The surprising news that the unemployment rate went down in May has shifted the economic policy conversation in Washington overnight, in some cases away from talk of massive additional spending to jumpstart growth
— Our Nancy Cook: “President Donald Trump and his team are heralding a summer of economic recovery — a dramatic turnaround that will become the centerpiece of his pitch to voters, casting aside attention on nationwide protests and the coronavirus pandemic. Many fellow Republicans — and Democrats burned by hopeful economic messaging a decade ago — view the coming months with far greater caution, warning about a chest-thumping declaration of victory.
“The bill would give businesses more leeway on how they spend funds through the so-called Paycheck Protection Program, which Congress created in March to fight mass layoffs during the Covid-19 outbreak. The program offers low-interest loans that can be forgiven if businesses agree to maintain their payrolls — an incentive that led to the issuance of 4.5 million loans totaling more than $510 billion.
“The fund management executive, whose investment company oversees £305bn in client assets, said many businesses would need an injection of capital to offset the high levels of debt they had accumulated during the crisis, which has left whole industries unable to operate.”— WSJ’s Jason Zweig: “The gap between Wall Street and Main Street has never seemed wider — but much of it is an illusion.
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