How many companies were bailed out

But as taxpayer dollars flowed into the economy to blunt the crisis, other firms gave CEOs massive paychecks while contributing to the largest layoff wave since the Great Depression. This will be on top of the major stimulus program. There are better ways to help workers in these industries. The head of the flight attendants union has made a powerful case that the airline bailout money should come in the form of direct payroll subsidies to industry employees as a way to prevent layoffs.

We should be demanding additional measures to ensure that any bailout money helps workers instead of padding the pockets of CEOs and wealthy shareholders. Bailout recipients should also be required to cap CEO pay at no more than 50 times worker pay. The problem is that there was neither an enforcement mechanism nor a system of incentives to ensure that banks actually prioritized such businesses. A May 8 report by the Inspector General for the Small Business Administration found that the organization did not comply with this guidance.

Barofsky says this scenario was a classic example of Washington repeating past mistakes. But so far, most students have yet to receive a windfall, in part because — like PPP — the program was structurally flawed. In this case, one major problem was the formula , determined by Congress, dictating how the Department of Education disburse the funds. The formula relied on the number of full-time Pell Grant recipients physically on campus prior to the pandemic. While that data point sounded good on paper, it had the effect of disproportionately rewarding wealthier institutions, which tend to have more full-time students and graduate students than poorer institutions like community colleges, says Ben Miller, a postsecondary education expert at the progressive think tank Center for American Progress.

Both Ivy League institutions declined to accept the funds after a public backlash. But their refusal leaves the Department of Education in a bind. The funds that Harvard and Yale refused have yet to be reallocated. On May 15, House Democrats passed a bill that would amend the formula, distributing funds by total headcount, rather than full time enrollment. Government intervention saved GM and Chrysler and the supply chain that was tied to them and the other companies — Ford, Honda, Toyota, Nissan.

In the Great Recession, auto-manufacturing employment fell by more than one-third, a loss of , jobs, according to the Bureau of Labor Statistics. Membership in the United Autoworkers fell by ,, according to a union spokesperson. Over the ensuing decade, as vehicle sales rebounded and production ramped up, those job losses were gradually reversed. In July , U. The UAW is still more than 50, members short of its prerecession high. Dziczek points out that in spite of the bailout and revival of some auto-dependent communities, many union autoworkers are worse off in terms of income than before the Great Recession.

Dziczek said the bailout did save the domestic automakers, and prevented catastrophic economic decline for auto-dependent communities across the Upper Midwest. She said hundreds of thousands of autoworker jobs were saved as well, though many union autoworkers have lost ground economically. This story is part of Divided Decade , a yearlong series examining how the financial crisis changed America. Correction Nov. The text has been corrected.

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