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PostEconomics of Coronavirus: How to Do Good with $600 Million (A. J. Cave, USA, 03/25/20 4:20 am)
An article, a proposal on to how to do good with $600 million, and a video:
1) Here is a link to a Wall Street Journal article that traces the timeline of the virus outbreak in China and from there around the world, but it is behind the WSJ paywall:
In a nutshell, the Chinese government had finally to resort to a massive and repressive lock-down of the region because the news of the outbreak had been leaked around the world via blogs and social media.
If the outbreak had started here, we might have also hesitated initially, hoping it would blow over. However, once we realized the scope of the pandemic, we started to mobilize at a national level, and almost all other countries around the world lined up behind us. The early travel bans on China and Iran did slow down the transmission of the virus. And we are the ones who came up with concepts like "social distancing" and "flattening the curve" that a majority of people (but not all by any means) at home and around the world are abiding by voluntarily. In addition to the administration, the government, and the Feds, we have an army of private individuals and industry do-gooders too. We didn't start this pandemic, but we are doing everything we can to end it and save ourselves and the world.
2) And here is a suggestion from my sister on how to collect a privately funded $600 million dollars to help hourly wage earners who have lost their jobs (or going to) due to no fault of their own during this crisis:
All the members of the Congress should start a GoFundMe for their states and districts and donate two months of paychecks (March and April) to start with. Those who have made profits from insider trading (private intelligent briefings on the Capitol Hill) should donate their entire gains (a lot cheaper than a SEC fine and public disgrace). Anyone can contribute whatever they can or want to these funds too as well. There are 535 members collectively, making an average of $174,000 a year, so the amount of money collected from them is small but it would have a huge impact on the livelihood of their constituents who are financially impacted during this pandemic.
There are about 600 billionaires in US, collectively worth trillions of dollars. If everyone of them contribute only a million dollars to one of these GoFundMe accounts out of the goodness of their hearts (or as a tax writeoff), that is about an additional $600 million for the same purpose. This would allow small business owners employing these hourly workers to stay in business without having to worry about making payroll. If they feel like donating another million dollars each, that's another $600 million dollars that can buy medical supplies for those on the front lines. That's just people helping each other in their own communities. Good deeds beget good things.
3) If you have 31 minutes to spare, here is a link to an informative Q&A with a scientist at the California Academy of Science for some peace of mind:
JE comments: I like your proposals, A. J. Despite the reputation of well-heeled Americans for philanthropy, Harper's Index recently reported that in 2018, the twenty wealthiest Americans gave less than 1% of their fortunes to charity (0.8% to be exact):
Not much trickle-down. Ultra-rich folks, are your listening? Please lead by example.