George Soros: Guarantee paychecks for all workers displaced by coronavirus to save the economy
The catastrophic collapse in U.S. employment due to the coronavirus crisis demands far more from the federal government than it has done so far.
Nearly 17 million Americans filed for unemployment in just the three weeks ending April 4. And analysis by the research center INET Oxford predicts that without urgent action, 24% of U.S. jobs could be lost in coming weeks compared with just 3.3% during the 2007-2009 recession. That kind of job loss would be equal to the worst years of the Great Depression and would mean more than 37 million Americans are out of work. The impact will be felt most severely by low-income workers.
The goal, until it is safe for people to return to work, must be to maintain the economy in sleep mode. That will require keeping businesses and workers as intact as possible, ready to wake up and return to work when the health crisis passes, in order to drive a strong recovery. How? The federal government must immediately guarantee the paychecks of all Americans for the duration of the crisis.
Other countries have done exactly this. Germany, France, Denmark, Ireland, the Netherlands, the United Kingdom and Australia are all providing direct funding to employers to cover worker paychecks and keep workers in their jobs during the lockdowns.
https://www.latimes.com/opinion/story/2020-04-13/op-ed-george-soros-explains-how-to-keep-the-economy-from-tanking-during-the-coronavirus-pause
SheltieLover
(57,073 posts)$2k/ mo with lots of protections.
Repukes will never allow this. The extra unemployment is driving them nute, "incentive for workers to stay home!"
🤬🤮
Baked Potato
(7,733 posts)I like that better. Should have been $5k initial payment too.
SheltieLover
(57,073 posts)Not bashing our Dems, but I would not have given them 1 fucking cent of corporate welfare without a provision for every American!
Newest Reality
(12,712 posts)The largest part of that kind of influx of funding to the people would go RIGHT BACK into the economy and stimulate it.
That one-time $1,200 is less around or less than one-month's rent for many who are already looking at a stack of unpaid bills and waiting for it. It will be gone in no time.
SheltieLover
(57,073 posts)Time to try "trickle up" econ plan for a change!
Let them compete for our business to stay afloat!
Newest Reality
(12,712 posts)I am with you on that.
Some competition for a change.
SheltieLover
(57,073 posts)Citizens are 100% disempowered. Like many states, we have no recourse to hold another election to recall politicians. Living paycheck to paycheck, etc, etc. Bullshit!🤬
BeckyDem
(8,361 posts)BigmanPigman
(51,605 posts)while they go through this over there. I believe I heard someone, Robert Reich perhaps, say it would cost the US $13 trillion but it would be a wise, small investment to do it now so the economy will not be as screwed up when we return to normal.