Government intervention intensifies: Attack (the virus). Survive (the economic fallout).

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It’s a two-way street…. Both directions are critical to America’s coronavirus-fighting situation, but they run opposite each other. The Health Effort includes economic lockdowns and social distancing, but also redirecting certain sectors of the economy to support healthcare workers. The Economic Effort alleviates biz-killing side effects of the Health Effort. Last week, the US gov intervened big to support both sides:

  • The Health Effort: Corporations like 3M, Ford, and GE already mobilized to fill the massive ventilator and mask/respirator shortage that endangers healthcare workers. Then on Friday, the White House finally invoked the Defense Production Act — a wartime measure letting Presidents order private biz to produce stuff in short supply.
  • President Trump is forcing General Motors to manufacture ventilators. Many more invocations of the DPA will likely be necessary to effectively tackle this virus with the weapons we need.
  • The Econ Effort: Social distancing and stay-at-home orders literally shut down businesses — so the 3.3M Americans who filed for unemployment in just one week was shocking, but not a surprise.
  • In response, Congress passed $2T of government spending into law. The bill includes direct payments to around 90% of Americans, beefed up unemployment benefits, and huge amounts of loans/grants for large/small biz. Plus, $100B for hospitals and $150B for state/city governments to keep handling the crisis.
THE TAKEAWAY

We need to plug the hole in the boat before adding another motor… This economic pain is a symptom of our health problem. The $2T spending bill will result in direct-deposit checks to Americans who made under $99K (or under $198K for couples) — for those who didn’t give the IRS direct deposit info, you’ll have to wait for a check.

  • The “stimulus” bill was really a “survive until the virus is contained” bill. Rent, groceries, and other essentials is likely where most of the money will go.
  • Today, the “15 Days To End The Spread” was scheduled to end. The President announced last night they will extend through April 30th, aka it’s the “45 days (at least) to End the Spread”.

Have questions? Check out more about more about customer experience here give us a call at 844-622-5323. We would love to hear from you.

Be Awesome,

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Rob Abramov
CEO & Founder, MCALEADS,
Follow The Real Me on LinkedIn.

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