Former Wells Fargo CEO wants Americans back to work next month: ‘Some may even die, I don’t know’
Further in scum:
The billionaire Tom Golisano was smoking a Padron cigar on his patio in Florida on Tuesday afternoon. He was worried.
“The damages of keeping the economy closed as it is could be worse than losing a few more people,” said Golisano, founder and chairman of the payroll processor Paychex Inc. “I have a very large concern that if businesses keep going along the way they’re going then so many of them will have to fold.”
President Donald Trump says he doesn’t want the cure for the Covid-19 pandemic “to be worse than the problem,” and some of America’s wealthiest people and executives are echoing his rallying cry. They want to revive an economy that could face its worst quarterly drop ever -- even if it means pulling back on social distancing measures that public health officials say can help stop coronavirus. These investors aren’t prizing profits over lives, they say, they’re just willing to risk some horrors to avoid others.
Billionaires and other members of the elite have the luxury of social distancing while making money. The ones who want workers back in their jobs say they’re aiming to stop millions from suffering for years and falling further into debt. Officials are trying to accomplish that by restricting foreclosures and allowing Americans to defer mortgage payments.
“It’s outrageous,” said Robert Reich, who was labor secretary for President Bill Clinton and now studies public policy at the University of California, Berkeley. “It is absolutely necessary to shut down the economy so that millions of people don’t die. For the privileged among us to fail to see that and to give the economy precedence over this public health emergency is morally reprehensible.”
The push to restart the economy makes a certain amount of sense to rich people, according to Reich, because they have come to expect disproportionate gains as the system’s top winners. “The one flaw in their logic this time is that the coronavirus doesn’t understand class,” he added. “The more people are infected, the more likely it is that Blankfein and other billionaires will become infected as well.”