No business with a 5-10% net margin can save 2 months operating expenses just in the off chance that there is a black swan event because doing so would put them

No business with a 5-10% net margin can save 2 months operating expenses just in the off chance that there is a black swan event because doing so would put them at a competitive disadvantage over competition that doesn’t save and instead uses the money to lower prices, pay higher wages or invest in new products. Meanwhile the government can borrow money at almost negative rates, based on long term tax collections, and arbitrage short term financial harm and need against long term repayment. Seems like a rational thing to do.