Corona Virus Bailout Rescue Plan | Will We Avoid Economic Disaster?
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Show Summary: Congress passed its Corona Virus bailout rescue bill. Will it be enough to avoid economic disaster? What’s next for all those states (like Oregon) that decided to shut down all those businesses? Plus, a little left wing myth busting.
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Air Dates: March 28 & 29, 2020 | Jonathan Williams
This Week: It’s dicey in the US, no two ways to about it. And it’s hard to know what or whom to trust. Like recent reports came to light that the small group scientists behind the much-vaunted study—that the White House and governments all around the world relied on to make drastic, economy-altering decisions that they did—may have drastically overstated the numbers.
Corona Virus Numbers: Were they Way off?
British scientist Neil Ferguson, using a computer model, had predicted 2.2 million Americans and more than half a million Brits would be killed. Now he and his team are backtracking on their modeling numbers.
During testimony to the U.K’s parliament, he now predicts U.K. deaths from the disease will not exceed 20,000, and could be much lower. That means, their initial estimates were 25 times higher than they should have been.
This comes as Dr. Deborah Birx, the White House coronavirus response coordinator, reportedly said the administration was particularly focused on his report. The doctor now has walked back those predictions and clearly stated that the actual numbers of those infected by the virus do not match the computer models (because they’re much lower).
Corona Virus Bailout Passes
The economic and public health policies we’re seeing enacted now have been based recommendations from advisers who used those overstated numbers, which has shut the American economy down.
Did Donald Trump just use the Corona Virus Bailout to gain control of The Fed…? Check this out from Yahoo News
As the stocks tanked, Trump has pushed back with a stimulus package to get cash into the hands of American workers who have been laid off. Or have lost their jobs. Small businesses will have loans and grants available to keep them afloat as Trump pushes to get new policies in place for Americans to go back to work.
Corona Virus Bailout: Did they Get it (Mostly) Right?
But will the Corona virus bailout bill work? To get Americans – and America – back to work?
We welcome back Chief Economist for the American Legislative Exchange Council (ALEC), Jonathan Williams, to analyze what’s been happening, and what’s likely to happen.
Read Jonathan’s Op-Ed in The Hill that he mentioned on the show – “A Free-Market Approach to Reviving the Economy Amid COVID-19 Distress“
Jonathan—who, like ALEC, believes in smaller government and fewer regulations—walks us through the details and impacts of this massive aid package. You’ll come away with a broader understanding of what’s happening, why smaller government consistently works, and, we hope, we’ll soothe some nerves and calm some fear. We discuss what the package will be doing, what it could do, and also some problems still on the horizon, especially for states that may have hastily sold their economic souls based on bad numbers.
Another very full show—including some myth busting of Leftist anti-business policies that you won’t want to miss.
Check it Out! President Trump Posts Inspiring Corona Virus Video: “Hope”
Podcast Version
Links Mentioned
- Jonathan Williams’ organization is the American Legislative Exchange Council or ALEC. Their website is alec.org and Jonathan Williams’ websites: www.alec.org & www.RichStatesPoorStates.org
- Creative Policy Ideas to Address COVID-19 (via ALEC)
- Definition of a recession (via Investopedia)
- Remember when: “Oregon lawmakers weigh odds of a recession, as reserves grow” (Oregonian, Jan 2019)
- More on the “wisdom of the crowd” – Lorenz, J., Rauhut, H., Schweitzer, F., & Helbing, D. (2011). How social influence can undermine the wisdom of crowd effect. Proceedings of the National Academy of Sciences, 108(22), 9020–9025.
- The Scientist Whose Doomsday Pandemic Model Predicted Armageddon Just Walked Back The Apocalyptic Predictions (The Federalist, Mar. 26, 2020)
- Not mentioned but here’s a breakdown of the spending bill: “Here’s a breakdown of the $2T coronavirus bailout” (NY Post, March 27, 2020)
Related Links
- Strangely good news: “Coronavirus may have already infected half of UK, study says.” Why is this good news? It’s because of herd immunity. Take a look: NY Post, Mar. 24, 2020
- Things that make you go hmmm… “Report: ‘With Cancellation of 21 Million Cellphones…Real Death Toll in China is A Mystery’” (Mar. 24, 2020, Jeffery Lord blog)
- CDC Cleaning and Disinfection Guidelines for Households (via Centers for Disease Control)
- Inaccurate Virus Models Are Panicking Officials Into Ill-Advised Lockdowns: How a handful of Democratic activists created alarming, but bogus data sets to scare local and state officials into making rash, economy-killing mandates. (The Federalist, March 25, 2020)
- Case-Fatality Rate and Characteristics of Patients Dying in Relation to COVID-19 in Italy (March, 23, 2020, Journal of the American Medical Association)
- Why Socialism is a bigger threat than COVID-19 (via Kevin Freeman’s Economic War Room)
- A medical anthropologist looks at the numbers: “Covid-19: The game is over?!” (Jean Dominique Michel blog. March 24, 2020)
- A Novel Approach To Stop COVID-19 (March 2020, MilitaryVotes.org)
- Some States Are Reporting Incomplete COVID-19 Results, Blurring The Full Picture (Kaiser Health News, Mar 25, 2020)
