Stephanie Kelton: Congress Can Do for People What the Fed Did for Banks
To stem the tide of coronavirus transmission — or “flatten the curve” — Americans have been encouraged to “socially distance” or shelter in place. As a result, our service-based economy, which relies on consumer spending, has seen demand dwindle and commerce grind to a halt.
Job losses are quickly mounting. Millions of people are starting to fear the worst for their families. Treasury Secretary Steven Mnuchin and Mayor Bill de Blasio of New York both recently warned of the potential for unemployment numbers on par with those in the Great Depression.
That doesn’t have to be our fate. But it will require policymakers to manage the fallout effectively — and that will mean not falling prey to the austerity fallacies that arose in the wake of the 2008 economic meltdown and the …continued .
[Source: New York Times]