Towards an economy of social self-defense

Abstract

In this short article, fiscal policy is placed on the center stage in the fight against the pandemic. Existing spending policies and their uneven consequences on society are exposed and discussed. An argument is made against those programs that would take months to reach the most affected, and in favor of those which allow for the rapid distribution of purchasing power for food. The possibility of speculation and price increases should be be faced with wartime measures, such as price controls, as the supply chain must be continuous. Nor can programs that accumulate debt on top workers lead the way out, not only because of slowness of the delivery of funds, but also because private debt, unlike public debt, maintains or increases inequality. Furthermore, it seems most necessary to protect society, and this may include postponing evictions, maintaining public services for each household, among other measures. The conclusion is that the old and customary austerity policies are completely inadequate to confront the task ahead.