Juno News - March 26, 2020


Will our economy ever recover？


Episode Stats


Length

2 minutes

Words per minute

193.38277

Word count

565

Sentence count

2


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Unprecedented times call for unprecedented measures, and we are certainly living in unprecedented times as governments introduce various lockdowns all throughout the Western world and in other countries that effectively grind the economy to a halt through no fault of those workers who are being told no you can t go to your jobs, you can't do the things that allow you to feed your family and to pay your rent. If there is nothing done to intervene, we will have cascading economic effects that are disastrous for many many people, hence why governments of all political stripes introduce some form of bailout package stimulus package.

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 Unprecedented times call for unprecedented measures and we are
00:00:09.880 certainly living in unprecedented times as governments introduce various
00:00:13.600 lockdowns really all throughout the Western world and in other countries
00:00:17.160 that effectively grinds the economy to a halt through no fault of those workers
00:00:21.960 who are going to be told no you can't go to your jobs you can't do the things
00:00:25.680 that allow you to feed your family and to pay your rent. If there is nothing
00:00:29.880 done to intervene we will have cascading economic effects that are
00:00:33.360 disastrous for many many people hence why you see governments of all political
00:00:38.460 stripes introducing some form of bailout package stimulus package I don't even
00:00:42.900 want to know what to call this because this is very different than it was say
00:00:46.020 in 2008 so while we can nitpick about the various things Justin Trudeau and the
00:00:50.820 government in Canada have introduced there is broad cross-partisan support for
00:00:55.520 this to some degree or another but here's the catch what happens when the
00:01:00.680 coronavirus is gone when this is all behind us hopefully sooner than later but
00:01:04.440 who knows how many months that will be what happens to those programs to those
00:01:08.480 initiatives that have been announced and introduced when do you wind them down do
00:01:12.560 you get rid of them when just all the restrictions are over and all the
00:01:15.580 lockdowns are lifted well hold on there will be some industries that you've been
00:01:19.100 underwriting that just don't go back to their same normal you say well too bad let's
00:01:23.480 cut out the funding then do you wait until say the markets are back to where
00:01:27.380 they were before they took their hit with the corona virus okay but whatever
00:01:31.220 what if they never get back to those actual levels when do you do this and
00:01:35.060 here's the thing there's gonna be a number of voices out there who say don't
00:01:39.140 get rid of them keep them as is keep these things that are basically
00:01:42.800 equivalent to national guaranteed income cash transfers to many different
00:01:47.300 individuals based on where they're at in their incomes and so forth and
00:01:50.480 there's a term for that it's called socialism can go even beyond that now
00:01:55.280 right now it doesn't look like that to us because we agree that something
00:01:58.860 like this is needed and it is and you're seeing that bipartisan cross-partisan
00:02:03.200 support but I guarantee you in the coming months whenever it is six months nine
00:02:07.160 months 18 months from now there's gonna be a great debate in all the
00:02:10.940 parliaments in Congress and places all across the world talking about these
00:02:15.480 measures because there are socialists out there who have been calling for
00:02:19.140 these very things to be introduced before there was a corona virus immaterial
00:02:23.280 of that they want this stuff in society regardless of what's going on this is
00:02:28.380 gonna be one of the long-term consequences of this virus the fact that the
00:02:32.160 state has suddenly quickly ballooned and I don't believe it's gonna constrict at the
00:02:37.620 same speed and to the same degree that it ballooned what happens next and
00:02:41.740 that's gonna be something to keep an eye on that's gonna be a battle that will be
00:02:44.760 fought by those individuals who are pro-socialists and those who are not gear
00:02:49.640 up for it folks because I guarantee you that debate that battle will be coming