© Dave Granlund.com — Political Cartoons.com (“fair use”)
“You go into a pandemic with the president you have, not the president you wish you had.”
~Paul Krugman, NYTimes
Excerpt:
Why did Trump and his team deny and delay? All the evidence suggests that he didn’t want to do or say anything that might drive down stock prices, which he seems to regard as the key measure of his success. That’s presumably why as late as Feb. 25 Larry Kudlow, the administration’s chief economist, declared that the U.S. had “contained” the coronavirus, and that the economy was “holding up nicely.”
Well, that was a bad bet. Since then, the stock market has more or less given up all its gains under the Trump presidency. More important, the economy is clearly in free-fall. So what should we do now?
I’ll leave health policy to the experts. On economic policy, I’d suggest three principles. First, focus on hardship, not G.D.P. Second, stop worrying about incentives to work. Third, don’t trust Trump.
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The DON, and Mitch Prepare to Give Away the Farm to BIGGIES.
. . . But She’s Watching for Slight-of-Hand, Fighting for Neighbors !
Elizabeth Warren, March 17
✔@SenWarren
We’re not writing blank checks to giant corporations. Any taxpayer dollars that go to help big businesses during the coronavirus crisis should come with the following minimum requirements:
1. Companies must maintain their payrolls and use funds to keep people working or on payroll.
2. Companies must provide a $15 minimum wage within one year of the national emergency declaration ending.
3. Companies are permanently prohibited from engaging in share repurchases.
4. Companies are prohibited from paying out dividends or executive bonuses while they are receiving any relief and for three years thereafter.
5. Companies must set aside at least one seat – but potentially two or more, as the amount of relief increases – on the board of directors for representatives elected by workers.
6. Collective bargaining agreements should remain in place and should not be reopened or renegotiated pursuant to this relief program.
7. Corporations must obtain shareholder and board approval for all political expenditures.
8. CEOs must be required to personally certify a company is in compliance and face criminal penalties for false certifications.
Here’s a quote from Will Bunch, at Philadelphia Inquirer, with a link to Warren’s op-ed at CNN, on the topic of a just bailout for the middle class: