Reducing the public’s financial stress is not difficult
Life can go on if most of us stay home for a few months. However, millions will be hurt (and may hurt others) if they can’t make payments and/or earn income.
So, if I WAS KING (OR PRESIDENT OF THE U.S.)
The Federal government needs to do the following YESTERDAY: These will be needed for the next 12 months.
- Stop with the unbalanced approach to fighting the virus. We can’t have schools totally closed and people neck-to-neck crowding supermarkets and mass transit.
2. Cut / Cap pay to all government workers making over X amount (say $100,000) — especially Congress and Senate to lead by example. Ask private industry to do the same.
3. Allocate that SAVED money to interest free loans to ANYONE who wants it, period. No questions asked.
4. Start setting up rationales to forgive some of that money loaned during the crisis.
4. Provide tax incentives and invest outright for people to leave the defense industry / finance and start working in healthcare and manufacturing, which we can no longer leave one-sourced to other countries.
5. Start subsidizing anyone who takes the time to file out some forms, $1,000 a month so they don’t have to worry about basic food/rent.
6. Once the virus passes, the economy should be able to recover. Everyone can go back to their greedy ways.
7. Leaders…Lead! Set an example of public service.
(Little of the above costs anything. It is a temporary reallocation of human capital).