We bailed out Wall Street during the Great Recession, so let’s bail out Main Street and everyday people during the coronavirus crisis

(image courtesy Clipart Panda)

When the stock market crashed in 2008 and the world of high finance took a tremendous hit, the U.S. federal government came along and gave huge bailouts to Wall Street and its siblings. Most experts agrees that these dramatic moves were necessary in order to save the nation’s financial infrastructure.

Today, small businesses, non-profits, and individual employees are among those taking the hardest hit, as the economy essentially goes into quarantine due to the coronavirus/COVID-19 crisis. A lot of folks are understandably fearful about what their companies, organizations, and personal finances will look like during the weeks and months to come.

I’m not a public health expert, but drawing upon the mountain of information and commentary available, it appears that we’re at least a year away from widespread availability of a vaccine. In the meantime, a lot of very smart people are trying out different treatment approaches, but there’s no magic bullet for now. As I see it, this uncertainty is very likely to continue into next year.

All of which suggests that our elected and appointed officials, and other leaders in the business and non-profit sectors, must lead with a commitment to create a stronger social safety net and support for rebuilding businesses and organizations — while our medical and scientific communities work on treatments and vaccines that I’m confident we’ll eventually have to blunt this virus. It would help a lot if those promises — however unsupported by details at this moment — were made now, in order to soothe some of the anxiety and sadness that we’re already seeing.

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