Whether or not coronavirus calls for fiscal stimulus is unclear, and depends on how long you expect it to disrupt supply. jbarro reports
Whether or not coronavirus calls for fiscal stimulus is unclear, and depends on how long you expect it to disrupt supply. Photo: Al Drago/Bloomberg via Getty Images I wrote earlier this week about the Federal Reserve’s limited scope to help fight the economic drag from the coronavirus epidemic.
Doug Holtz-Eakin, the president of the conservative American Action Forum and a former top economic adviser to George W. Bush and John McCain, told me he does not think a fiscal stimulus package is warranted at this time. He says the most important policies to prevent economic damage from an epidemic are the policies that fight the epidemic directly. That includes public spending measures such as the approximately $8 billion spending package that congressional leaders agreed upon on Wednesday.
“You get a V[-shaped recovery] because people now do the spending they didn’t do the last quarter,” he said. “So what is the fiscal-policy problem you are trying to solve?” That’s a reason Jason Furman, who served as chairman of President Obama’s Council of Economic Advisers, told me he would recommend a stimulus package of around $300 billion, to be disbursed over approximately 12 months. He would provide some form of broad-based cash benefits to individuals, such as a payroll tax cut or additional tax rebate checks.
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