President-elect Biden inherits a financial crisis, even bigger than in 2008. (Cory Doctorow/Pluralistic):
If [President Biden] addresses this crisis the same way that he did in 2008 – the way that Congress and the Senate addressed the crisis in 2020 – by bailing out finance, not the public, we’re seriously fucked.
Sure, the stock market will continue to rise and rise, as will house prices.
If you are in the 1%, you will get SO MUCH richer. If you’re in the 10%, your retirement savings will swell, your mortgage will get cheaper, and your house’s value will go up.
For everyone else: evictions, foreclosures, soaring rents, worse wages.
And California passed Proposition 22 last week, protecting Lyft, Uber, and other gig companies’ ability to prey on the 90%.
Instead of bailing out banks and encouraging the gig economy, we need a Jobs Guarantee – product work at decent wages.