Jason Furman is calling for sending $1,000 checks to every American adult to soften the economic blow.
WASHINGTON — An unexpected crisis has sent the stock market into free fall, Congress is divided on how to respond, and experts across the political spectrum are demanding unprecedented action to stave off catastrophe.
NBC News: A lot of Americans are seeing the stock market plummet this week and trying to figure out what it means, beyond just the immediate health crisis. How worried should they be? Furman: If the virus goes away in two months, I wouldn't be that worried. My expectation based on the medical professionals is that it is not realistic to expect it to go away in two months, and that if it did, it could come back even more virulently again in the flu season next year.
Once you've gone through all of that, you’ve maxed out on health and maxed out on targeted assistance, you have two problems: One is millions, or tens of millions, of households are going to be hurting from lower incomes, lost jobs, or time off work. Second, just from a macroeconomic perspective, the amount of stimulus you want for the economy under that scenario is still smaller than what you need.
Furman: In a normal recession, state revenues go down a lot and that can lead them to cut back. That is going to happen. In addition, state spending is going to go up a lot to take all the public health measures and treatment measures we’re going to need to do right now.
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