The economic fallouts of COVID-19 have already begun to be felt by the people. Little movement towards relief has been made, as the intensifying duel of who will reign over the ruins still persists. With nary an end in sight to both the virus and our political impasse, the commoners on the ground are loosening their grasp on hope. The rhetoric that we are all in this together becomes increasingly shallow as we recognize how powerful elites for the most part remain protected, while regular citizens put their lives on the line daily to maintain their incomes. An unprecedented crisis for us all, there will of course be some fits and starts as we seek to learn of and properly account for the virus. If it is one thing we should have recognized by now however, it is that there is urgent need to act swiftly and effectively – two things that Guyanese leaders have never been fond of.
While the brunt of the responsibilities lie with the State, there is also a need to recognize the pro-social responsibilities of the business community to its workers and the future of our country. The new future we envision will be deferred long before it is reached if there is not cooperation towards building avenues of survival for our people. While there is always room for optimism, the lure of power is often too strong to be concerned with the realities of collective destruction. We have already begun to see elements of extortion by the business community. Everyone is aligned and has an agenda. That agenda is not focused on the people. Businesses are holding their workers as weapons to be used and discarded, threatening to fire them and shut the economy down – but the economy has to be shut down. That is the way in which to slow the spread of the virus so as to not overwhelm our health systems.
This is not the time to prioritize bailouts of corporations while those on the ground are daily receiving termination and eviction notices. Putting power and relief measures in the hands of the people will not encourage slacking and lethargy. Any bailouts that happen should be made with an eye towards leveling the field of survival for ordinary citizens and limiting unnecessary administrative costs. There must be a march towards the practice of enhanced equity and putting money into the hands that need it the most.
For the corporations that necessitate relief measures, certain conditions need to be put in place to ensure that there is focus on worker retention, improved labour rights and a retraining of workers for industries that can sustain our growth. The sun is already setting on our infant oil industry and continuous banking on its promised wealth will sink us faster than we can attempt to swim. We must begin plans for a future that invests in natural alternative solutions so that we are not left even more vulnerable economically in the future than we are now. The industry of oil is only profitable if we balance the scales against the lives of our people and the environment we depend upon and even then, it’s short term.
Our management of this crisis in our traditional manner of sloth and inefficiency is particularly detrimental to us now, as this is not a typical recession. Its wide reaching impacts are unlike anything our current generations have faced before. It is much more than a virus, it is a public health crisis exacerbated by a failed financial system that promotes austerity measures aimed at cutting back state support for health and social services. Now, we are feeling the full effects of a capitalist economy as we seek comfort in the arms of socialism.
Given its wide reach, the ramifications of this crisis will be felt for years to come. The choices that are made now will shape our future for decades. For those of us who survive, it would be interesting to observe how we march closer to the new horizons that beckon. Focus should be placed on both immediate relief and visions for long-term recovery. That would mean an addressing of the intersecting crises of wealth inequality, racism and environmental destruction that are currently being intensified under the virus.
Our response however, is still centred on our failed system of prioritizing profits, which the virus has revealed to be the real barrier to wellbeing and economic stability. The great danger we face is not big businesses losing money. The nearing recession is inevitable, it is part of the pandemic. What we must do is ensure we do not fall into the worn trap of prioritizing short-term profits over the long-term risks to workers and the wider economy. As much as it would hurt, it means that the economy needs to be shut down so that persons can better manage their health from their homes.
In prioritizing the people – as should always be the case – there must be movement towards enhanced and efficient healthcare at the top of our agenda. With the steadily rising costs for produce and increasingly limited incomes of the poor, economic relief directly to the people should be the way of the game. There must be investment in and encouragement of a regenerative economy with enhanced levels of self-sufficiency and movement away from extractive industries. This will promote growth and sustainability of resilient communities that are better able to prevent and overcome the impacts of future intertwined social, environmental and economic crises.
