Let’s Get Serious About Fighting the Corona Depression
The economic impact could dwarf the 2008 collapse. We need a New Deal–scale response—and fast.
OK, cool, and I like the emphasis on “fast”.
What’s needed is a massive infrastructure and public-health program running into the trillions of dollars. We should start by taking stock of essential activities where government spending could produce economic expansion despite the epidemic, as well as long overdue public improvements.
This should be complemented by significant increases in public-health investments. Both should include significant job training or retraining.
For instance, the bill for deferred investment in basic public infrastructure is pegged at $3.4 trillion by the American Society of Civil Engineers. The Prospect recently devoted an entire special issue to laying out needed and practical investments associated with a Green New Deal.
These are things that can be done “fast” are they?
It goes without saying that all needed medical supplies must be produced domestically.