An economist offers advice on the most urgent tasks that need to be done for the economy in the next presidential term
Image: Al Drago/ The New York Times
Dear Mr. President:
The American people face enormous challenges.
Your immediate task is obvious: The economy is in a deep hole, and will need immediate help.
In the short run, beat the virus to boost the economy.
This downturn is different from past recessions because the current economic crisis was caused by a public health crisis. The pandemic has made it more dangerous for people to go about their economic lives. It’s as if every service-sector transaction came with an added tax, paid in increased health risk rather than dollars. The key to the recovery will be to remove this tax.
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