Thursday, March 26, 2020

Glaring Holes In The Two Trillion Bill Coming Out Of Capitol Hill

  1. The check going out to everyone needs to be immediate. It can not be delivered three months from now. The majority of people in the US live paycheck to paycheck.
  2. This can not be a one-time payment. The payment has to be every month until the lockdown is no longer necessary. Or even a few months after that, considering job losses are widespread. Numerous businesses thought it prudent to push their workers onto unemployment benefits.
  3. I am not opposed to bailing out the airline industry. But that can wait a few months. No matter how many tens of billions you pump into that industry, no one is flying now. But it is good that the government is seeking equity for the money.
  4. The magic trillion that magically appears to give trillion-dollar zero-interest loans to banks is free money. And if it is not free, give the same to ordinary people. Give everyone a zero-interest $10,000 loan. Also, no matter how much money you pump, people are not going back to work for several more weeks.
  5. The biggest whole is it is missing the international dimension. No matter how much you pump the American economy, if the rest of the world stays out, this economy will not rise up again. If America can dole out two trillion to America, it should be able to dole out at least 20 billion to the world's poorest. And the best way would be direct payments to each individual.
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