In this episode, Heather interviews Geoff Ginter. You may remember Geoff from his previous appearance. Today, he is back to talk about the economic impacts of COVID-19. Because the Corona Virus is a global pandemic, it is causing widespread fear and uncertainty. Markets are crashing, and many don’t know how they are going to pay their bills. Meanwhile, we are in desperate need of masks and ventilators. A giant spotlight is illuminating every flaw in our economic system. The only one who can pull together the resources we need is the federal government.
The Path Forward
Congress is arguing over how to best chart that path forward. We are at a crossroad in this country. In other words, we have economic choices to make. Therefore we need to understand how the US economy really works. The US economy is not the same are your household budget. The US is a monetary sovereign nation. Above all, we print our own money on demand. Congress has not only the right, but the obligation to spend that money on the general welfare. Politicians are lying when they say taxes fund spending. The Corona Virus shines a spotlight on everything wrong in our economic system. We have no extra resources to get us past this crisis.
Corona Virus Plan
Geoff tackles some ways we can do that. Examples include ordering companies to produce respirators or building hospitals. The government can fund all of this without causing inflation. Additionally, we can provide healthcare for all and a federal job guarantee. Cash payments to workers can alleviate the immediate pressure, and expanded social safety nets can protect us going forward.
The Corona Virus is a terrifying foe, but we can come through this. We just need some economic insight. Above all else, we need the will of the people. We can make a safe and secure future.