In a rare moment of bipartisanship, congressional Republicans and Democrats have found plenty of common ground in designing an economic-policy response to the coronavirus pandemic. But unless that response re-balances the economy toward labor, the recovery will inevitably prove disappointing.
NEW YORK – Despite the deep polarization of American politics, there appears to be more agreement than disagreement over how to deal with the economic fallout from the COVID-19 pandemic. The US Federal Reserve is already pursing bold monetary-policy measures, and Congress is quickly working toward a large fiscal-stimulus package featuring government bailouts with equity stakes in private companies and one- or two-time cash infusions to households.
NEW YORK – Despite the deep polarization of American politics, there appears to be more agreement than disagreement over how to deal with the economic fallout from the COVID-19 pandemic. The US Federal Reserve is already pursing bold monetary-policy measures, and Congress is quickly working toward a large fiscal-stimulus package featuring government bailouts with equity stakes in private companies and one- or two-time cash infusions to households.