It is worth repeating over and over: it is going to take a massive amount of money to cushion the economic blow that will occur over many months from this virus, likely leading to a drastic global recession or worse. The GOP tax cuts were utterly, predictably reckless 1/
The debt we will incur from the necessary response to the virus will reverberate for a long time, and will put intense pressure on vital government programs. The ability to respond appropriately with countercyclical measures has been dramatically reduced. 2/
I was not alone in warning Republicans in the Senate, including Jeff Flake, Bob Corker, Susan Collins and others that this was a colossal mistake. No one listened and we will all pay a heavy price. Note too the false promises companies made to use their windfall constructively 3/
A huge portion of it went into stock buybacks so they could raise their stock prices and give more money to their executives. Now they’re crying that they need subsidies to cope. The price for giving them more taxpayer money should be to get rid of those irresponsible executives
