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Pushback with Aaron Mate

Corporate coronavirus bailout threatens prolonged economic pain

Pushback with Aaron Mate

Pushback with Aaron Maté

News

4.7594 Ratings

🗓️ 31 March 2020

⏱️ 23 minutes

🧾️ Download transcript

Summary

The coronavirus pandemic has left millions of US workers without a job and the healthcare that comes with it. Economist Pavlina Tcherneva discusses how the Congressional bailout prioritizes corporate profits instead of building on the successful legacy of the New Deal. Guest: Pavlina Tcherneva, Associate Professor at Bard College and author of "The Case for a Job Guarantee."

Transcript

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0:00.0

Welcome to pushback. I'm Marendt. The coronavirus pandemic has left millions of workers without a job and the health care that comes with it.

0:12.0

Over 3.3 million people filed for unemployment benefits in just one week, a national record. The actual number of jobless people is far higher, since this number

0:22.5

does not include self-employed workers, gig workers, undocumented workers, and more. The Federal Reserve

0:29.8

is warning that up to 47 million people could lose their jobs during this crisis, which would bring

0:36.2

the unemployment rate to 32.2%.

0:39.6

The recent congressional aid bill or bailout bill expands unemployment benefits for up to four

0:46.2

months. But other countries are taking a different approach. Instead of putting more government

0:52.1

money into unemployment, governments are nationalizing the

0:56.2

payroll and paying workers' salaries directly.

1:00.0

If this were done in the U.S., this would also mean keeping people in the health insurance

1:04.9

plans that they lost with losing their jobs.

1:08.3

Or to discuss how Congress bailed out big corporations but did not protect workers' jobs,

1:13.5

I spoke earlier to Pavlina Sheneva, Associate Professor at Bard College, an author of the

1:18.9

case for a job guarantee.

1:20.9

Pavlena Cheneva, welcome to pushback.

1:23.9

What is your assessment of the Congressional stimulus bill that was passed to respond to the coronavirus crisis?

1:31.7

Well, the bill was very big, but I'm afraid it's not going to be enough.

1:37.1

And the reason is because we seem to be moving forward with a patchwork of policies rather than a completely

1:47.4

comprehensive, much bolder approach to prevent the fallout from this virus.

1:56.5

What we are seeing right now is a bill that largely focuses on assistance to firms, small,

2:03.6

large corporations, particular sectors, and then income assistance to families in the form

2:10.0

of extended unemployment insurance and some cash, additional cash assistance.

...

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