During the 2008-09 financial crisis, banks got trillions of dollars of free bailout money. Ordinary Americans got sold out.
A protracted main street Depression remains ongoing since that time, greatly deepening for millions of US households with real unemployment already at Great Depression levels and rising exponentially in what’s shaping up perhaps to be the Greatest Depression, what economist Nouriel Roubini envisions.
History is repeating. Americans in need are getting crumbs alone from the great congressional corporate bailout Trump signed into law days earlier.
It’ll likely to be greater than what was doled out in 2008-09 when the dust settles, including from massive Fed money printing madness — free money handouts to business and large investors at a time when growing millions of US households are broke, unemployed, and food insecure, along with growing thousands ill from COVID-19.
Congressional Dems and Republicans colluded with the Trump regime in arranging an unprecedented wealth transfer from ordinary Americans to privileged ones.
According to WaPo’s White House economics reporter Jeff Stein, the prospect for further main street aid is “zero,” citing an unnamed White House source, saying:
“No more spending. We did all the spending” — when much more is needed for millions of US households in need.
House speaker Pelosi and Dem Senate minority leader Schumer falsely claimed more aid is coming for ordinary Americans.
The time to get it was in the now enacted great giveaway to business, large investors, and other high-net worth households.
Republicans and undemocratic Dems don’t give a damn about the rights, needs, and welfare of ordinary Americans, just privileged ones.
It notably shows in legislation now the law of the land since the neoliberal 90s — a bonanza for the nation’s privileged class, hard times getting much harder for the vast majority of Americans.
When needed in Washington to serve them during deepening hard times, Congress is recessed until April 20.
It’s at a time when unemployment is likely to surge, along with sharply rising COVID-19 outbreaks, making it hard for the nation’s healthcare system to cope.
There aren’t enough hospital beds in US cities with large-scale COVID-19 outbreaks to handle numbers of patients needing hospitalization.
New York’s Central Park was transformed into a makeshift hospital — supplemented by a US Navy hospital ship with 1,000 beds.
Chicago’s McCormick place is being transformed into a makeshift 3,000-bed hospital by end of April — 500 beds expected to be ready in a week.
Similar efforts are likely elsewhere in the US as numbers of COVID-19 outbreaks keep growing exponentially — through Monday numbering about 165,000.
It’s guesswork as to when numbers will peak, but they’re certain to be much greater than now — taxing healthcare facilities and medical staff more greatly than any time in modern memory.
US prisons are breeding grounds for widespread coronavirus outbreaks.
Last week, the New Yorker said they’re spreading “like wildfire (in) New York’s prisons.”
As of Monday, at least 134 Cook County, IL detainees in the greater Chicago area were diagnosed with COVID-19.
Federal, state, and local authorities need to empty prisons of nonviolent inmates who pose no threat to society to prevent a potential tsunami of outbreaks behind bars.
There’s no time to delay. Trump should use his bully pulpit to urge mass releases nationwide and order it for federal prisons.
Many hundreds of inmates were already diagnosed with COVID-19. In crowded prisons, they could spread it like wildfire to countless others.
These are very stressful times for most people everywhere.
On top of hardships they face in normal times, increasing numbers of highly contagious COVID-19 outbreaks, rising unemployment, and suspension of social interactions, makes it increasingly hard for most people to cope.
Most concerning is there’s little clarity on how long the current status quo will last.
Now is the time when all-out government help is most needed. It’s large-scale for privileged Americans, crumbs alone for the vast majority with little prospect for improvement.
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Award-winning author Stephen Lendman lives in Chicago. He can be reached at [email protected]. He is a Research Associate of the Centre for Research on Globalization (CRG)
His new book as editor and contributor is titled “Flashpoint in Ukraine: US Drive for Hegemony Risks WW III.”
Visit his blog site at sjlendman.blogspot.com.