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  • Since we'll have to wait a year for the Summer Olympics,

  • I was wondering: If coronavirus were the Olympics,

  • how would the U.S. stack up with other countries?

  • We would definitely get gold in synchronized unpreparedness,

  • speed bragging and marathon clusterf*ckery.

  • But what about economic recovery? Do we have a shot at bronze?

  • I'm Francesca Fiorentini, and today we're looking at how America's plan

  • for preventing economic collapse due to coronavirus compares

  • with the rest of the world. Will we take home the gold?

  • Or will our coach pull a Tonya Harding on the working class

  • [Newsbroke theme song]

  • America's $2 trillion stimulus bill to help businesses and people recover

  • from coronavirus isn't the best piece of legislation,

  • but it's also not the worst piece of legislation.

  • It's kinda like my quarantine cooking.

  • There's some good bits in there, and at least you're eating.

  • The bill is better than the 2008 Wall Street bailout,

  • because it has some regulations and spares a thought to workers,

  • 17 million of whom have

  • already filed for unemployment

  • There are loans to small businesses that employ half the U.S. workforce,

  • but those loans can also be granted to casinos.

  • So, don't worry, New York may be ruined,

  • but New York-New York is gonna be fine.

  • The relief bill also has federal funds for expanding unemployment insurance

  • to cover self-employed workers, independent contractors

  • and gig workers through the end of the year.

  • And then there's the one-time payment of $1,200 to every American,

  • which is something. But watching the scale of this problem

  • and coming up with $1,200 check is like watching the movieTitanic

  • and thinking, “The problem was there weren't enough floating doors.” 

  • But the government is having a hard time even carrying out

  • the few measures that have been passed. Small business loans are stalling

  • and the IRS can't figure out how to quickly deliver that measly $1,200,

  • in part because the IRS' IT is apparently the oldest

  • in the federal government with database systems dating back to the 1960s.

  • That means that our tax information, including our bank accounts

  • and social security numbers, are basically being guarded

  • by a Speak & Spell.

  • And then there's the fact that the head of the Department of Labor,

  • on who our unemployment checks rely, is the failson

  • of the late Supreme Court Justice Antonin Scalia, Eugene Scalia.

  • Eugene Scalia is a former corporate lawyer who, in 2006,

  • won Walmart a lawsuit that allowed them to avoid paying

  • more contributions to their employees' health care plans or to Medicaid.

  • Walmart, which is right now failing

  • to keep its workers safe

  • on the job in the midst of a pandemic.

  • Like, where do these way too on-the-nose conflicts of interest end

  • for this administration? What's next? Are we going to find out

  • that Deborah Birx's ex-husband was SARS. 'Cause I believe it.

  • So how are other countries handling the economic devastation

  • from coronavirus? Economists at UC Berkeley say jobs abroad

  • aren't being lost at nearly the scale as they are in the U.S.

  • And that's partly because of a very different approach to helping workers.

  • In countries like the UK, the Netherlands, Germany and others,

  • the government is essentially putting workers on federal payroll.

  • Germany is paying workers 67% of their wages, the UK is paying 80%,

  • and the Netherlands is paying 90% of employee wages for companies

  • that have lost at least 20% of revenue. And that makes a lot of sense.

  • If most of the population continues to have a steady income,

  • they'll have money to spend and continue supporting the economy.

  • And when social distancing finally ends, those workers are still guaranteed

  • their jobs back, which will mean recovery will be a lot quicker.

  • Meanwhile, in the States, techies will be creating Airbnb for underpasses.

  • It's pretty tight. You can reserve a place for your tent

  • in the spot with the fewest needles.

  • Other countries are getting money to people a lot faster also,

  • almost as if there was an emergency.

  • Germany was able to dole out

  • 500 million euros in the span of four days

  • to struggling artists and freelancers,

  • including everyone from musicians

  • to B-list internet celebrities.

  • Why are we not doing Newsbroke in Germany?

  • Was geht ab, Deutschland! Willkommen bei Newsbroke!

  • [Laughter]

  • Denmark is going even bigger in, what some are calling,

  • a remedy for avoiding economic depression.

  • There, the government is

  • helping by paying 75 to 90

  • if they avoid laying them off.

  • And they're offering to cover rent for businesses that can't afford it.

  • They've also invested way more than the U.S. has,

  • spending more than our $2 trillion stimulus budget in under four months.

  • Remember that's for a country that's 57 times smaller than ours.

  • That's infuriating. Someone smaller than you spending way more money.

  • That's like when I found out the YouTube star Ryan ToysReview

  • was worth $22 million.

  • We get it. You're little.

  • Hack.

  • Maybe I should move to Germany.

  • Heute sprechen wir über die Wirtschaft.

