The more the government does to promote financial normalcy, the more likely we are to get public compliance with orders restricting economic activity
Photo: JOHANNES EISELE/AFP via Getty Images Something I’ve been saying for the last few weeks is that the most important thing the U.S. government can do to support the economy is to fight the coronavirus pandemic as effectively as possible. The pandemic is what’s bringing the economy toward a sudden stop, and the more quickly and effectively we fight it, the easier a time we will have getting back toward normal.
The forecasts coming from Wall Street economists seem to get worse by the day, and Federal Reserve Bank of St. Louis president James Bullard has an even more dire outlook than they do, saying this weekend he expects unemployment to reach around 30 percent. Virus-fighting measures that cause significant economic pain will be needed for an extended period, even if the precise nature of the measures changes over time.
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