Budget cuts led to the closing of 20,000 hospital beds in the city of New York alone, where 29 million people have no health insurance and where losing your job usually also means losing your healthcare coverage (if you had any). Most of us — “the 99%,” to borrow the slogan of the Occupy Wall Street protestors — cannot escape the insecurity fomented by an economy geared to the needs of the wealthy few. Access your account or create a new one for additional features or to post job or training opportunities. List of organizations that are actively providing ReliefWeb with content. In the highest premium platinum plans, you pay 10% and the insurer pays 90% of your healthcare costs., Short term health plans were traditionally marketed to people who experience temporary gaps in coverage. During the coronavirus crisis, the rich are getting tested for the virus, even if they do not show any symptoms, they receive oxygen concentrators, respiratory masks, etc., while workers who are showing signs of COVID-19 are struggling to get tested and pay the bills. And while pro-labour economists like the German Stephan Kaufmann demanded a shutdown of stock exchanges in order to halt the volatility and panic-induced downward spiral (similarly to the 1997 Asian crisis or the 9/11 crash of 2001), in the US Wall Street quickly demanded “shock and awe stimulus” to halt the economic fallout. A May 2020 Commonwealth Fund study, for example, calculated the out-of-pocket costs for COVID-19 patients with short term plans in Georgia, Louisiana, and Ohio. We advocate for effective and principled humanitarian action by all, for all. Billionaires like Silicon Valley giant Peter Thiel, who owns a 477 acre estate in New Zealand, are escaping to their safe domestic country home or offshore hideouts, where the same lockout will feel distinctly different compared to how it feels for the working class. In spite of the financial weaknesses it is estimated that in the event of liquidation, the loan would be adequately secured and there may be no loss on the account to the Government.

Yet, the German Trade Union Confederacy (DGB) correctly criticized that this was not enough for workers in the low-wage sectors, the most hard-hit by the fallout of the Coronavirus crisis. Today, we are harvesting the outcomes of these economic measures. The indirect ways of how class and social inequality determine the impact of the health crisis are even more severe. GDP growth, capital profitability, capacity utilization, volume of working hours, etc. Post was not sent - check your email addresses! According to this view, no American is immune to dreadful economic calamities like income loss, chronic joblessness, unaffordable medical bills, inadequate retirement savings, or crippling debt. Furthermore, the private and for-profit organization of healthcare ensured that Covid-19 would emerge as it did in the first place. Situation Report Source. When individuals and families are underinsured, they may have to take on debt to pay deductibles and medical bills. All the while, US billionaires went so far as to call for an end to even the limited healthcare provisions by the Trump administration to compel workers to return to work despite the dangers this would entail. 1. at or constituting a border or edge 2. of questionable or minimal quality 3. just barely adequate or within a lower limit 4. producing at a rate that barely covers production costs Within the new investigation, he will examine the mid-September announcement of $23 million in federal funds to build a stadium in Rockhampton, in central Queensland. Poor?

They argue not that a financial crisis pulled the rug out from under our enviably comfortable lives, but rather that our lives were not all that comfortable to begin with.

According to Trump, addressing the US public in a live broadcast from the Center for Disease Control in Atlanta, Georgia, the Corona virus was little more than the regular flu, which also caused a limited number of people to die every year with a lethality rate of 0.1 per cent. It loves to design cures.

It is the workers who are risking infections by going to work, who are risking infecting their elder and sick relatives. Work Experience vs. Education: What's the Difference? When analyzed correctly, the available data belie the notions that this degree of economic risk pervades American life and that our circumstances today are significantly more precarious than they were in the past. However, Western governments have largely failed to provide the means of doing so. Racism also played a role in Europe, when the skiing industry in Austria ignored the fact that the resort in Ischgl was the secret origin of the Coronavirus in Europe and kept it operating for an extra eight days blaming the virus on “an Italian” visitor even though other countries like Iceland had already quarantined tourists returning from the Austrian Alps. It threatens the working class with death, because it is the workers who are at the frontline of the Coronavirus. By using Investopedia, you accept our, Investopedia requires writers to use primary sources to support their work. Guidance for the Brookings community and the public on our response to the coronavirus (COVID-19) », Learn more from Brookings scholars about the global response to coronavirus (COVID-19) ». In Italy and Spain, Covid-19 wreaked havoc because, during the “Eurozone crisis” commencing in 2010, the EU’s “Fiscal Compact” forced these peripheral EU countries into adopting severe austerity measures and massive budget cuts in healthcare. The largest “companies putting profits ahead of public health” include McDonald’s with 517,000 workers, Walmart with 347,000 workers, Kroger with 189,000 workers, Subway with 180,000 workers, Burger King with 165,000 workers, Pizza Hut with 156,000 workers, Target with 151,000 workers, Marriott with 139,000 workers, Wendy’s with 133,000 workers, Taco Bell with 124,000 workers, Dollar General with 109,000 workers, Applebee’s with 99,000 workers and Dunkin’ Donuts with 97,000.

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