The COVID-19 crisis is a major disaster in several respects. First, it’s a health disaster of the first order, one that is going to cost many thousands of people their lives over the coming weeks and months. That would be more than bad enough on its own. But it’s also an economic catastrophe for individuals, families, businesses, and organizations all over the country. This aspect, too, will be the undoing of many of its victims. It’s hard to imagine how people on the edge are going to get through these next few months. It’s just as hard to imagine that small businesses won’t fold by the million as the economic shutdown, by necessity, continues. This crisis has the potential, as many have said, to reshape our economy and our society in fundamental ways, and not clearly for the better.
Take the response (or “CARES”) package passed by Congress and signed into law by the moron-in-chief. David Dayen has laid this out in detail in the American Prospect. Simply put, the funds being directed to poor and working people are going to be way too slow in coming. If you aren’t set up to receive tax refunds via EFT, you could be waiting a long time for that check to arrive. People in the informal economy (including many working musicians, as it happens) may not get any help at all. Small businesses can apply to get loans through the SBA that would become grants if they retain their workforce, but the SBA is a slow-moving entity and not resourced to handle the national crush of requests that will be coming its way. On the other hand, major corporations will benefit from a $500 billion bailout, $425 billion of which will be vested in the Federal Reserve to provide base capital for up to ten times that amount in low-interest loans to big business, financial institutions, etc. That money does not require workforce retention – companies can use it for downsizing, mergers and acquisitions – everything short of stock buybacks, which are barred for the term of the loan.
That combination of factors will greatly advantage larger players over smaller ones in this economy. That auto shop on the corner? He’s history. Bring your car to the dealership. That’s what this could look like. Meanwhile, the president is having the time of his life. He’s bragged about the ratings his 5pm daily Coronavirus update is drawing, and he’s treating these press events like it’s a reality show, bringing on the My Pillow nutcase, picking fights with journalists, spewing garbage like a leaky barge. Two weeks ago, he was talking about ending the social distancing measures, but now he’s seen the advantage of just riding with it. And to some extent, the American people, in their infinite wisdom, are rewarding him with marginally higher poll numbers, despite the fact that Trump’s inaction over the last three months has blown this pandemic threat into a full-fledged national emergency that, at best, will kill well more than 100,000 Americans, and likely multiples of that number.
Trump thinks 100k deaths would be evidence of his competence. It’s anything but. He needs accountability, and we need to keep this country from slipping into the oligarch’s paradise he’s always dreamed of.
luv u,
jp
The thing about dumpster fires – or any trash-fueled conflagration, for that matter – is that they conceal as well as destroy. It’s hard to ascribe intentionality to the Trump administration; they are without a doubt the dumbest box of rocks that ever rolled into the oval office, so the idea that they could cook up some massive deception campaign is kind of ludicrous. If they are not deliberately distracting people with their antics, they are certainly playing the role of the useful idiot. I’m not suggesting they’re running interference for Russia or anything like that. What their ineptitude facilitates more than anything else is the steady progress of the broader GOP agenda – namely, massive tax cuts for the wealthy, dismantling of our rudimentary social safety net, scuttling the ACA, pulling down regulatory constraints on industry, and so on.
Our current Congress member, Claudia Tenney, won a three-way race with about 47% last Fall. Since her election, she has been a little hard to pin down. It took some weeks to open a district office in the Utica area – she blamed this on the bureaucracy, of course. Up until this week, Tenney has been knocking down any suggestion of holding a town hall-style meeting in the district, having seen what’s been happening to her colleagues. Her big announcement this past Wednesday was that she would call a town hall, though no announced date. Also, she says she’s been receiving threats. Well, welcome to being famous, Claudia. Anyone who raises their head above obscurity in this culture gets threatening emails, Tweets, posts, etc.