  • Was that right? [Background laughter]

  • Mind you, Denmark already has national health care, free university,

  • and paid family leave. Because economic recovery is not just about wages,

  • it's about providing benefits that alleviate all people, like child care.

  • Australia just announced they're

  • funneling nearly $1 billion dollars

  • into free child care for

  • about a million families.

  • Meanwhile in the U.S., parents are sh*t-outta-luck.

  • I am in fact working from home.

  • [Background child scream]

  • It has been a little challenging.

  • But we are gonna get through this.

  • [children talking in background]

  • Ugh, I can't imagine how hard it is to get work done in the house with a kid.

  • Unless that kid is Ryan ToysReview.

  • In which case, self-quarantine is a windfall.

  • Honey, we have 6 1/2 more videos to film today, alright.

  • You can do your homework when you finish

  • playing with your godd*mned toys!

  • Another step countries are taking is nationalization.

  • Instead of bailing out private corporations and hoping

  • they spend the money on maintaining workers

  • and not helping their CEOs get a third vacation home,

  • governments are simply taking control of them.

  • Spain nationalized all of its hospitals,

  • which is one very direct way

  • of making sure that workers

  • and patients are being looked after.

  • And, instead of bailing out

  • airlines, Italy is taking

  • control of the company Alitalia.

  • Meanwhile, in the U.S., despite airlines

  • like American getting $12 billion dollars

  • in stimulus money, workers

  • will still be taking a huge pay cut.

  • Remember, this is a corporation

  • that spent more than $15 billion dollars

  • buying back its own stock, which is a scheme that helps shareholders

  • get richer but does nothing for employees or customers.

  • Instead, we've been paying more for baggage, meals,

  • flight changes and entertainment systems.

  • Joke's on them 'cause, I don't need to watch “A Dog's Purposeto cry in public.

  • I do that on my own just fine.

  • American Airlines made so much money,

  • its CEO said in 2017 they would,

  • never lose money ever again.”

  • And, lo and behold,

  • we're bailing them out once again!

  • How do they keep getting away with this?

  • It's like they have us by the cojones.

  • What are you going to do, take a choo-choo train!?

  • [Wheezing laugh]

  • Of course, in the U.S., nationalizing private companies,

  • even if it's for the good of both the public

  • and private corporations themselves,

  • will inevitably get you labeled a socialist

  • - even by people who don't mind government handouts

  • so long as they're going to the rich.

  • We're a country not based on

  • nationalizing our business.

  • Call a person over in Venezuela,

  • ask them, how did nationalization

  • of their businesses work out?

  • Not too well.

  • But we're getting calls,

  • here's the beauty of it.

  • If we go out and we want, let's say, masks.

  • We don't know who to call on masks.

  • But Hanes, who makes things of cotton.

  • They called us, and they said,

  • we're going to make millions of masks.

  • The beauty is, they're calling us.

  • The beauty is, they're calling us? We needed these products months ago.

  • People are dying. Why is he treating these companies

  • like he's dating them

  • I never call first. I wait for days, sometimes weeks for them to call.

  • I wait and I wait, until one day, months later, they finally call me back.

  • And, turns out, it's a butt dial, and I listen. Power move.

  • But hey, by the way, how is actual socialism working out

  • during a pandemic in countries like, I dunno, Cuba?

  • Cuba is going to send medical staff

  • to Lombardy to help Italian doctors

  • fight the outbreak.

  • What we're going to do is cure

  • and bring relief, not only to the Italian

  • people but the world's population.

  • This is a global battle,

  • and we have to fight it together.

  • Oh, they've got doctors to spare? While ours are wearing garbage bags?

  • I love the free market.

  • Trump and most of Washington are opposed to the kind of bold action

  • that both the economy and the vast majority of Americans need

  • to survive this pandemic, because they've wrongly labeled

  • any government intervention as socialist.

  • But here's the thing, the UK, Germany, Italy or Australia

  • aren't run by socialists or radical leftists.

  • In fact, they're all run by relative conservatives

  • They simply understand that the government's role

  • in all this is hugely important. And they won't sit on the sidelines

  • and leave workers or businesses to the wolves of the free market.

  • When will we realize the same?

  • And until we that day:

  • Dankers zuschauen Newsbroke!

  • Thanks again for watching Newsbroke. I am sorry for butchering

  • the German language. No disrespect. I just couldn't get anyone on the phone

  • who spoke German, and I was not gonna watch that many YouTube tutorials.

  • Let us know in the comments below what actions and steps you think the U.S.

  • government should take to actually tackle this economic recession

  • and possible depression, and we will see you next week!

  • [Newsbroke outro jingle]

Since we'll have to wait a year for the Summer Olympics,

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Why It PAYS To Be European During COVID-19

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    ally.chang posted on 2020/04/16
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