Money Trees

Hey,

During this presidential election cycle, the candidates chose different methods to stand out from the pack. Bernie Sanders spoke in favor of canceling student loan debt and making college tuition free. Andrew Yang spoke of a monthly stipend for people that fall under certain income thresholds. Whenever these plans are brought up, the big argument against them is some form of “Where’s all of this money going to come from?” That argument is nonsense because there’s already precedent for pulling money out of thin air.

In 2008, George W. Bush signed into law the bank bailout that gave financial institutions $700B to prevent almost certain economic collapse. Last week, the Federal Reserve pledged up to $1.5T to again prevent almost certain economic collapse. Because of the COVID-19 virus and slowed spending and tourism globally, the stock market was headed towards new lows when trading was stopped. The trillion dollar stimulus package should do the trick and stabilize all of these publicly traded companies, but it’s proof that we can find money to take care of things that were deem important.

I guess being able to provide for your family isn’t important enough.

The Federal Reserve Is Trying to Stop a Financial Crisis — The Atlantic — www.theatlantic.com
Despite criticism from the left, there’s a strong progressive case for the Fed’s actions.