This article originally appeared on Fox Business on March 23, 2020.
Faced with the greatest economic crisis since the Great Depression — and a bill designed to help American workers and businesses — the likes of Senate Minority Leader Chuck Schumer, D-N.Y., House Speaker Nancy Pelosi, D-Calif., and former Democratic presidential hopefuls Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., are bemoaning what they disingenuously call “bailouts” and “corporate welfare.”
Seriously, they’re calling the loans we need to keep our businesses alive and our workers employed during this crisis “bailouts” — and they mean it disparagingly.
Here’s the reality Democrats would like us to ignore: The most compassionate thing we can do for all Americans is to protect their jobs and their paychecks while the economy recovers. To do so, we must protect the businesses that employ them. Period.
Keep in mind that, unlike the Great Depression, the savings and loan crisis of the late 1980s, the tech bubble of 2000, or the real estate bubble of 2007, the current economic crisis is not due to speculation or excessive risk-taking by businesses, investors or our financial institutions. It is due to a pandemic. Whether you want to blame China or bats, America’s businesses and the workers they employ are suffering through no fault of their own.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is waiting for a vote in the Senate. It would provide American workers and businesses the relief they desperately need to survive.
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