@averagejoe1 said
@spruce112358
But everyone is talking about the universities, etc, which are all good points. Some write about other countries but this is not about other countries.
But the issue is that the president 'picked out' some USA category of people, the students in this case, and started paying their debts??? It could be that he might have just as well paid up all the deb ...[text shortened]... What if the students were left to paying off their own debts? Would that be so bad? We all did.
Which President signed the biggest bailout in US history?
Oh no. Don't tell me. You can't... seriously? OMG. OMG. Not... him?
Read on:
1980: Chrysler Corporation bailout
By 1979, the American automotive company Chrysler was nearly bankrupt. But when the federal government bailed the company out, it wasn’t just to save an iconic American company—national security implications were also at play.
Chrysler was awarded a contract to build the M1 Abrams tank, which the U.S. military used in the Cold War. [Ed. 4,800 of these tanks, almost never used in combat. We could give them to Ukraine who would use them for what they were designed for: killing Russians! But no, that makes FAR too much sense. Don't do that...] This contract, and the hope that it would save hundreds of thousands of jobs, led the government to issue a $1.5 billion bailout. The government would bail Chrysler out again in 2008—during the Great Recession—before Fiat eventually acquired the company in 2014.
1989: Savings and loan crisis
The savings and loan crisis resulted from almost a third of the savings and loan associations in the U.S. failing over several years, thanks in part to their participation in several risky real estate ventures.
The Financial Institutions Reform, Recovery and Enforcement Act of 1989 was passed by Congress to institute several helpful reforms. In the act, federal regulators first attempted to address the issue by deregulating the industry, hoping that the market would help correct the course of the institutions. When that failed, they turned to taxpayers. The ultimate cost to taxpayers ended up being an estimated $124 billion.
2001: Airline industry bailout
The airline industry entered a crisis after the terrorist attacks of Sept. 11, 2001. In the immediate aftermath of the attacks, airline traffic fell by over 30%.
The federal government stepped in to assist the battered industry. In just two days, the industry received a $15 billion bailout. But while most of that money went to major airlines, approximately a third went to other sources—including package delivery companies, bankrupt airlines, and helicopter companies.
2008: The Great Recession and TARP
Former President George W. Bush signed the Troubled Asset Relief Program in 2008 to prop up failing banks and businesses by purchasing assets and other equity. The program aimed to stave off the country’s mortgage and financial crisis while stabilizing the economy.
It became commonly known as the “bank bailout” as it bailed out many banks on the verge of collapse, generating controversy. Some called the bailout a necessary maneuver to save the American economy from ruin, while others criticized that it rescued powerful institutions while leaving many everyday people behind.
2020: Coronavirus airline bailout
When the coronavirus pandemic struck in 2020, travel worldwide screeched to a grinding halt. Borders had closed, and health experts warned against air travel, as sitting with others in close quarters could spread the virus. As such, airlines saw revenues plummet.
The federal government decided to bail out the airline industry with $25 billion. Rather than using these funds to save airline jobs, some airlines chose to use the money to offer early retirement packages instead. When travel resumed, this led to a significant shortage of airline staff, creating long delays for many passengers.
2020: Coronavirus pandemic
The 2020 COVID-19 pandemic precipitated some of the most significant aid for ordinary people in American history. The government paused student loan payments, extended unemployment benefits to freelance and gig workers, and sent families making below a certain income threshold $1,200 checks. This temporary expansion of the American safety net was unprecedented in scale.
The Coronavirus Aid, Relief, and Economic Security Act cost $2.2 trillion, making the CARES Act the most extensive financial rescue package in U.S. history.
Signed by? SIGNED BY?!??!!? OH NOOOOOOOOOO!!!! TRUUUUUUUUUUMP?!!! WHY DID YOU GIVE THE MOST FREEEEEEEEE STUUUUUUUUUUUFFFFF?!?!?!?
2021: American Rescue Plan
President Joe Biden signed the American Rescue Plan into law in 2021. Its total cost was $1.9 trillion. This spending included a significant amount of money directed toward counties to use as they saw fit for coronavirus relief. It also included further direct payments to families, a child tax credit, and a capital projects fund to shore up the nation’s infrastructure. The American Rescue Plan brought coronavirus-related government assistance to almost $4 trillion.
13 Apr '24 01:14
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