CARE Act does not favor the rich

Much is being said or written about the recently passed $2 trillion-plus Coronavirus Aid, Relief and Economic Security Act (the CARES Act). And, as expected, critics of the bill quickly emerged.

Although the bulk of the funding provided by the bill is direct help to workers and their families, about 25% of the funds are available for employers in various industry sectors like retailers, hospitality industry providers and a myriad smaller enterprises.

Money aimed for employers has been pejoratively described as a "bailout for Corporate America." and as President Trump's " ... gift to his millionaire buddies." (It was amusing when in some cases, millionaire Members of Congress or their millionaire media surrogates made such assertions.)

It's easy to envy or not like millionaires who run large, successful businesses. But, just imagine what America would be like if all those hated organizations were forced to shut their doors. America would immediately become a different place without them. And the "little people" who work for them wouldn't have jobs to return to in a post-coronavirus era. If it isn't clear that this massive aid bill aims to preserve companies and jobs that out-of-work Americans may reclaim in them when this mess goes away - then somebody ought to make it clear.

Second, consider who owns these hated corporations with the hated millionaire bosses. To a large degree, by way of stock ownership, the nation's employees do. They likely own shares of these companies in their personal 401(k) accounts, company ESOPs and maybe indirectly own shares via their union and/or other pension funds that use worker/employee dues or contributions to invest in firms like those supported in this bill.

I lament that the CARE Act is not a "clean" bill. But the argument that it favors employers at the expense of employees and their families doesn't wash.

Charles F. Falk

Schaumburg