{"id":4580,"date":"2020-03-21T12:37:27","date_gmt":"2020-03-21T16:37:27","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=4580"},"modified":"2020-03-21T12:37:27","modified_gmt":"2020-03-21T16:37:27","slug":"governments-epic-fail-governance-nailed-it","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2020\/03\/21\/governments-epic-fail-governance-nailed-it","title":{"rendered":"U.S. Government’s Epic Fail \u2014 Maker’s Governance Nailed It"},"content":{"rendered":"

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Government “economics”: a fistful of dollars<\/strong><\/h4>\n

With one eye on the stock markets, the other on elections, and another reluctantly turning to the coronavirus pandemic – was that three eyes? – the Trump administration announced plans to <\/span>pump $500 billion<\/span><\/a> into the pockets of Americans.\u00a0\u00a0<\/span><\/p>\n

Another $500 billion will go to <\/span>corporations<\/span><\/a> affected by the pandemic. Think airlines, casinos, and some relief for small businesses. (Yes, casinos are asking for money, despite having an actual license to make it.)<\/span><\/p>\n

The bailout for corporations follows the trillion-dollar Trump tax cuts in 2017. It rivals the $900 billion the government spent bailing out banks in the aftermath of the financial crisis that they caused.<\/span><\/p>\n

Senator Chuck Schumer claims that 70% of the Trump tax cuts went into stock buybacks. Bloomberg News reported that U.S airlines spent almost 96% of their free cash flow on buybacks from 2010-2019.<\/span><\/p>\n

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These stock buybacks, they infuriate me.<\/p>\n

The airline industry alone bought back $13 billion in their own stock over the last two years.<\/p>\n

That money could have been there to help the workers and to help the airlines out of this. #WorkersFirst<\/a> pic.twitter.com\/XFwPFmIluZ<\/a><\/p>\n

\u2014 Chuck Schumer (@SenSchumer) March 19, 2020<\/a><\/p><\/blockquote>\n