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Pandemic and Economic Cataclysm Open Thread

Source: The Hill

Almost ten million people filed for unemployment in the last two weeks. In the Great Recession of 2008-2009, around nine million people lost their jobs.

The “stimulus bill” includes some good measures, but it doesn’t take simplest route, which is to “freeze the economy.” As has become a familiar story over the last 15 years, the Fed seems to be doing a better job of taking up the challenge. This will matter, as McConnell doesn’t seem keen on taking additional steps, especially if they directly help ordinary Americans.

Meanwhile, the White House is doing its best to limit access to social-insurance programs – although it has now backed down on the requirement that seniors file a tax return – and thus to maximize the pain. So we’re seeing policy dissonance driven by the desire to stay in power (‘save the economy!’) and conservative ideology (‘let “social evolution” take its course!’).

This is a long-winded way of saying that, despite living in a household with relatively secure employment arrangements, I’m pretty scared not just about the pandemic itself but about the broader crisis.

Consider this an open thread. What do you make of all this? How are you doing? I know I think of LGM as a community. Sometimes we just need to do the community thing.

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