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PostEconomics of Coronavirus: Who Will Get the Bailouts? (Tor Guimaraes, USA, 03/23/20 5:13 am)
I agree with Henry Levin (March 21st) that the staggering US debt is something to worry about for future generations. I have written about this on the Forum numerous times.
However, the biggest problem right now is that the US government as usual seems more interested in saving big corporations than the American people. The usual dynamics is at work: Big corporate interests push the government into less control over speculation, the Fed has helped inflate the giant bubble, reality has come in violently in the shape of coronavirus, the market has crashed, the economy will crash next, and the corrupted US government will come to the rescue of some people, according to their interests. Trump just gave a huge tax break to the American people, most of which went to the wealthy.
Trump's response to this pandemic has been hesitant at first but now that he has had time to learn from experts, it has become irresponsible and likely to result in something disastrous like what is happening in Italy. Meanwhile, keep your eye on the Senate, which is pushing for corporate bailouts piggybacking on the legitimate needs for health care from the American people. Check to see how much goes to help the people in need and how much goes to bailing out the wealthy.
JE comments: As for the US Senate, the pandemic has its first patient: the libertarian maverick Rand Paul of Kentucky, who was the most outspoken voice against a coronavirus stimulus. Irony never sleeps.