Thursday, June 18, 2020

#170 / So, What Would You Call It?

You probably all remember what President Franklin D. Roosevelt called his program to restore our economy in the midst of the Great Depression: 


Assuming you knew that, what do you think we should we call President Donald J. Trump's program to revive our economy as the nation struggles economically with the coronavirus pandemic?

Study the facts below, which I have gleaned from the July 2020 edition of In These Times. When you have reviewed that list, you can see what I call the Trump Administration program. I bet you'll agree that I have the perfect name for it.


"Bailouts By The Numbers"

(July 2020 edition of In These Times):

$500 Billion from the initial coronavirus relief bill, aka the CARES Act, was dedicated to large corporations. 
$300 Billion was allocated to the $1,200 stimulus checks. 
$4 Trillion (or more) is actually available to big business, as the Federal Reserve can lend $10 for every $1 is receives from the Treasury.
70% of the $350 billion earmarked for small businesses went to large corporations.
$10 Billion in fees went to banks for processing the loans.
10% of workers at any business that takes CARES Act loans can still be laid off.
15 members of Congress (or their spouses) own Boeing stock.
82% of CARES Act tax reform benefits those making more than $1 million, saving millionaires $70 billion in 2020.  

Here's my suggestion for a name for the Donald J. Trump program:


It is important to recognize that The New Deal was not anywhere near what we should accept as "perfect." Systemic racism did exist within the program.

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