The Coronavirus not only overwhelmed out healthcare systems into complete failure it also rendered our economy useless. Stocks plummeted, jobs were lost and people are unable to afford the basic of necessities during this time of crisis. What we need to make an economic recovery happen and happen fast is some creative thinking. No longer will the trickle down economics be considered, it’s time to go way out there with ideas. Here are my 5 ways to bolster the economy:
UBI (Universal Basic Income)
For the foreseeable future people will not be working. Jobs will be lost but bills are due. The best way to ensure that things are paid on time is giving everyone somewhere in the range of 5k-10k of UBI to cover at least 3 to 4 months worth of bills and necessary spending for food etc. This will ease the strain and the stress of not having a job or income coming in because people are placed on either unpaid leave or furloughed.
No rent, mortgage or car notes
Suspend all rent, mortgage and car not payments for at least 3 months. Halt any evictions or foreclosures as well. By suspending these payments, people will have more money to spend and when people spend money the economy does better. Granted with a lot of stores and businesses shut down until the end of quarantine, the spending won’t be felt till afterwards. The point of this is that people will save money and not stress about how will they be able to pay next month’s rent or car note.
Forgive all debt
I’m talking all student loans, all credit card debt etc. forgiven. Sayonara its wiped clean. With all of this debt forgiven, people’s credit scores will go up, in time, and they will have greater incentive to take our loans or open up other lines of credit to make big purchases. Credit card companies might not like the idea of debt forgiveness, but they know just like I do that once people have their cards zeroed out that they will max them out quicker than Amazon can have a Black Friday sale. For the brief while we’re in quarantine not having to pay credit cards or a student loan puts money back into people’s pockets to spend elsewhere.
Those are three ways to bolster the economy and here are the 2 ways we can pay for those acts to bolster the economy:
Dip into the defense budget
Do we really need to outspend the next country by 7X in defense budget? If the Pentagon can reallocate money for a stupid border wall then we can reallocate the money to help give the people the UBI mentioned above. Trump himself said this is a war against an invisible enemy and if the defense budget is for war, well then we can move some of the money around to help those on the front lines like nurses and doctors as well as the people of this country suffering for the effects of this invisible enemy.
Tax the wealthy and big business
Remember those tax cuts the rich just got 2 years back? Well its time to rescind those. It’s bad enough they got them and yet they pay less in taxes than the rest of the working class. The same goes for big businesses and backs. Amazon makes billions in profits and they don’t pay taxes on them. Same with banks, oil companies, airlines etc. Tax them all. And while we’re at it, eliminate any subsidies for them until they start paying taxes. Taxes alone would from these big businesses and wealthy would generate billions if not trillions yearly in taxes. More than enough to cover UBI and paying off student loans. These companies tell their employees to pull up their bootstraps and settle in, well it’s time the do the same and pony up on their tax payments.
These we just a few ideas I had to help bolster the economy during the Coronavirus. Leave your ideas or thoughts below in the comments section.