The Federal Reserve announces a major policy change for the American economy and a healthcare crisis looms on the horizon.

This week The Conference Board released the Consumer Confidence Index data that showed consumer confidence at its lowest point since 2014. Consumer spending accounts for 70% of economic activity in the United States, so when the past two months showed steep drop-offs in purchases by consumers across the country, it quickly caught the attention of economists.

This was the backdrop for Federal Reserve Chairman Jerome Powell’s announcement of a major policy shift by the Federal Reserve. Powell addressed a virtual group of economists, financial market consultants, academic leaders, and government representatives this week at the annual Jackson Hole Economic Policy Symposium sponsored by the Federal Reserve Bank of Kansas City.

While Chairman Powell was announcing these policy changes, the stock market was reaching record highs while 14.5 million people are collecting unemployment benefits and millions more are receiving direct payments from a special pandemic-related federal program. These facts serve as evidence that the Fed policy is helping Wall Street maintain its rise, but for how long? Just how long can Wall Street be disconnected from Main Street without infusions of cash by the Federal Reserve?

Somewhere between the COVID driven financial tools of the Federal Reserve used to prop up the nation’s economy, the continued drop in consumer confidence, and ongoing double-digit unemployment lies the truth about where the economy stands in this unprecedented moment in American history. We will wait and see how these policy changes affect the economy in coming days.

Our current employer-based health insurance system was formed after World War II, and with millions of newly unemployed people as a result of the pandemic, millions are now without health insurance at the very time they need it. The COVID crisis has taught us that the current health insurance system is too complex, too expensive, and too inefficient to help doctors treat patients during critical times of emergency and extended care.

The Kaiser Family Foundation recently reported that the average premium paid by workers for family coverage has increased 71% over the past decade, while the average deductible has increased 162%. In some states, employer-sponsored insurance pays health care providers rates that are as much as 300% higher than those paid by the Medicare program. As a result, many small businesses have ended their employer-sponsored plans because they cannot afford them.

It is hard to find anyone who defends this status quo.