The U.S. government has now pledged almost US$3 trillion to save the economy and Americans from the coronavirus recession.
Most of that is aimed at individual Americans in the form of additional unemployment insurance or the so-called economic impact checks. About $1.2 trillion – and counting – represent bailouts for American companies, large and small.
And more than 60% of that is in the form of grants or other financial assistance that will likely become grants – funds that will not be recovered by taxpayers. The Congressional Budget Office estimated on April 23 that the company-related coronavirus bailouts, excluding the fourth one just signed into law, will ultimately cost more than $400 billion over 10 years. Given that most of the latest bailout, worth $484 billion, will most likely end up becoming grants to small businesses as well, the price tag is bound to get a lot higher