'The economic rug has been suddenly pulled. In such a situation, it is not unreasonable for businesses to expect support from the government,' chief nprbusiness editor pgogoi writes of the coronavirus pandemic's impact on industries and the workforce.
Bailout is a dirty word.So it is accurate to call the $1 trillion-plus package being debated in Congress a bailout.During the 2008 financial crisis, after the world economy was brought to its knees, the federal government had to prop up U.S. banks despite their destructive behavior. Hundreds of billions of dollars of taxpayer money flowed into the financial system to prevent a total collapse. Millions of people lost homes, jobs and their livelihood.
In fact, this time, the government bears responsibility. Local and federal governments have asked businesses like bars and restaurants to shut down. Travelers from Europe and China have been banned, hitting the airlines hard.
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