Donald Trump's MAGA is successful.
The U.S. is providing the world with another example of its great exceptionalism. In a few days it will have the greatest number of Covid-19 cases and the greatest number of casualties of the disease. It will also have spent the greatest amount of money on the crisis with the smallest part of it going to the people who need it.
It is not a nice picture and it makes me sad.
The more than two trillion dollar the lobbyists told Congress to put into their 800+ pages relief bill will mostly go to very rich people. It is corporate socialism - a bail out for investors and managers.
Contrast that with the Russian president Vladimir Putin who, in an address to the Russian people, allocated most of the money for the unemployed, the retired and for families:
Then, with special flourish, Mr. Putin used the impending crisis to fix several unpopular tax loopholes favoring the very rich, so that the proceeds of the new taxes may be used to offset some of the costs of the social protection measures now being introduced for the great majority of the working population, for families, etc.To name one such abuse, he is calling for all remittances of dividends and the like by physical persons to offshore ‘tax havens’ where they go untaxed, now to be subjected to a 15% income tax in Russia. The double taxation treaties with those tax haven countries allowing this abuse will be amended accordingly.
The U.S. as well as other countries is still not doing enough to slow down or even stop the outbreak.
The Wall Street Journal today reports (paywalled but quoted here) what we emphasized in our earlier pieces. The lockdown in Wuhan on January 23 was not enough to end the growth of the number of cases.
It was only after February 2, when Wuhan introduced the isolation of suspected cases and of people who had close contact with confirmed cases, that it gained a grip on the crisis:........read more............
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