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Mar 24, 2020

Corona Bonds might save the economy

The Israeli response to the COVID-19 threat might be necessary for containing the virus, or for "flattening the curve", as they like to say, but it is wreaking havoc on the Israeli economy and on the workforce. Reports have more than 615,000 new filings for unemployment since the beginning of March, businesses are collapsing due to the closures, freelancers are collapsing and are not even included in unemployment figures, and small businesses are struggling to stay open...

But the government has a plan to fix the economy. The government needs cash to pay the unemployed and get through this, but they can't really raise taxes. They have come up with a plan to issue "Corona Bonds" - the people of Israel will have to buy these bonds, thereby lending the Israeli government money, which will be paid back over time, with interest and adjusted for cost of living, when the bonds come due.
source: News13

The only problem I see with this program is that they think the public has money to lend the government. The problem is caused by so many losing their jobs, so many people being forced to close their businesses, etc.. where is the public going to get the money to pay for this when so many have no idea how they will get through the crisis and continue putting food on the table and paying the rent and their bills?

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