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


Transcript

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