Chubais explained how citizens must help by handing out money

Chairman of the Board of the state Corporation “RUSNANO” Anatoly Chubais believes that in conditions of economic crisis in Russia caused by the pandemic coronavirus infection COVID-19, and the collapse of oil prices and devaluation of the ruble in February—March, to help through direct handouts of money you need to those who the hardest. Such opinion he expressed today at the conference Startup Village LiveStream.

“do I Need help? Yes, you need. Not just those who shout the loudest, and those who the hardest. It is the unconditional duty of the state. But often we are most noisy are not the ones who really need it, it’s different. It is wrong to support those who have the minimum wage, because, maybe, his son earns 10 times more. And what are we going to squander the money? That’s right — learn to count income and to support those who do not have sources”, — TASS quoted Chubais.

In his view, handing out money to all citizens, “it looks frivolous”. “Now all of will give 20 thousand roubles. Well, well. How much is two or three months? If I remember correctly, that’s about 2 trillion rubles. And then what after that? And if there is a second wave of coronavirus infection, and medical workers who exactly require support, don’t get it? So, too, cannot be dismissed lightly. In this sense, the idea about total imputed income — I’m against it, about a reasonable extract from it the part that is working — I for”, — said the head of RUSNANO.

earlier in may, managing Director of macroeconomic analysis and forecasting “Expert RA” Anton tabah, evaluating the effectiveness of the distribution of money in aid to the Russians in a pandemic coronavirus infection, and compared this measure with the distribution of drugs in small doses. “Healthy is not necessary, the patient will not help”, — said the expert, answering the question of RBC Quote.

As indicated by the Tabs, “contrary to polumish about the distribution of elephants and gingerbread, direct distribution where there is little small — less than one local, higher than us minimum Wage (in Russia is 12 thousand 130 roubles — ed.)”. “Payment of salaries and extended benefits, we also introduced, but later than necessary, and to a lesser extent. They need to be increased to speed up acquisition and increase availability,” says the expert.

prior To this, in an interview to the newspaper “Vedomosti”, the head of the Ministry of Finance of the Russian Federation Anton Siluanov said that the Russian authorities could give the people the money “from helicopters” if the country had the ability to print the reserve currency.

independent financial Advisor Natalia Smirnova noted that she cannot understand how there can be implemented the idea of “helicopter” assistance. “All citizens equally? But we have a strong income inequality. All unemployed? But we have unemployment benefits. All workers? But we have a lot of informal workers. To all citizens? We have a lot of migrants,” said Smirnov.

She believes that the distribution of money to the population is a very complex mechanism. And the quarantine will soon be lifted gradually. “Apparently, already decided not to invent anything and wait for recovery, and, if anything, to come up with targeted assistance to business type of loans for wages, vacation credit, unemployment benefits, as there is low risk of misuse,” concludes the expert.

on April 24, the Chairman of the Bank of Russia Elvira Nabiullina warned that the distribution of money to the population will lead to an explosion of inflation. She stated this today during an online conference. “If you imagine that we as a Central Bank print the money and distribute them at a zero rate. What is the result? I recall the 1990-ies. This is thet in a “burst” of inflation, and people who receive these moneys, it will be hard for them to buy something,” said Elvira.

However, it agreed that direct payments targeted support as needed, however the distribution of so-called “money from helicopters” is not relevant. “Direct payments as an element of social support, of course, in such circumstances (economic crisis in a pandemic coronavirus infection — ed.) should be”, — assured the head of the Central Bank.

At the same time, said Nabiullina, helicopter money as a way of conducting monetary policy is a “custom method” and its application can be discussed, if “exhausted standard methods and opportunities targeted quantitative easing”.

the Term “helicopter money” or “money from helicopters” born from the work of the American economist in 1969. He then compared the direct payments of government of certain amounts to the entire population throwing banknotes from a helicopter. A number of countries such as the support of the coronavirus is now implementing, in particular the US and Japan.

let’s Add that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.

may 11, Russian President Vladimir Putin announced the end of may 12, a single period of days off, entered March 30, in the fight against COVID-19. He also announced the beginning of implementation of the third package of anti-crisis measures, under which the state, in particular, will enhance Adrascurry support for families with children, small businesses, individual entrepreneurs and self-employed. In addition, Putin instructed the government to prepare a national plan for long-term development of the economy, the recovery in employment and incomes.

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