$1.5 Trillion Fed Injection Sparks Outrage Among Struggling Workers
The United States is at the beginning of a nationwide lockdown that is slowly taking effect across the country. Schools are being closed, events are getting canceled, and many people are realizing that their way of life is going to radically change for the next few months, often in very scary and dramatic ways.
Most of the working class does not have the luxury of taking the social distancing measures that will protect them from catching the virus, because so many people are just one missed paycheck away from being homeless or unable to afford food. This issue was raised in an article published by Truth Theory earlier this week, which pointed out that service workers will have no choice but to work while they are feeling ill because they don’t have enough sick time.
Meanwhile, the US government seems more concerned with giving bailouts to corporate CEOs and banks than helping out the people who need it the most.
This week, the Federal Reserve injected $1.5 trillion into wall street to help mitigate the losses from the coronavirus outbreak, a total which is more than double the $700 billion given to banks during the 2008 financial crisis.
Large numbers of people who live paycheck to paycheck will be missing out on work in the coming months, and some of them could even lose their jobs, while the wealthy CEOs and stockholders who are benefiting from the $1.5 trillion bailout have multiple houses and safe bunkers to retreat to in times like this.
This is another bailout for the rich with no cries of "BUT HOW WILL WE PAY FOR IT" to be heard. https://t.co/rCoNU3OH8l
— Amee Vanderpool (@girlsreallyrule) March 12, 2020
Defenders of the central banking system insist that any bailouts for average Americans should come from Congress, not the central bank. The federal reserve is supposedly tasked with keeping financial markets steady by controlling interest rates and injecting cash and low-interest loans when needed, but the general population gains very little from this, and in fact, usually end up worse off through inflation.
Regardless of the specifics behind the arrangement, these types of bailouts show that there is plenty of help for the wealthy in our society when things go wrong for them, but very little help for the poor when they are in the same situation. There has been debate in Washington about relief packages and paid sick leave for hourly workers, but these measures will likely be a bare minimum offering that will come a day late and a dollar short, as they typically do.