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3. Where does all this money come from? Do we not believe in conservation of energy here? Eventually we’re going to wind up with hyperinflation if we keep printing massive amounts of money in response to every business culling event.
4. It sends the completely wrong message. This is America. I’m all for unemployment insurance but why are we bailing out mom-and-pops who didn’t conservatively save for a downturn? Because we feel bad? If we save everyone all the time, no one will save.
Efficiency in markets and in value to the customer is driven by survival of the fittest, which means that weak entities need to fall out of the species. Sad but true.
This is the only valid point. Don't pick and choose. Optimal policy is probably some kind of forbearance, but we don't have infrastructure for that and UBI is most feasible. See https://johnhcochrane.blogspot.com/2020/03/groundhog-day-virus-plan.html … which makes this point.
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