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OpEdNews Op Eds    H4'ed 3/10/20

How to Respond to the National Emergency

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From Robert Reich Blog

Coronavirus fears are sinking markets.
Coronavirus fears are sinking markets.
(Image by YouTube, Channel: CNBC Television)
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CEOs of the major Wall Street banks have been summoned to the White House to discuss the coronavirus its economic fallout. I'm told the 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.

 

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Robert Reich, former U.S. Secretary of Labor and Professor of Public Policy at the University of California at Berkeley, has a new film, "Inequality for All," to be released September 27. He blogs at www.robertreich.org.

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  New Content

Top national emergency might be called Trumpovirus. What caused so many to vote against their own interests?

Submitted on Thursday, Mar 12, 2020 at 1:39:44 AM

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