Over the past few days, as the coronavirus has taken hold of the U.S. economy, we have heard various industries, including airlines, casinos, and cruise-ship operators reporting unheard-of losses, and even bankruptcy. For the good of the economy, it’s not a matter of if there will be bailouts in the coming months, but when and how.
As policy makers begin to assess what industries and companies they are going to bail out, they should first ask how such a bailout will impact American workers. The increased presence of outsourcing, i.e. the global supply chain, makes this incredibly difficult. This crisis demands that lawmakers put the economic health and well-being of individual workers ahead of needs of the large multinational corporations, who are much better equipped to weather a storm like this.
First, companies must maintain their payrolls and use funds to keep workers on the payroll. I would add that funds should be allocated in some manner to address the “Who is Us?” issue, i.e. they should be focused on the American worker.
No, we must pay corporations, if not for them and their financiers, how will know how to live?
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