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There is such a glaring lack of public awareness of the extent to which the U.S. government—the White House and both parties in Congress—is completely failing to protect Americans from the economic carnage of coronavirus, compared to other countries.
Many countries grasped that to protect their economies, they had to help workers and the unemployed, fast, so people can pay rent, buy food, and spend money that helps businesses survive. Saving jobs also saves businesses from buckling when they can& #39;t pay wages without revenue.
Canada introduced a 75% wage subsidy for 6 months, paid directly to eligible workers through an online portal that was built within a week. Taiwan is subsidising up to 30% of utility bills and 40% of wages for small family businesses like food vendors.
Australia’s conservative government subsidizes wages for struggling businesses for up to 6 months. Denmark has a 75% wage subsidy, helps cover rent for small businesses and guarantees 70% of loans to smaller companies whose profits have fallen by at least half.
South Korea is underwriting loans or buying stakes in companies in the public infrastructure sector, on the condition that the companies protect jobs and share profits. It has a dedicated fund for childcare subsidies.
France offers an 84% wage subsidy for employers on the condition they keep those jobs open. It’s pausing rent and utilities for small businesses in addition to massive loan guarantees.
All these countries will experience major economic pain, but they have tried to contain its spread. Because— much like a deadly virus—mass unemployment and the implosion of thousands or millions of businesses has an exponential effect that can’t be reversed.
A common response is: The U.S. is not Scandinavia. Which is true. A long-standing pathological aversion to giving public assistance to African Americans has resulted in a perversely inefficient welfare system that& #39;s incapable of urgently responding to this crisis. Still...
The failure of Republicans to set aside ideology for a global pandemic, the failure of Democrats to rally behind a real economic plan, and the failure of public figures and the media to communicate that means the economic suffering here will be far worse than it needed to be.
