Ultimately, fiscal policy can only go so far in mitigating the economic effects of the coronavirus
Photo: Alexi Rosenfeld/Getty Images Congress is back, and negotiating the particulars of a new stimulus bill to stave off more economic devastation. I spoke with Intelligencer business columnist Josh Barro about whether the approach lawmakers are taking makes sense.
As it stands, we’ll likely get an extension of enhanced unemployment benefits, but claimants are likely to face a gap in the payment of their enhanced benefits, because the current benefits will run out at the end of the month and states likely won’t be ready to disburse the new funds until at least mid-August.
Ben: Seemingly every day, there are stories about entire sectors of the economy — and really American society — that are struggling to stay afloat, even with the federal aid that has been distributed so far. Bars and restaurants are struggling mightily; many malls are facing a death knell; public transit could be crippled for decades; and so on. Many people in, say, the restaurant industry would like an industry-specific bailout.
Ben: Is there a perverse silver lining here, in that cities and states are more likely to get the money they really need than they were a few weeks ago? Mitch McConnell had seemed resistant to the idea of giving them too much, back when the economic recovery looked more optimistic.
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