no need for further relief funding of any kind.
But there is one snag in Pelosi’s sweater-vest: The Democratic Party has a degree of ideological and coalitional investment in mitigating the suffering of working people, and the Republican Party does not. Thus, the GOP seems to believe that once America’s unemployed miss another paycheck, Democrats will blink.
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