COVID 19: Six Concrete Steps to Mandate Right Now
The actions needed to prevent the coronavirus crisis from turning into a financial disaster for the U.S.
Credit: Stas Walenga Shutterstock.com
Takeaways
- The US needs a federally mandated moratorium of all tax payments at the federal, state and local level.
- All evictions in the US – virus related or not – must stopped until further notice
- With unemployment numbers in the US possibly reaching 40%, the country needs Medicare for all until December 31.
1. A federally mandated moratorium of all tax payments at the federal, state and local level.
2. All losses of federal, state and local government revenue and all additional expenditures due to the virus should be backstopped by the U.S. Federal Reserve.
Once the situation normalizes, revenues recover and expenditures fall, the Fed would be repaid.
3. A moratorium on all mortgage and rental payments. Mortgage companies may put liens on related properties. Both mortgage companies and landlords receive tax credits for their loss of income from the federal government.
4. All evictions – virus related or not – are stopped until further notice.
This is in order to protect the innocent from being tossed out of their homes, but it is also a public health issue.
5. All loans to large corporates, and SMEs are mandatorily linked to them maintaining their full workforce during this crisis.
6. Medicare for all until December 31. With unemployment numbers possibly reaching 40%, the massive loss of health insurance benefits that are usually employment-related in the U.S. must be prevented.
About Uwe Bott
Uwe Bott is Chief Economist of The Globalist Research Center and Senior Editor at The Globalist. [New York/United States]
