Op-Ed: Coronavirus brought economic catastrophe. Here are 10 experts on how to recover

We’re seeing soaring unemployment in much of the world, highly unstable financial markets, governments amassing debt at unprecedented rates. But what is this economic crisis we find ourselves in? A recession? A depression? Something new and entirely different? We asked a range of economists to think about that question and also to propose a single policy or action government officials could embrace that would make a difference. Here are ideas from Joseph E. Stiglitz, Christina Romer, Alicia H.

It is even possible that we could emerge post-pandemic and post-recession with a greener, more knowledge-based and more equal economy. But still more fiscal help is needed. The single most useful policy action now would be to provide substantial aid to state governments. States are facing severe budget shortfalls and will soon have to cut vital spending on public education, infrastructure and social services. State and local government jobs declined by almost 1 million in April, and more cuts are likely.

Australia and Denmark did this by creating new programs; other countries expanded existing ones. How does it work? In Denmark, for example, a Copenhagen restaurant with 10 workers can receive up to 90% of salaries — up to about $3,800 per month per employee — which the owner then uses to continue paying workers. In addition, the government compensates the owner for fixed costs, such as rent.

Alicia H. Munnell is director of the Center for Retirement Research at Boston College and a professor at Boston College’s Carroll School of Management.A catastrophic failure of economic policies created the Great Depression. That is highly unlikely now because policymakers are drawing on past lessons with a monetary and fiscal policy response that is unprecedented for its speed and its size. But we are headed for a prolonged deep recession.

opinion

opinion The economic catastrophe was already here. The virus made it impossible to ignore. Now, we must become a community that cares for everyone. Create a human economy, food, shelter, education, healthcare are rights, not luxuries. States can print money.

opinion Release your serfs so they have the ability to make an income. Open businesses and churches.

opinion CAPITALISM brought economic catastrophe. Rona just exposed it.

opinion The virus didn't bring catastrophe. The economic devastation was a result of the worst policy decision in the last 100 years spurred by the Pandemic Pornigraphers in the Democrat media.

opinion Before Covid , 90% of the world’s wealth was controlled by 10% of tge world’s population. It was already a catastrophic economy. I

opinion Zero covid testing, tracing, vaccination, extermination. So be it done.

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