From WSJopinion: The bulk of the government’s largesse to date has been devoted downstream. To right the balance—and avoid a slower, weaker recovery—policy makers should direct their attention upstream, to the supply side of the economy and Main Street.
Unexpected shocks have become unexpectedly common. The pandemic of 2020 is the third economic shock to strike the U.S. in the 21st century, following 9/11 and the financial crisis of 2008. In each case, policy makers were caught off-guard. Yet while the precise nature and timing of major shocks are unpredictable, their occurrence is foreseeable.
Policy makers would do well to buy insurance against adverse shocks. At the very least, they should be prepared for a typical recession. The credible pre-positioning of strong fiscal...
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