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Thu Mar 26, 2020, 06:44 PM

The more I think about it, the more I oppose COVID-19 corporate bailouts.

Corporations are not people. Any economic stimulus should go exclusively to workers who need financial rescue because their employer has shuttered or laid them off during the COVID-19 outbreak. That includes executive management if need be (but at the same unemployment stimulus benefits paid to rank and file workers-- the ones with extravagant lifestyles probably have other means anyway). Why can't non-essential businesses simply suspend operations during the quarantine, freeze their books, and wait for the all-clear before resuming business? If their workforce is taken care of they can just sit out the downturn until folks can return to work.

Other than to pay their workers or to conduct non-essential business during the pandemic, what other justification is there for bailing out companies that can suspend operations until it's over, as long as their employees are kept afloat in the interim? It chaps my hide to see $500 billion USD set aside for corporate bailouts not intended for people.

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Reply The more I think about it, the more I oppose COVID-19 corporate bailouts. (Original post)
mike_c Mar 26 OP
Eko Mar 26 #1
EarthFirst Mar 26 #2
yonder Mar 26 #5
Turin_C3PO Mar 26 #3
PufPuf23 Mar 26 #4

Response to mike_c (Original post)

Thu Mar 26, 2020, 06:51 PM

1. Because they have to do things like

pay their rent, their loans and all the other bills they have.

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Response to mike_c (Original post)

Thu Mar 26, 2020, 07:00 PM

2. Solution: refund what they paid in federal taxes last year...

The bailout payment will be the amount of federal taxes they paid out last year.

Saw this idea floating around on Twitter last night...

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Response to EarthFirst (Reply #2)

Thu Mar 26, 2020, 09:16 PM

5. Practical or not, I like it!

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Response to mike_c (Original post)

Thu Mar 26, 2020, 07:02 PM

3. Corporate bailout had to be included

in order to get benefits for workers. At least now there’s some safeguards on how it gets spent.

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Response to mike_c (Original post)

Thu Mar 26, 2020, 07:35 PM

4. So do I in general.

IIWIC (If I was in charge) for economic security and to limit damage to economy

1. Freeze security markets

2. Favor direct money to consumers, retired, laid off and disabled

3. Tie money to corporations to some action such as re purpose hotels to hospitals and sanitariums or to replace rent and other cashflow otherwise suspended by Feds.

4. As suggested in OP "non-essential businesses simply suspend operations during the quarantine, freeze their books, and wait for the all-clear before resuming business" plus freeze their overhead payments such as rent, property taxes, utilities, etc. until business can resume.

5. Freeze all student loan debt payments plus have a formula to pay down existing student loans of essential workers especially medical and first responders.

6. Corporate bailouts favored over people is obscene. Corporate bailouts are used for stock bailouts or otherwise line the pockets of insiders should be treated in aftermath as serious felonies in the legal system.

etc etc

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