Russian Finance Minister Anton Siluanov reiterated that “helicopter” distribution of money to the population will not. According to him, if Russia were printed reserve currency to spend so trillions of rubles would be possible, but since it is not, that method does not suit us. However, according to the head of the Ministry of Finance, support should be targeted. Why the authorities do not approve of the method, which is already applied in the United States and several other countries as well as what is required, if the “helicopter” distribution will still be approved, and who will be able to count on that money? These issues of “MK” asked the experts – known economists.
Ruslan GRINBERG, head of the research Institute of economy, RAS:
“For the concept of “helicopter money” hiding direct financial assistance to populations in distress. In Russia, about 8 million official wage workers in small businesses and found themselves in a most difficult situation, another 8 million are working “in the shadows”, 5 million self-employed and about 4 million workers. Total: 25 million people in need. No effective alternative to direct payments, I do not see. For example, people came to the labour exchange and got, say, 20 thousand rubles a month. On all -500 billion. For 2 months need 1 trillion. This is quite feasible and real for our state spending. There is an urgent need to apply this measure. Talk about not giving away money because the ruble is not a reserve currency have to do with anything. We are talking about payment of money to citizens just to exist. People don’t willingly be in this position. The government should care about its citizens. Speaking about the risks from direct payments, they are, but, in my opinion, minimal. A certain increase in the money supply, which can potentially cause inflation, compensate for the funds lost employees. In our conditions, when there is talk about the second wave of the pandemic and the extension of self-isolation, such a measure is necessary just for the physical survival of millions of people. We have no budget deficit, but people don’t allocate money is a scandal. Those. who is responsible for the economic block, there is some kind of perverse frugality that in the current conditions completely out of place”.
Sergey ZHAVORONKOV, senior researcher, Institute for economic policy. Yegor Gaidar:
“If the authorities do not want to help direct payments, all you need to open up and stop holding people in quarantine. It’s time to decide and to choose one of two: either to continue to force people not to work and give them substantial fees, and not a pathetic minimum wage of 12130 rubles ($160), or to abolish all quarantine restrictions. In Russia, very little of the minimum wage commensurate with minimum the wage in Ukraine, which is three times poorer than our country’s per capita GDP, or in Armenia. The minimum wage in Lithuania more than $600 and those citizens who now are forced not to work, is paid 90% of salary, but not above the level of the minimum wage. Meanwhile, Lithuania is comparable with Russia in per capita GDP. Thus, in addition to the “helicopter” aid, there are other ways of support. For example, you can allocate funds not to everyone, but only those whose family income does not exceed a certain amount. In short, the options of care exist, but the authorities do not want to use them. In this case, even if the state cancels all restrictions, opens shops and restaurants, return economic life to the people, as before, were self-sufficient. This approach is used, for example, in Taiwan, in South Korea, as well as in the American Texas.”
Oksana DMITRIEV, the Deputy of Legislative Assembly of St. Petersburg, doctor of economic Sciences
“Helicopter,” the distribution of money available only to those countries that print reserve currencies such as the US. Meanwhile, direct payments rather than guarantees, and deferred loans. They are needed as ordinary citizens and subjects of the Russian Federation. The crisis will lead to a serious deficit of both the Federal and regional budgets and extra-budgetary funds. To cover it you need not loans, and the direct emission of the reserve Fund. For example, small businesses should not give an extension on taxes, and to fully release them. Do not loans on wages, and direct subsidies. Measures have to be very differentiated and sophisticated. Of course, businesses and citizens need liberation and additional subsidies for housing and communal services (about 200 billion rubles). We prepared a proposal to June to start to pay to working pensioners the same money as the unemployed. Many employed people are now on unpaid leave or reduced salary (will need 100 billion in 2020). We also offer back to the old age retirement 55 and 60 years. This will reduce the burden on employers. You must understand that it needs about 1.5 trillion rubles. Better a government than the distribution of money. For example, to give Goszakaz hotels for accommodation of medical staff. The people will stand in walking distance hospitals, will not endanger their families and will not use public transport. On the one hand, this measure will ensure the safety of health workers, on the other, is the public procurement placement, which can take more than 50% of total room stock. The catering companies can give the order for providing meal to all those who are in a difficult situation. Such feasible��STI will allow some businesses to survive. For “helicopter” is the distribution of money from the state resources.”
