Amid rising unemployment figures due to the Corona epidemic in the US, President Donald Trump has said that the government is not in a hurry for another financial relief package. The US Department of Labor says that the unemployment rate in the country is at the highest level since the Great Depression. Democratic Senator Chuck Schumer recently said that a package is needed to deal with the current economic and health crisis. He named it a Rooseveltian style package.
The IMF and World Bank have predicted the US economic growth to fall below zero. At the same time, White House officials say that the growth rate in the second quarter may go down to 15 to 20 percent. Speaking to reporters, Trump has also spoken about considering the proposal of Democratic leaders. The proposal of the Democrat leaders may talk about a package of one trillion dollars. Many states and cities are demanding such packages to save jobs.
The package being prepared by House Speaker Nancy Pelosi is the fifth package from Congress in recent weeks. It has demanded a package of $ 500 billion from the Governors and $ 300 billion from the cities and counties. Finance Minister Steven Newchin said, “The president’s view is clear that we will help the states, but are not going to provide packages for the financial needs of the states.” White House Press Secretary Kelly McKenney said, I think there is a need to move forward and we are waiting for the Phase-4 package. The President also thinks the same, so the matter is going on. ‘
Meanwhile, unemployment in America has reached its peak. More than 3.3 million Americans lost their jobs in two months. The unemployment rate reached 14.7 percent in April. Unemployment figures have been collected since 1948 and it is the highest rate of unemployment since then. Things are looking worse with the Great Depression. Considering the current situation, the US government is preparing to ban various work-based visas, including H-1B visas. The H-1B is a nonimmigrant visa through which US companies hire foreigners in certain areas. Citizens of India and China are major beneficiaries of this visa.