Economists to Congress: Don't Bail out Big Business

Photo of workers at a restaurant cleaing while wearing masks

A letter signed by over 200 economic, legal and financial scholars from across the political spectrum was released on March 24 denouncing plans for massive bailouts of businesses hurt by the coronavirus pandemic and not to benefit workers who are most affected by the sudden loss of jobs. Economists argue that corporate bailouts mainly benefit investors who reaped big returns when the economy was strong and will now be protected when the economy goes south. The legacies of the 2008 and 2009 bailouts was a feeling by many that our system is rigged to benefit the top 1%.