The COVID-19 pandemic is horrific, but the weaknesses in our economy aren't new. The economy never was the stock market. The economy is all of us.
of Americans don't even have enough money in the bank to cover expenses in an emergency. And as the coronavirus crisis expands and if the economy contracts, workers are going to get laid off, and many of them, especially the most marginalized who have been held back by, won't have the financial cushion they need to make it through the downturn.
Treasury Secretary Steven Mnuchin speaks to the press outside of the West Wing of the White House on March 13. Mnuchin fielded questions about the economic effects of the coronavirus pandemic.Third, with inequality at extreme levels and so many Americans living paycheck to paycheck, consumer demand can melt away in the blink of an eye and a seemingly scorching economy can nosedive in the blink of an eye.
This is not a moment for policymakers to start worrying about the deficit and debt, which they didn't seem concerned about when they supported trillions of dollars in tax cuts for the rich. This is a moment when the most expensive option—for families and for the overall economy—is to fail to act or not act aggressively enough.
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