It may, as House Majority Leader and Maryland Democrat Steny Hoyer said on Friday, be out of love that the United States agreed to shut down much of its economy to stop a viral epidemic and save lives.
FILE PHOTO: A man walks alone through the nearly empty Oculus transportation hub at the World Trade Center in lower Manhattan during the outbreak of the coronavirus disease in New York City, New York, U.S., March 27, 2020. REUTERS/Mike Segar
All in it would supplant perhaps 30% of gross domestic product with government spending and loans, drive the federal deficit as high as needed to make that happen, and broaden U.S. social spending in ways that just a few weeks ago Republicans and President Donald Trump were branding as “socialist.” Confronting an outside enemy that is imperiling both employers and employees, the well-buffered as well as the uninsured, those concerns have fallen away.
“Economic statistics, at the moment, are not relevant. We’re in an unprecedented situation,” Mnuchin said on Thursday, making what has now become a broadly understood point: The current economic turmoil is by design.“There will be plenty of soul searching,” once the crisis is past, Eichengreen said. “Attitudes about the appropriate role for government are going to be contested even more than was the case.
“Why can’t the greatest economy in the history of the world produce swabs, face masks and ventilators in adequate supply?,” former Treasury Secretary Lawrence Summers said on Twitter last week.Just as the financial crisis a decade ago reinvented the rules for banking, the coronavirus pandemic too may prompt its own stripe of fundamental economic change.
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