We Can Prevent a Great Depression. It’ll Take $10 Trillion.
Last week, House Democrats unveiled their latest pandemic-relief package. The bill combines aid for families, a bailout for struggling cities and states, and additional funds for testing, tracing, and hospitals. The price tag is about $3 trillion—and it comes just weeks after the president signed an economic-relief package worth about $2 trillion.
Republicans have assailed the bill as a profligate wish list. Even Americans who are suffering from the health and economic ravages of the pandemic may feel a bit stunned by the dollar amount. Does the government really have to spend $5 trillion in three months? Can the United States afford to dump such unfathomable amounts of money into the economy?
The answers to those questions are yes and absolutely yes.
[Annie Lowrey: Where is the government?]
Small-business activity has plunged nationwide by . have already failed. Big retailers, while others, including Macy’s, . By some measures, of Americans say they are working. Next month’s jobs report will likely show that, , a majority of Americans aren’t officially employed.
