The U.S. Congress’ delay in approving the second round of stimulus payments…

The Impact of COVID-19 Provides America with an Opportunity to Correct Some of the Excesses of Capitalism.

…should be taken advantage of, offers the needed time, to put ‘People First’, as essential decision-making hallmark of the process.

In our opinion, every request to a bailout made by corporations in the U.S. needs to be appraised on its own merits, by considering the impact on people’s lives that its eventual disappearance from the economic scenario would represent, with no automatic, across the industry, bailout decisions made.

It does not make any sense for the American society to bail out foreign companies, or have, say, half a dozen cruise companies, providing the funds to bail out ALL industry players, as the virus is going to stay with us for a long time, and more likely than not, irrespective of vaccines, people will not risk contagion just for taking a cruise. So, most of those companies are going to ask again for financial help in just a few months, meanwhile being “zombies” or “walking dead” companies.

And, please keep in mind that, at the same time, millions of Americans face hunger every day, owe their shirts, or do not have a free healthcare system in place.

SOURCE: pbs.twimg.com (tweeter’s blob store) ( PBS stands for ‘Photo Blob Store’): pbs.twimg.com (tweeter’s blob store)

By the same token, I accept that airlines are essential to any nation, and therefore need to be bailed out. But, does America need half a dozen airlines? Or would it be better to let the weakest players go bankrupt or merge, and then help only the survivors?

Bankruptcy is just part of doing business (as President Trump himself, very well knows!) so, Americans should not have any reserves over the name!

As for the jobs lost by letting some companies go down, use printed money to finance the launch of a much-needed Reconstruction Plan (promised by President Trump during his campaign, but never realized) of America’s old and cranky network of highways, bridges, congested airports, and roads, as well as the launching of 5G, and a network of high-speed trains, all of which would provide a lot of new jobs, and will be money better spent, anyway.

These are the real questions and issues that legislators need to concentrate their efforts upon, and not in fruitless discussions about the size of the bailout package, or how much will be given in short-lived, useless, “helicopter money” handouts.

At the same time, President Trump must understand that he is the President of ALL Americans, irrespective of where they live, or whether they previously voted for him or not.

Eugenio is a disabled Economist (UCAB, Caracas), cursed a post-graduate Diploma in Marketing (Strathclyde University, Scotland, UK), and an MBA (England, UK).