Win a trip to Cascais, Portugal!

Kick off the In These Times 47th anniversary celebration in style: Get your raffle tickets, for a chance to win a trip for two to Cascais, Portugal!

9 Statistics That Show What a Miserable Failure the CARES Act Is

Major bailouts went to big corporations, giving them lasting security, while the rest of us got a temporary Band-Aid.

Dayton Martindale

On March 26th, the Trump administration signed the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, into law—policymakers' first attempt at addressing essential needs during the pandemic. (The White House)

The latest issue of In These Times is a special, extra-length issue devoted entirely to the subject of socialism in America today. This special issue is available now. Order your copy today.

More than two months have passed since the initial $2 trillion coronavirus relief bill, the CARES Act, was signed into law, and the American people desperately need more. The $1,200 stimulus checks have no doubt been spent by those who have seen their other income run dry. Many who need it most, including the lowest earners and homeless, still haven’t received their checks.

The Paycheck Protection Program, meanwhile, ran out of funds within days, with many small businesses left in the lurch (more funding was authorized in April). These loans were only meant to cover eight weeks of payroll anyway, so even those businesses that obtained loans are now once more on their own.

By contrast, the money set aside for large corporations through the CARES Act, derided by many progressives as an unnecessary bailout, has the potential to cement economic inequality long-term, like the 2008 bank bailouts before them. As The American Prosepects David Dayen put it, the CARES Act treated the wealthy and connected to a permanent change in fortune, and provided everyone else with a temporary benefit.”

And while these loans include some conditions meant to protect employees, this hasn’t stopped airlines like Delta, JetBlue and United from cutting worker hours after accepting funds.

These nine numbers show how the CARES Act, from top to bottom, prioritized the comfort of the wealthy above the basic needs of the rest of us.

Win a trip for two to Cascais, Portugal!

Celebrate 47 years of In These Times in style! Get your raffle tickets today for your chance to win a vacation for two to Cascais, Portugal!

One lucky raffle winner will receive a $3,000 gift card to cover the costs of two flights, as well as a stay in a 5-star boutique hotel, housed in a 17th century fortress with medieval architecture and décor. You can schedule the trip on your timeline!

All raffle ticket sales support ongoing In These Times reporting, just like the article you just finished reading. Get your raffle tickets now.

The winner will be selected on the night of September 30, at the In These Times 47th Anniversary Celebration. You do not need to be present at the drawing to win.

Dayton Martindale is a freelance writer and former associate editor at In These Times. His work has also appeared in Boston Review, Earth Island Journal, Harbinger and The Next System Project. Follow him on Twitter: @DaytonRMartind.

Get 10 issues for $19.95

Subscribe to the print magazine.