Our imminent coronavirus and economic crises won't respond to trickle-down economics. (Photo: Brendan Smialowski/AFP via Getty Images)
How We Should Respond to the National Coronavirus Emergency
Congress must immediately enact an emergency $400 billion.
CEOs of the major Wall Street banks have been summoned to the White House to discuss the coronavirus its economic fallout. I'm told Trump administration is considering more corporate tax cuts, tax cuts targeted to the airlines and hospitality industries, and a temporary payroll tax cut.
The bank CEOs will approve of all these.
But they would be useless. They'd be too slow to stimulate the economy, and wouldn't reach households and consumers who should be the real targets. And they'd reward the rich, who don't spend much of their additional dollars, without getting money into the hands of the poor and middle-class, who do.
In short, our imminent coronavirus and economic crises won't respond to trickle-down economics.
Instead, Congress must immediately enact an emergency $400 billion.
The money should be used for
1. Coronavirus testing and treatment.
2. Paid sick leave and family leave this year, renewable for next year if necessary.
3. Extended Medicaid and unemployment insurance.
4. Immediate one-time payments of $1000 to every adult and $500 per child, renewable for next year if necessary.
I don't think this is an over-reaction to what's imminent. It will help us prevent a health and economic calamity.
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
CEOs of the major Wall Street banks have been summoned to the White House to discuss the coronavirus its economic fallout. I'm told Trump administration is considering more corporate tax cuts, tax cuts targeted to the airlines and hospitality industries, and a temporary payroll tax cut.
The bank CEOs will approve of all these.
But they would be useless. They'd be too slow to stimulate the economy, and wouldn't reach households and consumers who should be the real targets. And they'd reward the rich, who don't spend much of their additional dollars, without getting money into the hands of the poor and middle-class, who do.
In short, our imminent coronavirus and economic crises won't respond to trickle-down economics.
Instead, Congress must immediately enact an emergency $400 billion.
The money should be used for
1. Coronavirus testing and treatment.
2. Paid sick leave and family leave this year, renewable for next year if necessary.
3. Extended Medicaid and unemployment insurance.
4. Immediate one-time payments of $1000 to every adult and $500 per child, renewable for next year if necessary.
I don't think this is an over-reaction to what's imminent. It will help us prevent a health and economic calamity.
CEOs of the major Wall Street banks have been summoned to the White House to discuss the coronavirus its economic fallout. I'm told Trump administration is considering more corporate tax cuts, tax cuts targeted to the airlines and hospitality industries, and a temporary payroll tax cut.
The bank CEOs will approve of all these.
But they would be useless. They'd be too slow to stimulate the economy, and wouldn't reach households and consumers who should be the real targets. And they'd reward the rich, who don't spend much of their additional dollars, without getting money into the hands of the poor and middle-class, who do.
In short, our imminent coronavirus and economic crises won't respond to trickle-down economics.
Instead, Congress must immediately enact an emergency $400 billion.
The money should be used for
1. Coronavirus testing and treatment.
2. Paid sick leave and family leave this year, renewable for next year if necessary.
3. Extended Medicaid and unemployment insurance.
4. Immediate one-time payments of $1000 to every adult and $500 per child, renewable for next year if necessary.
I don't think this is an over-reaction to what's imminent. It will help us prevent a health and economic calamity.